中小企业债券融资增信法律问题研究

发布时间：2018-06-07 10:16

本文选题：中小企业 + 债券融资　；参考：《西南政法大学》2015年硕士论文

【摘要】：尽管中小企业的规模不大,其自身的资产也不够雄厚,在市场的竞争中也不具有十分强的竞争力,但就整个经济增长和发展而言,离不开中小企业的力量支持,甚至对于整个市场经济而言,中小企业反而呈现较为强大的市场活力,尤其是近年来中小企业增速发展,表现在中小企业的数量与创造的经济总量不断提升。就我国的中小企业发展的境遇来看,尽管中小企业对于我国经济发展发挥着巨大作用,却如同弱势群体一样呈现出诸多发展的困境,最为严重的便是中小企业融资困难。1究其原因,不难发现中小企业自身的信用弱势导致其在自身无力提供担保的情况之下,没有其他担保公司愿意为其担保融资。在融资困难的境遇中,通过企业自身发行债券融资是较为稳妥和有效的融资办法。现有的中小企业债券融资依然存在诸多问题,突出表现在:债券的发行门槛高,缺乏有效的市场监管,市场化运作不足,中小企业自身管理不善,而关键的是信用制度不完善,没有实际效果的机制起担保作用。通过详细阐释中小企业债券融资的必要性与可行性以及中小企业自身的债券融资需求与基本现状之后,针对中小企业的债券融资基本的策略是发行集合债券,建立中小企业发行债券的联盟,这样就能有效提高信用评级,而无论是债券融资,还是通过集合债券融资,都存在着都必须面对中小企业担保难的这一共同的问题。发展企业债券融资的关键是从制度上消除中小企业自身存在阻碍融资的问题,从法律制度上保障其信用,建立相应的融资的市场和法律环境。中小企业融资困境的关键在于自身信用低,无力获取对外的担保以获得融资,于是乎,加强中小企业自身的信用建设是破解难题的关键。就强化中小企业自身的信用建设而言,现有的中小企业信息披露制度尚未能有效建立起来,担保增信机制不完善,风险与收益不对等,风险补偿机制有待改善等问题,无法保障中小企业的信用,所以途径就是通过完善现有制度来保障、提升中小企业的自身信用,本文就是针对这几方面的问题来解决问题,在此基础上提出对应解决策略以完善现有的制度和提出立法建议。除了引言和结语外,论文共分为四个部分。第一部分,主要介绍了中小企业债券融资的基本理论。明确债券融资的基本内涵和概念之后,着重突出债券融资的对象和必要性分析。第二部分,在针对我国现下的中小企业经营运行中的融资状况进行分析调查,着重论证我国中小企业债券融资存在的问题及其原因,就目前我国的企业债券融资发展情况来看,其发展相对较为缓慢,其存在的最主要的障碍是中小企业自身的信用制度建设不足,表现在信息披露不健全,信息不对称,以及信用评级、信用担保体系不健全等,这种法律制度现状无法保障大部分的中小企业,尤其是针对民营中小企业而言,其能够获得的担保发行债券的机会将会更加渺茫。第三部分,解决中小企业的债券融资过程如何对中小企业增信的问题的法律法规保障的若干建议,为了增强中小企业获得融资增信,就中小企业的债券融资模式而言,主要应当以发行集合债券作为核心途径,中小企业自身的增信建设是中小企业获得融资担保的关键,一旦获取融资担保,中小企业的融资便不成问题,而这些问题的核心症结在于如何加强中小企业自身的信用建设。第四部分,并完善信息披露制度,建立中小企业信用查询平台,资信调查制度,确立信用立法,信用评定制度,完善增信手续,信用增级制度。建立强势的统一担保机构来完成信用担保,目前金融法律体系等法律规定对中小企业的融资支持是不够的,包括设立具体的投资者保护制度,中小企业债券融资之后的偿债保障机制,与之相对应的配套设施工程表现在建立担保风险补偿基金以化解融资担保的顾虑,与此同时,要加强针对中小企业自身建设的信用担保法律制度的建立和完善。
[Abstract]:Although small and medium-sized enterprises are not large in size, their own assets are not strong enough, and they do not have strong competitiveness in the market competition, but for the whole economic growth and development, the strength of small and medium-sized enterprises can not be supported, even for the whole market economy, small and medium-sized enterprises are more powerful, especially in the market. In recent years, the growth and development of small and medium-sized enterprises have been shown in the number of small and medium-sized enterprises and the total amount of economic creation. In view of the situation of the development of small and medium-sized enterprises in our country, although small and medium-sized enterprises have played a great role in the economic development of our country, it is like the disadvantaged group, and the most serious is the small and medium-sized enterprises. It is not difficult to find out the reasons for the financing difficulties of the industry. It is not difficult to find that the credit weakness of small and medium-sized enterprises itself leads to its inability to provide security for itself. No other Guarantee corporation are willing to finance its guarantee. In the difficult situation of financing, it is a more stable and effective financing method through the enterprise's own issuance of bond financing. There are still many problems in the financing of business bonds, which are characterized by the high threshold of issuance of bonds, lack of effective market regulation, insufficient market operation and poor management of small and medium-sized enterprises, and the key is that the credit system is imperfect and the mechanism without actual effect is guaranteed. The necessity and the necessity of financing for small and medium-sized enterprises are explained in detail. The basic strategy of bond financing for small and medium-sized enterprises is to issue collective bonds and establish the alliance of small and medium-sized enterprises to issue bonds, which can effectively improve the credit rating, which is necessary for both bond financing and collection bond financing. The key to the development of corporate bond financing is to eliminate the problem of financing by the small and medium-sized enterprises, guarantee their credit from the legal system, and establish the corresponding market and legal environment for financing. The key to the dilemma of SMEs is that their credit is low and can not be obtained. In order to strengthen the credit construction of small and medium-sized enterprises, the existing information disclosure system of small and medium-sized enterprises has not been established effectively, the guarantee mechanism is not perfect, the risk and income are not equal, and the risk compensation mechanism has the mechanism of risk compensation. It is impossible to guarantee the credit of small and medium-sized enterprises, so the way is to guarantee and improve the credit of small and medium-sized enterprises by improving the existing system. This paper is to solve the problems in these aspects. On this basis, the corresponding solutions are put forward to improve the existing system and put forward legislative proposals. The thesis is divided into four parts. In the first part, the basic theory of SME bond financing is mainly introduced. After defining the basic connotation and concept of bond financing, the object and necessity of bond financing are highlighted. The second part is to analyze and adjust the financing situation in the operation of small and medium enterprises in China. In view of the problems and reasons of the SME bond financing in our country, the development of the corporate bond financing in China is relatively slow. The main obstacle is the lack of credit system in the small and medium-sized enterprises, which is manifested in the unsound information disclosure, information asymmetry and credit evaluation. Level, the credit guarantee system is not sound, and so on, this legal system can not guarantee the majority of small and medium-sized enterprises, especially for private SMEs, the opportunity to obtain the guarantee issue bonds will be more elusive. The third part, how to solve the problem of the SME bond financing process on the problem of small and medium-sized enterprises. In order to enhance the financing credit of small and medium-sized enterprises in order to enhance the financing of small and medium-sized enterprises, it is important to issue the collection bond as the core approach. The construction of the SMEs' self increasing credit is the key to the financing guarantee for small and medium enterprises. The key point of these problems lies in how to strengthen the credit construction of small and medium-sized enterprises. The fourth part is to improve the information disclosure system, establish the credit inquiry platform for small and medium-sized enterprises, the credit investigation system, establish the credit legislation, credit evaluation system, perfect the continuation of the creditworthiness and credit rating system, and establish a strong unified guarantee institution. In order to complete the credit guarantee, the financial legal system, such as the financial legal system, is not enough to support the financing of small and medium-sized enterprises, including the establishment of a specific investor protection system, the repayment guarantee mechanism of the small and medium-sized enterprises after the bond financing, and the corresponding supporting facilities in the establishment of a guarantee risk compensation fund to resolve the financing guarantee. At the same time, we should strengthen the establishment and improvement of the legal system of credit guarantee for SMEs.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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