我国中小企业集合债券融资模式探讨  

Financing Mode of Assemble Bond for Chinese Small and Medium Enterprises

作　　者：曾江洪[1] 俞岩[1] 

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《证券市场导报》2010年第8期37-42,共6页Securities Market Herald

基　　金：中国证券业协会科研课题(编号:SAC2009KT-YD24)

摘　　要：我国中小企业集合债券融资效果显著,市场支持度高,但其发行主体复杂、担保失位、融资成本高等问题严重阻碍了债券的后续发行。本文从金融创新理论角度出发分析中小企业集合债券在我国产生的动因,研究和探索中小企业集合债券融资模式,提出应从企业遴选、担保增信、信用评级、违约风险管理、成本控制以及国家政策与制度保障等方面改进债券融资模式,并提出了相应的意见与建议。Assemble bond for Chinese small and medium enterprises （SMEs） enjoys good financing results and strong market support. However, there still exist some problems for the bond, such as complexity of issuing bodies, weakness in guarantee and high financing cost, which have hindered the subsequent issue of the bond. In a view of the financing innovation theory, this paper makes a detailed analyses of the reasons why assemble bond for SMEs come into being in China. Then the assemble bond financing mode is researched and constructed. Moreover, it is proposed that improvements are needed in the selection of enterprises, guarantee enforcement, bond credit rating, default risk management, cost control and government policies and institutional insurance. Meanwhile, some advices regarding how to improve the financing mode of SMEs assemble bond are given.

关 键 词：中小企业集合债券 债券融资 金融创新 中小企业融资 

分 类 号：F832.5[经济管理—金融学]