我国中小企业集合债券（票据）融资问题研究

发布时间：2018-01-11 09:12

本文关键词：我国中小企业集合债券（票据）融资问题研究　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：一直以来,我国中小企业缺少正规的融资渠道,为了帮助更多的中小企业能够从合法有效的途径获取资金,支持其发展。我国政府与2007年、2009年先后推出了中小企业集合债券、集合票据这两种融资工具来帮助中小企业通过发行债券的方式来获取资金。几年来,这两种融资工具都取得了一定效果,但也都暴露出了自身的一些问题。本文旨在对这两种已成功发行的融资工具进行研究,主要分析他们能够上市发行的原因、运行机制和暴露出的某些不能使其更大规模发行的某些缺陷。尤其选取了一些违约案例并对其采用公司财务分析的方法,用具体的财务数据来对债券整体和违约企业进行剖析,找出发生违约事件的根本原因。通过对融资工具和相关案例的分析,我们发现1)这两种融资工具在风险分担设计上都存在着一些缺陷,导致在出现风险时,投资者受到的伤害会被放大,因此在发行这种融资工具时,大量的引入外部担保机构导致发行效率缓慢,企业融资成本上升。2)中小企业集合债券、集合票据的发行人遴选环节非常关键,直接影响到未来该集合债券、集合票据违约的发生。这两种新型融资工具的出现,对于资金一直紧张的我国中小企业起到了一定帮助作用,对它们进行研究可以总结相关的经验,了解它们的不足,来对它们进行不断地完善,因此,这种研究具有一定的现实意义。
[Abstract]:In order to help more small and medium-sized enterprises to obtain funds from legal and effective ways to support their development, our government in 2007. In 2009, the small and medium enterprises (SMEs) set bonds were launched successively, which are the two financing instruments to help SMEs to obtain funds by issuing bonds. Over the past few years. These two financing tools have achieved certain results, but also exposed some of their own problems. The purpose of this paper is to study the two successful financing instruments, mainly to analyze the reasons why they can be listed and issued. The operating mechanism and some of the defects exposed that can not make it issue on a larger scale. Especially selected a number of default cases and the use of corporate financial analysis of the method. Using specific financial data to analyze the whole bond and defaulting enterprises to find out the root cause of default events. Through the financing tools and related cases analysis. We find that there are some defects in the design of risk-sharing between these two financing instruments, which leads to the amplification of the injury to investors when there is a risk, so when issuing this financing tool. A large number of the introduction of external guarantee institutions lead to slow issuance efficiency, enterprise financing costs rise. 2) small and medium-sized enterprises aggregate bonds. The selection of issuers of aggregate notes is very critical, which directly affects the future of the aggregate bonds. The emergence of these two new financing instruments has played a certain role in helping the small and medium-sized enterprises in our country, which have been short of funds, and the research on them can sum up the relevant experience. Understanding their shortcomings to constantly improve them, therefore, this study has a certain practical significance.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.51;F275

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