中小企业集合票据融资问题研究

发布时间：2018-03-06 04:21

本文选题：中小企业　切入点：集合票据　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：中小企业融资难是世界性难题,其中一难就是融资渠道过于单一,过于依赖银行贷款融资的现象严重。2009年,我国发行了首支中小企业集合票据,从此中小企业在资本市场上直接融资成为可能,打破了只有大企业才能发行债券的“专利”,进一步拓宽了中小企业融资渠道。经过三年的发展,我国中小企业集合票据发展迅速,已经累计发行了70支集合票据,惠及企业不断增多,发行规模逐步扩大,一定程度上缓解了中小企业融资难,也成为我省资本市场上不可忽视的重要组成部分。同时,由于中小企业集合票据推行时间较短,大多数中小企业对集合票据还比较陌生、认识不到位,对相关的申报程序和优缺点缺乏了解,在组织发行环节上也存在一些问题亟需完善和改进,在具体操作过程中也遇到很多困难和障碍,如门槛偏高、审批程序复杂等等,这些问题影响或限制了集合票据的发行。所以,尽管集合票据诞生以后发展迅速,但集合票据总体上融资规模偏小,发挥作用十分有限,占中小企业融资比重很低,与广大中小企业直接融资需求相比差距很大。中小企业集合票据是我国资本市场为破解中小企业融资难的创新举措,意义深远重大。因此,鉴于当前对集合票据的研究总体上比较少、比较零碎,有必要对中小企业集合票据融资方式进行深入的研究。本文第一章主要介绍了中小企业集合票据概念、研究背景和研究现状,对集合票据出现以后相关理论文献进行总结归纳；第二章对中小企业集合票据产生过程、发行程序、组织机构等进行深入研究,详细介绍集合票据发行程序和相关方职责；第三章对中小企业集合票据与其他融资方式进行比较分析,重点与银行信贷、民间借贷等传统融资方式以及与集合债、集合信托等新型融资方式进行了比较分析；第四章对我国中小企业集合票据融资的现状进行了阐述,对发行数量、发行期限、发行地区分布等进行了统计总结,并深入分析了当前中小企业集合票据面临的问题；第五章提出成功发行中小企业集合票据,企业和政府分别注意和把握的几个关键问题；第六章提出相应的完善措施,主要从长远的角度出发对国家顶层设计层面提出几点建议。
[Abstract]:The financing difficulty of small and medium-sized enterprises is a worldwide problem, one of which is that the financing channel is too single and the phenomenon of relying too much on bank loan financing is serious. In 2009, our country issued the first small and medium-sized enterprise aggregate bill. Since then, it has become possible for small and medium-sized enterprises to raise funds directly in the capital market, breaking the "patent" that only large enterprises can issue bonds, and further widening the financing channels for small and medium-sized enterprises. After three years of development, The small and medium-sized enterprises in China have developed rapidly and have issued 70 aggregate bills, which have benefited the increasing number of enterprises and gradually expanded the issuance scale. To a certain extent, it has alleviated the financing difficulties of small and medium-sized enterprises. It has also become an important part of the capital market in our province. At the same time, because of the short implementation time of the small and medium-sized enterprises, most of the small and medium-sized enterprises are still relatively unfamiliar with the aggregate bills, do not have a good understanding of the relevant declaration procedures, and lack of understanding of their advantages and disadvantages. There are also some problems in the organizational issue process that need to be perfected and improved, and there are also many difficulties and obstacles in the specific operation process, such as the high threshold, the complicated examination and approval procedures, and so on. These problems affect or restrict the issuance of collective notes. Therefore, although aggregate notes have developed rapidly since they were born, they are generally small in scale and play a very limited role, and account for a very low proportion of the financing of small and medium-sized enterprises. Compared with the demand for direct financing of small and medium-sized enterprises, the small and medium-sized enterprises aggregate bill is an innovative measure in the capital market of our country to solve the financing difficulties of small and medium-sized enterprises, which is of great significance. In view of the fact that the current research on aggregate bills is relatively small and fragmented, it is necessary to conduct a deep study on the financing methods of small and medium-sized enterprises. The first chapter of this paper mainly introduces the concept of small and medium-sized enterprises, research background and research status, summarizes the relevant theoretical documents after the emergence of aggregate bills; the second chapter of the process of small and medium-sized enterprises aggregate notes, issuing procedures, The third chapter makes a comparative analysis of small and medium-sized enterprises' aggregate bills and other financing methods, with emphasis on bank credit, The traditional financing methods, such as folk borrowing and so on, and the new financing methods, such as collective debt and collective trust, are compared and analyzed. Chapter 4th expounds the present situation of the financing of small and medium-sized enterprises in China, including the quantity of issue, the period of issue, and so on. The regional distribution of the issue is summarized, and the problems faced by the small and medium-sized enterprises are analyzed in depth. Chapter 5th puts forward several key problems that enterprises and the government should pay attention to and grasp respectively in the successful issuance of the small and medium-sized enterprises' collective bills. Chapter 6th puts forward the corresponding improvement measures, mainly from a long-term point of view to the top level of the national design of several suggestions.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.3

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