Study On The Long Term Bonds Financing Of Policy-based Financial Institutions

Policy-bsed financial institution, as an important tool for governmentintervention in the economy, has the advantages from both the government and themarket. It plays a unique role in supporting and guiding the development of nationaleconomy over decades. With the vast change of China’s Scio-economic environmentand rapid development of urbanization, financing needs grow increasingly. In theimplementation of policy-based finacial institutions reform, policy-based finacialinstitutions’ traditional financing are facing dramatic challenges. This dissertation,based on the conditions of China’s financial system and economic and socialdevelopment, aims to analyze in-depth issues in policy-based finacial institutionfinancing reform in a commercial context.In this study, the author firstly constructed the theoretical framework of Policyfinancial institution financing theory and basic principles, compared internationalpolicy financial institution financing models; secondly analyzed the issues of policyfinancial institutions bonds financing model, summarized long term bonds features,identified the influential factors of policy-based finacial institution’s long term bonds,which includes the economic cycle, infrastructure indicators, and industrial structure;thirdly, the author conducted the regression analysis of macroeconomic factors forthe development of bond market by selecting Germany, China, South Korea, Canada,Japan, France six major countries with mature models, and carried out panel dataregression analysis, quantitative analysis of the bond market to carry out thedevelopment of the macroeconomic factors, macroeconomic factors affecting thedevelopment of the bond market regression analysis, which indicates bank credit anddebt financing performance is a complementary relationship, and the degree ofurbanization has a significant positive effect on the bond market; finally, quantitativeanalysis was conducted with the consideration of the current economic developmentcharacteristics and the characteristics of the financing needs to build a demand model,and forecasted the direction of China’s long-term financing needs and market demand scale, the author analyzed the relationship between funding sources and the relativeproportion of the total financing needs of the economy and society.