XY公司私募债券融资案例分析

发布时间：2018-07-14 12:05

【摘要】：近年来，中国作为新兴市场，经济发展十分迅速，尤其是国内的中小企业，成长速度更是引人注目。因此，作为企业发展的基石——资本的需求量也越来越大，尤其是新成立的高新技术产业。其中，债券市场是资本市场的重要组成部分,是企业直接融资的重要渠道。然而,由于缺乏有效的政策支持、增信机制,我国大量优秀的中小企业无法通过债券市场融资。而中小企业私募债券已广泛运用于欧美中小企业融资渠道中，私募债券市场满足了不同企业对融资多样化的需求，是对公开资本市场资源配置功能的重要补充。为拓宽中小微型企业融资渠道，，服务实体经济发展，重点扶持国家中小企业发展，经国务院批准，2012年深证证券交易所、上海证券交易所所推出中小企业私募债券融资方式，依据相关法律法规的规则，出台相关试点管理办法，规范中小企业私募债券业务，保护投资者合法权益。在大力发展中小企业直接融资渠道的背景下，证监会适时推出中小企业私募债券。这可有效解决部分中小企业“融资难”的困局，为债券市场提供高风险的投资品种。中小企业私募债券，增加了中小企业的直接融资渠道，有助于解决中小企业融资难、融资成本高的问题。由于私募债券其发行和转让都有一定的局限性，且发行中小企业私募债券的企业资质相对较弱，债券违约风险较大，发行设计存在一定难度。首先，本文调研、介绍XY公司及所在行业状况，对XY公司发行中小企业私募债券的案例进行介绍，从私募债券融资过程，企业资本来源结构、私募债风险与增信措施、私募债期限与利率、私募债的募集与资金投向等方面阐述。其次，对XY公司私募债的融资模式选择的原因进行分析，并分析发债后对企业经营活动的影响，并由此对私募债成本分析、发行利率确认和私募债风险管理进行阐述与分析，提出增信措施选择及其原因，从多个角度剖析XY公司私募债方案设计的合理性及存在问题，以提高私募债的发行效率与风险的控制。最后，揭示中小企业私募债券的优势及缺陷，优化私募债发行方案设计，探讨未来中小企业融资模式方向，提出有利于促进中小企业快速发展的资本募集方式建议。
[Abstract]:In recent years, China as an emerging market, economic development is very rapid, especially the domestic small and medium-sized enterprises, the growth rate is more eye-catching. Therefore, as the cornerstone of enterprise development-capital demand is also increasing, especially the newly established high-tech industry. Among them, the bond market is an important part of the capital market and an important channel for direct financing. However, due to the lack of effective policy support and credit enhancement mechanism, a large number of excellent SMEs in China can not finance through the bond market. Private equity bonds of small and medium-sized enterprises have been widely used in the financing channels of small and medium-sized enterprises in Europe and the United States. The private equity bond market meets the diversified financing needs of different enterprises and is an important supplement to the function of resource allocation in the open capital market. In order to broaden the financing channels of small and medium-sized enterprises, to serve the development of the real economy, and to give priority to supporting the development of small and medium-sized enterprises in the country, with the approval of the State Council, the private equity bond financing methods for small and medium-sized enterprises were launched by the Shenzhen Stock Exchange and the Shanghai Stock Exchange in 2012. In accordance with the rules of relevant laws and regulations, the relevant pilot management measures were issued to regulate the private bond business of small and medium-sized enterprises and to protect the legitimate rights and interests of investors. In the context of the development of direct financing channels for SMEs, the SFC timely launched private equity bonds for SMEs. This can effectively solve the financing difficulties of some small and medium-sized enterprises, and provide high risk investment varieties for the bond market. Private equity bonds increase the direct financing channels of small and medium-sized enterprises, and help solve the financing difficulties and high financing costs of small and medium-sized enterprises. Due to the limitation of issuance and transfer of private equity bonds, the enterprise qualification of issuing private equity bonds of small and medium-sized enterprises is relatively weak, the risk of bond default is high, and the design of issuance is difficult. First of all, this article investigates, introduces XY company and its industry situation, introduces the case of XY company issuing small and medium-sized enterprises private equity bond, from the private equity bond financing process, the enterprise capital source structure, the private equity debt risk and the credit enhancement measure, The term and interest rate of private equity debt, the raising of private equity debt and capital investment and so on. Secondly, it analyzes the reasons why XY company chooses the financing mode of private equity debt, and analyzes the influence on the business activities after issuing bonds, and then expounds and analyzes the cost analysis of private equity debt, the confirmation of issuing interest rate and the risk management of private equity debt. This paper puts forward the choice of credit enhancement measures and its reasons, analyzes the rationality and problems of XY company's private debt scheme design from many angles, in order to improve the efficiency of private equity debt issuance and the control of risk. Finally, it reveals the advantages and disadvantages of SMEs' private equity bonds, optimizes the design of private equity debt issuance schemes, probes into the direction of the future SME financing model, and puts forward some suggestions on the capital raising methods that are conducive to the rapid development of SMEs.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.44;F275

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