推动直接债务融资市场创新和发展的研究.doc

摘 要:随着我国社会主义经济的迅速发展，企业发展所需要的资金量也越来越大，我国企业融资体系的缺陷性也逐步体现了出来：我国企业长期以来融资的方式都以银行贷款为主，造成融资方式单一，难以满足市场多样化的融资需求，导致直接融资和间接融资比例极度失衡，但是近年来我国的直接债务融资市场有了长足的发展。

　　　本文根据近年来社会融资规模的数据分析了社会总融资的构成，进而从直接债务融资工具、投资者构成、风险和利率以及其他方面四个角度分析了我国直接债务融资现状，然后得出了我国直接债务融资市场存在的问题，最后从企业本身和市场两个方面提出了推动我国直接债务融资市场发展的对策。一方面，企业应该加强关于直接债务融资业务方面的知识储备，并相应的提高自身的综合素质，以避免被阻挡在直接债务融资市场之外；另一方面，市场应该构建具有深度和广度的可持续直接债务融资平台，构建有效的风险预警、防范、分担和化解机制，统一监管机构和流通场所，最后构建有利于直接债务融资市场发展的和谐外部金融环境，形成良好的社会氛围。在文章的最后根据分析出的现状、存在的问题以及发展对策得到本文的结论并提出合理的展望。

关键词：直接债务融资；现状；问题；对策

Abstract:With the rapid development of China's socialist economy, the amount of funding which is required for enterprise development is also growing, the defects of China's enterprises financing system is also gradually reflected out: for a long time, China’s way of financing business dominated by bank loans, which lead to single financing way, which is difficult to meet the financing needs of market diversification, resulting in direct and indirect financing ratio is extremely unbalanced. But in recent years, China's direct debt financing market has made great progress. 

　　Based on the recent social financing scale data analysis of the composition of the total social financing, and then from the direct debt financing instruments, investors constitute, risk and interest rates as well as other aspects of the four angles of status quo of China's direct debt financing, then come to the problems of direct debt financing market in our country, the last two put forward to promote the development of direct debt financing market response from the enterprise itself and the market. On the one hand, enterprises should strengthen on the direct debt financing business knowledge reserves and a corresponding increase in their overall quality, to avoid being blocked in direct debt financing market outside; On the other hand, the market should have the depth and breadth of the building can be continuous direct debt financing platform to build effective risk early warning, prevention, sharing and resolution mechanisms, unified regulatory agencies and circulation spaces, the last is to structure which is conducive to the development of direct debt financing market harmonious external financial environment and create a good social atmosphere. In the last part of the article, based on an analysis of the current situation, problems and develop countermeasures, we can get this paper's conclusions and make a reasonable prospect.

Keywords: direct debt financing; the current situation; the problems; the countermeasure