中国市场发展高收益债券研究
发布时间：2018-09-11 06:07
【摘要】：中国的中小企业长期以来融资渠道较为单一，，主要的银行间接融资渠道受国家宏观调控影响较大，易造成融资难问题。直接融资渠道中，股权融资的条件严苛和范围小，而发行高收益债券则可以有效和大范围的解决中小企业融资难问题，为企业的发展提供稳定和充足的资金渠道。当前国内债券市场的不成熟以及法规政策中对于公开发行债券规模和利率的限制是发展高收益债券最主要的障碍。本文对债券市场的产品、发行者、投资者、中介机构、监管机构、市场结构及法律法规等方面进行分析，发现中小企业可以在不违反国家法律法规的前提下通过向特定投资者私募定向发行并辅以偿债基金和债权人保护机制的方式来发行利率较高（普通贷款利率的三至四倍）和规模较大（总资产七至八成）的高收益债券，并通过对投资的资格限制来控制其违约风险的影响范围，进而帮助中小企业获得更有效的融资渠道，解决其融资难问题。而具有一定投研和风险防范能力的机构投资者也通过投资定向私募发行的高收益债券来获得与其风险想匹配的投资收益。因此，中国发展高收益债券可以通过市场化的方式改善国内金融资源的配置结构。
[Abstract]:For a long time, the financing channels of Chinese small and medium-sized enterprises are relatively single, and the main indirect financing channels of banks are greatly influenced by the state macro-control, which is easy to cause financing problems. Among the direct financing channels, the conditions of equity financing are strict and the scope is small, and the issuance of high-yield bonds can effectively and extensively solve the financing difficulties of small and medium-sized enterprises, and provide a stable and sufficient financial channel for the development of enterprises. At present, the immature domestic bond market and the restrictions on the size and interest rate of public issuance are the main obstacles to the development of high-yield bonds. This paper analyzes the products, issuers, investors, intermediaries, regulators, market structure and laws and regulations of the bond market. It is found that small and medium-sized enterprises can issue higher interest rates by offering private placement to specific investors, supplemented by debt repayment funds and creditor protection mechanisms, without violating national laws and regulations. To four times) and larger (70 to 80 per cent of total assets) high-yield bonds, And through the qualification of investment to control the scope of its default risk, so as to help small and medium-sized enterprises to obtain more effective financing channels to solve their financing difficulties. The institutional investors who have certain ability of investment and risk prevention also obtain the investment income matching their risk by investing in high-yield bonds issued by targeted private equity. Therefore, the development of high-yield bonds in China can improve the allocation structure of domestic financial resources through marketization.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
本文编号：2235815
[Abstract]:For a long time, the financing channels of Chinese small and medium-sized enterprises are relatively single, and the main indirect financing channels of banks are greatly influenced by the state macro-control, which is easy to cause financing problems. Among the direct financing channels, the conditions of equity financing are strict and the scope is small, and the issuance of high-yield bonds can effectively and extensively solve the financing difficulties of small and medium-sized enterprises, and provide a stable and sufficient financial channel for the development of enterprises. At present, the immature domestic bond market and the restrictions on the size and interest rate of public issuance are the main obstacles to the development of high-yield bonds. This paper analyzes the products, issuers, investors, intermediaries, regulators, market structure and laws and regulations of the bond market. It is found that small and medium-sized enterprises can issue higher interest rates by offering private placement to specific investors, supplemented by debt repayment funds and creditor protection mechanisms, without violating national laws and regulations. To four times) and larger (70 to 80 per cent of total assets) high-yield bonds, And through the qualification of investment to control the scope of its default risk, so as to help small and medium-sized enterprises to obtain more effective financing channels to solve their financing difficulties. The institutional investors who have certain ability of investment and risk prevention also obtain the investment income matching their risk by investing in high-yield bonds issued by targeted private equity. Therefore, the development of high-yield bonds in China can improve the allocation structure of domestic financial resources through marketization.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
【参考文献】
相关期刊论文 前1条
1 杨蕴石,徐枞巍;高级内部信用风险度量模型方法的比较[J];科技导报;2004年07期
本文编号：2235815
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2235815.html
最近更新
教材专著
