我国中小企业私募债券研究

发布时间：2017-12-30 17:37

本文关键词：我国中小企业私募债券研究　出处：《中央民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国中小企业大多数属于民营性质,相对于国有大中型企业,在经营规模、抵抗市场风险和融资能力上都属于“弱势群体”。中小企业融资难是探讨已久的话题。2012年5月,深沪交易所分别发布了《中小企业私募债券业务试点办法》,启动了中小企业私募债业务试点,为我国中小企业提供了一条新的融资渠道,并受到资本市场的欢迎。笔者恰好是债券市场工作的一线人员,自从该制度设立以来便一直从事中小企业私募债的发行承销工作,对该制度的运行有着较为直观和深入的了解。切身感受到截至目前这一融资模式还不为众多中小企业所认知,对其制度规定与实际发债融资过程中存在的问题以及如何解决也不知晓；同时,通过检索相关学术文献发现,关于中小企业私募债的学术研究也比较少,关于制度构建与完善尚缺乏相应讨论。因此,探求该项制度的产生背景与制度内涵,分析其在运行过程中存在的问题,并研究其解决方案,为中小企业私募债制度的健康发展提供建议是本文的研究目的。本文首先通过分析中小企业的融资现状和中小企业债务融资的发展概况,全面考察中小企业私募债的产生背景。从制度和实践两个方面全面分析中小企业私募债的制度内涵。分析该制度运行中存在的问题,并研究其解决之道。最后为中小企业私募债制度的健康发展提出建议。
[Abstract]:Most of the small and medium-sized enterprises in our country belong to the private nature, compared with the large and medium-sized state-owned enterprises, they are in the scale of operation. Resist the market risk and financing ability belong to the "weak group". SME financing difficulties have been discussed for a long time. May 2012. Shenzhen Shanghai Exchange respectively issued the "small and medium-sized enterprises private equity bond business pilot measures", launched the small and medium-sized enterprises private equity debt business pilot, for our small and medium-sized enterprises to provide a new financing channel. And is welcomed by the capital market. I happen to be the first line of work in the bond market, since the establishment of the system has been engaged in the issue of SMEs private debt underwriting work. The operation of the system has a more intuitive and in-depth understanding. Personally feel that up to now this financing model has not been recognized by many small and medium-sized enterprises. It is not known how to solve the problems existing in the process of issuing bonds and how to solve them. At the same time, through the search of relevant academic literature, it is found that there are few academic studies on private equity debt of SMEs, and there is still a lack of corresponding discussion on system construction and perfection. Therefore, this paper explores the background and connotation of the system, analyzes the existing problems in the process of operation, and studies its solution. The purpose of this paper is to provide advice for the healthy development of private debt system of small and medium-sized enterprises. First of all, this paper analyzes the financing situation of SMEs and the development of debt financing of SMEs. From the aspects of system and practice, this paper comprehensively analyzes the system connotation of private equity debt of small and medium-sized enterprises, and analyzes the problems existing in the operation of the system. Finally, some suggestions are put forward for the healthy development of private debt system of small and medium-sized enterprises.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F832.51

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