企业债券融资与资本市场发展之我见
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摘要
企业对债券融资的进一步利用,使得其拓展了多渠道的融资方式,也进一步让企业的自身价值获得了一定程度的提高,同时也为当前的资本市场打造了许多能够进行交易的金融工具。以此为基础,企业直接融资工具的定价也获得了可依赖的方式,企业融资市场获得了飞速的发展。当然,在发展的同时,企业进行债券融资的过程中也无可避免的面临着一系列的挑战,资本市场不够完整、直接融资比例偏低,资本市场中固定可收益的产品不够多而且缺乏一定的创新、市场风险较大等都是亟待企业解决的问题。这些挑战不仅阻碍了企业债权金融的发展与前进,而且给我国企业债券融资以及探索发展资本市场这两方面的工作带来许多问题,这就意味着我国企业经济效益与工作效率都需要进一步的提高。企业只有从债券融资及其资本市场的基本概念进行剖析,了解债券融资对于企业发展及资本市场创新的重要意义,增加对于相关管理的重视,从而提高企业管理水平、优化管理标准,才能尽可能的帮助企业在激烈的市场竞争中立足。当前,我国企业债券融资以及金融工具管理市场这两方面还存在着某些问题,经济效益与工作效率有待进一步的提高。为了提升企业对债券市场融资方式的认识,本文就从债券融资和资本市场的方向出发,寻找提高其效率及工作水准的办法。
Further application of corporate bond financing has broadened multi-channel financing methods,improved enterprise value to some extent, and created manytransaction financial instruments for current capital market. On the basis, pricing of enterprise direct financing instrument has also obtained a dependable way, which helps enterprise financing market develope rapidly. During developing, enterprises are inevitably facing a series of challenges and urgent problems in bond financing process, including incomplete capital market, low proportion of direct financing, insufficient fixed income products in capital market, lacking some certain innovation and high market risks. The challenges not only hinder development and progress of corporate creditor rights financing, but bring many problems to corporate bond financing and exploration and development of capital market in our country, which means economic and work efficiency of enterprises need to be improved further. Enterprises should analyze basic concepts of bond financing and capital market, understand importance of bond financing for enterprise development and capital market innovation, increase attention to related management, improve enterprise management level, optimize management standards, to gain a foothold in fierce market competition. At present, there are still some problems in corporate bond financing and financial instrument management market in China, and economic benefits and work efficiency need to be improved further. To enhance understanding of bond market financing methods of enterprise, the paper tries to find ways to improve working efficiency and standard based on direction of bond financing and capital market.
Further application of corporate bond financing has broadened multi-channel financing methods,improved enterprise value to some extent, and created manytransaction financial instruments for current capital market. On the basis, pricing of enterprise direct financing instrument has also obtained a dependable way, which helps enterprise financing market develope rapidly. During developing, enterprises are inevitably facing a series of challenges and urgent problems in bond financing process, including incomplete capital market, low proportion of direct financing, insufficient fixed income products in capital market, lacking some certain innovation and high market risks. The challenges not only hinder development and progress of corporate creditor rights financing, but bring many problems to corporate bond financing and exploration and development of capital market in our country, which means economic and work efficiency of enterprises need to be improved further. Enterprises should analyze basic concepts of bond financing and capital market, understand importance of bond financing for enterprise development and capital market innovation, increase attention to related management, improve enterprise management level, optimize management standards, to gain a foothold in fierce market competition. At present, there are still some problems in corporate bond financing and financial instrument management market in China, and economic benefits and work efficiency need to be improved further. To enhance understanding of bond market financing methods of enterprise, the paper tries to find ways to improve working efficiency and standard based on direction of bond financing and capital market.
引文
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[2]张幼芳.直接融资:发展农村资本市场新引擎[J].江汉论坛,2015(04):27-31.Zhang Youfang.Direct Financing:New Engine for Development of Rural Capital Market[J].Jianghan Forum,2015(04):27-31.
[3]谢军,黄志忠.区域金融发展、内部资本市场与企业融资约束[J].会计研究,2014,(77):83+99.X ie Jun,Huang Zh izhong.Reg iona l Financia Development,Internal Capital Market and Corporate Financing Constraints[J].Accounting Research,2014:(77)-83+99.
[4]田任均.中小企业融资与资本市场发展探究[J].财会研究,2012(16):53-55.Tian Renjun.Research on Financing and Capital Market Development of Small and Medium-sized Enterprises[J].Accounting Research,2012(16):53-55.
[5]冯家贤.发展与完善我国企业债券融资的相关思考[J].财会月刊,2010(35):39-41.Feng Jiaxian.Relateed Thoughts on Developing and Perfecting Corporate Bond Financing in China[J].Monthly Journal of Finance and Accounting,2010(35):39-41.
[6]叶映红.广西企业债券融资现状分析及发展建议[J].财会月刊,2012(14):39-42.Ye Yinghong.Situation Analysis and Development Suggestions of Corporate Bond Financing in Guangxi[J].Monthly Journal of Finance and Accounting,2012(14):39-42.