开源疏浚:债务融资工具支持民营企业发展  

The Support of Debt Financing Tools to Private Enterprises Development:Challenges and Policy Recommendations

作　　者：夏季 赵红彬 夏津津 Xia Ji;Zhao Hongbin;Xia Jinjin

机构地区：[1]中国银行投资银行部

出　　处：《开发性金融研究》2024年第3期87-96,共10页Development Finance Research

摘　　要：近年来,监管部门陆续出台了一系列支持民营企业发债的政策,民企债券融资规模整体上升。但当前民营企业债券融资仍存在一定挑战,这体现在投融资群体相对有限、估值利率偏高、担保及信用衍生品不足等方面。下一步,应进一步在完善政策安排、扩大投资机构数量、增强市场估值体系建设、丰富债券品种、完善对冲工具五个方面做文章。This article introduces the support of debt financing tools to private enterprises development.In recent years,a series of measures have been issued by the regulatory authorities to support private enterprise bonds,scaling up bond financing of private enterprises.However,private enterprises’bond financing is facing challenges from various sources.Relatively limited investment and financing base,high interest rate valuation,and lack of guarantee and credit derivatives all gave rise to it.Looking ahead,the standing points should be focused on improving policy arrangements,enlarging institutional investment base,promoting market valuation system construction,enriching bond varieties and perfecting hedging tools.

关 键 词：银行间债券市场 民企债券 信用衍生品 

分 类 号：F832.51[经济管理—金融学] F276.5