我国中小企业集合证券发展研究

发布时间：2018-05-27 16:21

本文选题：中小企业 + 中小企业集合证券　；参考：《新疆财经大学》2013年硕士论文

【摘要】：资金短缺历来都是制约中小企业发展的重要因素之一，这与中小企业规模小、资质差、抗风险能力弱有很大关系。传统上，中小企业的融资来源主要有自身的内部积累、民间借贷及银行贷款，而债券融资及上市融资都是大企业的专利。随着2007年第一批中小企业集合债券——“深圳市中小企业集合债券”与“中关村高新技术中小企业集合债券”公开发行，开启了中小企业发债融资的先河。随后，第一批中小企业集合票据——“山东省诸城市2009年度中小企业集合票据”，“山东寿光‘三农’中小企业2009年度第一期集合票据”和“北京市顺义区中小企业2009年度第一期集合票据”公开发行，使得中小企业发债融资变得更为便捷。中小企业集合证券首次发行距今只有不到6年，再加上这是我国的独创，国际上没有可供借鉴的经验，因此中小企业集合证券还存在不少问题。本文在对中小企业集合证券概述的基础上，，分析其理论依据和现实的政策支持，并在对中小企业集合证券发展现状的基础上指出存在的问题，然后根据这些问题提出相应的对策建议。本文共分为四章：第一章对我国中小企业集合证券进行全面的概述，分析中小企业集合证券的发展历程、特征及运行机制。第二章探讨发展我国中小企业集合证券的理论基础，并从我国的经济发展、法律法规及债券市场的发展分析发展中小企业集合证券的现实政策支持。第三章从对我国中小企业集合债券发展现状进行分析，包括总量分析、发行地域分布分析、发行利率分析等六个方面；进而指出中小企业集合证券在发展过程中存在的问题，主要从一级发行市场、二级流通市场、信用增级和政府部门的监管四个大方面着重分析。第四章是本文的对策建议。主要是针对第三章提出的相关问题，提出发展我国中小企业集合证券的对策建议。主要包括规范一级发行市场、增强二级流通市场、丰富信用增级方法及减少政府干预四个方面。
[Abstract]:The shortage of funds has always been one of the important factors restricting the development of small and medium-sized enterprises, which is closely related to their small scale, poor qualification and weak ability to resist risks. Traditionally, the financing sources of small and medium-sized enterprises mainly have their own internal accumulation, private loans and bank loans, while bond financing and listed financing are the patents of large enterprises. With the first batch of small and medium-sized enterprises' bonds in 2007 "Shenzhen small and medium-sized enterprises' collective bonds" and "Zhongguancun high-tech small and medium-sized enterprises' collective bonds" issued publicly, it opened the first stage of SME bond issuance and financing. Subsequently, the first batch of small and medium-sized enterprise aggregate notes "Zhucheng, Shandong Province, 2009 small and medium-sized enterprise aggregate notes", "Shandong Shouguang 'San Nong' small and Medium-sized Enterprises in 2009 first issue of collective notes" and "Shunyi District of Beijing in 2009 the first issue of collective notes" public issuance of SMEs bond financing has become more convenient. It is only less than 6 years since the initial issuance of small and medium-sized enterprises' collective securities. Besides, this is the original creation of our country, and there is no experience for reference in the world, so there are still many problems in the aggregate securities of small and medium-sized enterprises. On the basis of summarizing the aggregate securities of small and medium-sized enterprises, this paper analyzes its theoretical basis and practical policy support, and points out the existing problems on the basis of the present situation of the development of collective securities of small and medium-sized enterprises. Then according to these problems put forward the corresponding countermeasures and suggestions. This paper is divided into four chapters: The first chapter gives a comprehensive overview of the aggregate securities of small and medium-sized enterprises in China, and analyzes the development course, characteristics and operation mechanism of the securities in small and medium-sized enterprises. The second chapter discusses the theoretical basis for the development of SMEs' aggregate securities, and analyzes the practical policy support for the development of SMEs' aggregate securities from the perspective of economic development, laws and regulations and the development of the bond market. The third chapter analyzes the current situation of the development of SME aggregate bonds in China, including the total amount analysis, regional distribution analysis and interest rate analysis, and then points out the problems existing in the development process of SME collective securities. Mainly from the first-level distribution market, secondary circulation market, credit enhancement and the supervision of government departments to focus on four aspects. The fourth chapter is the countermeasure suggestion of this article. In view of the related problems raised in the third chapter, the paper puts forward the countermeasures and suggestions for the development of the aggregate securities of small and medium-sized enterprises in China. It mainly includes four aspects: standardizing the issuing market, strengthening the secondary circulation market, enriching the method of credit upgrading and reducing government intervention.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.3

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