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我国资本市场日益壮大发展,但企业债券市场一直停滞不前,落后于整体金融发展水平。本文选取1987年至2007年的宏观经济数据及资本市场宏观数据,通过多元线性回归方法进行了计量分析,结果显示:经济增长率与企业债券发行额有较显著的正相关关系,国债发行对企业债券发行存在明显的挤出效应,外资投入水平与企业债券发行的负向关系明显,而通货膨胀率、居民存款余额、股票筹资额、金融机构贷款和固定资产投资额则不是影响我国企业债券市场发展的关键因素。
The capital market in our country has grown steadily, but the corporate bond market has been stagnating and lagging behind the overall level of financial development. This paper chooses the macroeconomic data from 1987 to 2007 and the macroeconomic data of the capital market and conducts the econometric analysis by multivariate linear regression method. The results show that there is a significant positive correlation between the economic growth rate and the issuance of corporate bonds, Bond issuance has a significant crowding-out effect. The negative relationship between the level of foreign investment and the issuance of corporate bonds is obvious. However, the inflation rate, resident deposit balance, fund raising amount, loans of financial institutions and fixed asset investment do not affect the corporate bond market in China The key factor in development.