中小企业融资问题解析——基于完善高收益债券市场功能的角度  

Research on Financing Problems of Small and Medium-sized Enterprises——Based on Improving the Functions of High Yield Bond Market

作　　者：何川[1] 蒋名律 HE Chuan;JIANG Minglv(Financial Market Department,China Construction Bank)

机构地区：[1]中国建设银行金融市场部 [2]中国建设银行金融市场部债券交易处

出　　处：《金融市场研究》2023年第4期33-40,共8页Financial Market Research

摘　　要：我国中小企业一直存在着融资难、融资贵的问题。本文梳理了美国高收益债市场的发展脉络、投资者保护和违约处置机制等制度建设,回顾并分析了我国中小企业高收益债券市场的探索进程与现存障碍。为进一步提升直接融资水平,支持实体经济,提出了以下中小企业高收益债券市场发展建议:加强政策引导,在产品设计、准入制度等方面拓宽中小企业融资渠道,优化一、二级市场建设,扩大投资者范围,提高信息透明度,配套发展信用衍生市场,完善违约处置机制;通过全流程监管、运用科技手段强化市场监管,维护市场秩序。Small and medium-sized enterprises(SMEs)in China have been suffering from the problems of difficult and expensive financing.This paper compares the development of the U.S.high-yield bond market,investor protection and default disposal mechanism and other institutional construction,and reviews and analyzes the exploration process and existing obstacles of the high-yield bond market for SMEs in China.In order to further enhance the level of direct financing and support the real economy,the following suggestions are put forward for the development of the SME high-yield bond market:strengthen policy guidance,broaden financing channels for SMEs in terms of product design and access system;optimize the construction of primary and secondary markets,expand the scope of investors,improve information transparency,develop credit derivative market and improve default disposal mechanism;strengthen market supervision through the whole process supervision and the use of technology to maintain the market order.

关 键 词：中小企业融资 高收益债券 直接融资 信息披露 违约处置 

分 类 号：F832.51[经济管理—金融学] F276.3