证券公司的盈利的来源主要包括经纪、自营和承销三种业务。这决定了证券公司的收益
与市场的高度不稳定性相一致，具有高风险性和周期性等特征。然而我国大部分证券公
司的发展规模较小、融资受到了较大限制，因此在市场的激烈竞争中生存非常困难。在
此背景下，证券企业的产品创新成为了券商发展的必然选择

本文基于我国债券市场的发展现状与存在的问题，分析了导致债券产品创新不足背
后的深层次原因。然后，以 H 证券公司为例，通过对公司进行债券产品创新的宏观环境
和行业环境进行全面分析，识别出了影响 H 公司产品创新水平的几大关键因素。分析表
明：公司的创新管理水平、研发能力、营销服务水平和信息化能力是影响债券产品创新
绩效的四大关键影响因素。然后，运用实证的方法对 H 公司债券产品创新进行了研究，
建立了相关的实证模型并提出了相应的研究假设。根据问卷调查的结果进行了因子分析
与回归分析，分析了不同影响因素对 H 公司债券产品创新绩效的影响程度。最后，依据
分析的结果得到了针对性的结论

研究结果表明：创新管理水平、研发能力、营销服务水平和信息化能力对 H 公司债
券产品创新绩效有显著影响。研发能力和创新管理水平对公司债券产品创新的影响特别
显著，而营销服务水平和信息化能力对公司债券产品创新绩效存在较为显著的影响。最
后，根据实证分析的结果，从创新管理水平、研发能力、营销服务水平和信息化能力四
方面分析了 H 证券公司提高债券产品创新水平的具体对策与建议

关键词：H 公司；债券市场；产品创新；影响因素；对策
研究类型：应用研究Abstract
China&39;s economic restructuring has entered a critical period, the reform of the securities
industry is also facing enormous pressure. The source of the securities company&39;s profit
mainly includes brokerage, self-employed and underwriting three kinds of business. This
determines the return of securities companies and the market is highly consistent with the
instability, with high risk and cyclical characteristics. However, most of our securities
companies in the development of small, limited by the financing, so in the fierce competition
in the market to survive very difficult. In this context, the securities business product
innovation has become the inevitable choice for the development of securities firms.
Based on the development of China&39;s bond market and the existing problems, this paper
analyzes the deep-seated reasons behind the lack of innovation of bond products. Then, taking
H Securities Company as an example, this paper makes a comprehensive analysis of the
macro environment and industry environment of the company&39;s innovation of bond products,
and identifies several key factors that affect the innovation level of H Company&39;s products.
The analysis shows that the innovation management level, R & D capability, marketing
service level and informationization ability of the company is the four key influencing factors
of the innovation performance of bond products. Then, the empirical research is used to study
the innovation of H Company&39;s bond product, and the relevant empirical model is established
and the corresponding research hypothesis is put forward. According to the results of the
questionnaire, factor analysis and regression analysis were carried out to analyze the influence
of different factors on the innovation performance of H Company&39;s bond products. Finally,
according to the results of the analysis have been targeted conclusions.
The results show that the innovation management level, the research and development
ability, the marketing service level and the informatization ability have a significant influence
on the innovation performance of H company bond products. R & D capability and
innovation management level have a significant impact on the innovation of corporate bond
products, and the level of marketing service and information technology have a significant
impact on the performance of corporate bond innovation. Finally, according to the results of
empirical analysis, this paper analyzes the specific countermeasures and suggestions of H
securities companies to improve the innovation level of bond products from the aspects ofinnovation management level, research and development ability, marketing service level and
informationization ability.
Key words：H Company; Bond market; Product innovation; Influencing factor; Strategy
Thesis：Application researchi
目 录
1 绪论.....1
1.1 研究背景和研究意义..........1
1.1.1 研究背景...1
1.1.2 研究意义...2
1.2 研究内容......3
1.3 研究方法与技术路线..........5
1.3.1 研究方法...5
1.3.2 技术路线...5
1.4 研究的创新点及难点..........6
2 理论回顾及国内外研究现状.7
2.1 相关理论回顾..........7
2.1.1 证券及证券行业...7
2.1.2 市场竞争理论.......7
2.1.3 新产品研发9
2.2 债券产品创新的研究现状10
2.2.1 国外研究现状.....10
2.2.2 国内研究现状.....11
3 我国债券市场发展历程、现状与问题.......13
3.1 我国债券市场发展的基本历程....13
3.2 我国债券市场发展现状....15
3.2.1 企业债券发行总量大幅增长.....15
3.2.2 企业债券品种更加丰富.16
3.2.3 企业债券作为投资工具的地位日益重要.........16
3.3 我国债券市场和债券产品发展存在的问题........17
3.3.1 多头监管问题......17
3.3.2 利率市场化问题..17
3.3.3 发行方式不规范问题......17
3.3.4 市场准入规则不同..........18
3.3.5 企业债券市场信用机制不健全..18
4 H 证券公司债券产品创新环境分析...
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