信用风险缓释工具在中小企业融资中应用研究
发布时间：2018-08-29 09:33
【摘要】：我国的中小企业在发展过程中面临着生产成本上升、国际市场萎缩、国内市场形势难以捉摸、中小企业自身资源匮乏等问题,因此中小企业在融资过程中存在困难。2010年10月29日,中国银行间市场交易商协会发布了《银行间市场信用风险缓释工具试点业务指引》,从此,我国开始以信用风险缓释凭证(CRMW)和信用风险缓释合约(CRMA)的形式推出信用风险保护类衍生产品,这标志着我国正式推出信用风险缓释工具(CRM),开启了信用衍生产品创新的实践。信用风险缓释工具具有转移和分散信贷风险的作用,因此信用风险缓释工具可以作为金融机构专门管理信用的工具。随着信用风险缓释工具的推出,可以从信用衍生产品的角度出发,针对在实际中银行面临的中小企业信用风险较大的情况,利用信用风险缓释工具,提出解决中小企业贷款问题的新模式。 本文通过对信用风险缓释工具的定义及运作原理的介绍,从实践的角度出发,针对中小企业融资难的问题,从间接融资和直接融资两个方面,详细阐述了信用风险缓释工具的分散风险的作用、释放资本金的作用,提高直接融资规模的作用,论证信用风险缓释工具对解决中小企业融资方而具有重要的意义。 通过对信用风险缓释工具在中小企业间接融资和直接融资方面作用的分析,可以得出,CRM在中小企业的融资过程中起到了一定的作用,缓解了中小企业融资难的现状。目前我国CRM尚处于起步阶段,在法律法规和运行机制上还不太完善,随着CRM市场的逐步发展,将会使CRM在解决中小企业融资中发挥着越来越重要的作用。
[Abstract]:In the process of development, small and medium-sized enterprises in China are faced with problems such as rising production costs, shrinking international market, unpredictable domestic market situation, lack of resources of SMEs themselves, etc. On October 29, 2010, the China Interbank Market Dealers Association issued the pilot Business guidelines for Interbank Market Credit risk Mitigation tools. China began to launch credit risk protection derivative products in the form of credit risk sustained release certificate (CRMW) and credit risk sustained release contract (CRMA), which marks the formal introduction of credit risk mitigation tool (CRM), to open the practice of credit derivative product innovation. Credit risk mitigation tools have the function of transferring and dispersing credit risk, so credit risk mitigation tools can be used as special tools for financial institutions to manage credit. With the introduction of credit risk mitigation tools, we can use credit risk mitigation tools in view of the large credit risks faced by small and medium-sized enterprises in practice from the point of view of credit derivatives. Put forward a new model to solve the loan problem of small and medium-sized enterprises. This paper introduces the definition and operation principle of credit risk mitigation tools, from the perspective of practice, aiming at the problem of financing difficulty of small and medium-sized enterprises, from two aspects of indirect financing and direct financing. This paper expounds in detail the role of credit risk mitigation tools in dispersing risks, releasing capital and increasing the scale of direct financing, and proves that credit risk mitigation tools are of great significance to solve the financing parties of small and medium-sized enterprises. Through the analysis of the role of credit risk mitigation tools in the indirect and direct financing of SMEs, it can be concluded that CRM plays a certain role in the financing process of SMEs, and alleviates the current situation of financing difficulties of SMEs. At present, CRM in China is still in its infancy, and it is not perfect in laws and regulations and operation mechanism. With the development of CRM market, CRM will play a more and more important role in solving the financing of small and medium-sized enterprises.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.4
[Abstract]:In the process of development, small and medium-sized enterprises in China are faced with problems such as rising production costs, shrinking international market, unpredictable domestic market situation, lack of resources of SMEs themselves, etc. On October 29, 2010, the China Interbank Market Dealers Association issued the pilot Business guidelines for Interbank Market Credit risk Mitigation tools. China began to launch credit risk protection derivative products in the form of credit risk sustained release certificate (CRMW) and credit risk sustained release contract (CRMA), which marks the formal introduction of credit risk mitigation tool (CRM), to open the practice of credit derivative product innovation. Credit risk mitigation tools have the function of transferring and dispersing credit risk, so credit risk mitigation tools can be used as special tools for financial institutions to manage credit. With the introduction of credit risk mitigation tools, we can use credit risk mitigation tools in view of the large credit risks faced by small and medium-sized enterprises in practice from the point of view of credit derivatives. Put forward a new model to solve the loan problem of small and medium-sized enterprises. This paper introduces the definition and operation principle of credit risk mitigation tools, from the perspective of practice, aiming at the problem of financing difficulty of small and medium-sized enterprises, from two aspects of indirect financing and direct financing. This paper expounds in detail the role of credit risk mitigation tools in dispersing risks, releasing capital and increasing the scale of direct financing, and proves that credit risk mitigation tools are of great significance to solve the financing parties of small and medium-sized enterprises. Through the analysis of the role of credit risk mitigation tools in the indirect and direct financing of SMEs, it can be concluded that CRM plays a certain role in the financing process of SMEs, and alleviates the current situation of financing difficulties of SMEs. At present, CRM in China is still in its infancy, and it is not perfect in laws and regulations and operation mechanism. With the development of CRM market, CRM will play a more and more important role in solving the financing of small and medium-sized enterprises.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.4
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