小额贷款公司再融资困境对策研究

发布时间：2018-10-16 14:15

【摘要】：小额贷款公司自诞生以来，着眼于满足社会中“草根阶层”的金融需求，经过数年的迅猛增长，逐渐成为我国金融市场的重要力量。高速增长的小额贷款公司是对银行体系的有效补充，在支持小微企业融资、完善多层次信贷市场上有重要作用。然而在小额贷款公司发展的初级阶段，监管部门通过降低杠杆标准、规定融资渠道的方式，避免小额贷款公司变相吸收存这款，确实起到了降低行业风险的作用。但是随着小额贷款公司的迅猛发展，再融资问题逐渐显露，再加上旺盛的市场需求相比,较多小额贷款公司的贷款额在开业不久后就陷入后续无钱可贷的困境。小额贷款公司再融资问题日益制约着小额贷款行业的健康发展，也影响着小额贷款在支农支小中的重要作用。本文介绍了目前我国小额贷款公司再融资的现状，分析出小额贷款公司再融资困境出现的法律层面、监管层面以及当前再融资渠道不通畅的原因。然后结合小额再贷款公司、债务融资和互联网融资等新兴方式，总结了案例中创新再融资的成功经验和风险。在此基础上，本文提出了适合我国国情且有可操作性的对策。首先，完善小额贷款公司再融资的法律环境，给予小额贷款公司金融机构身份并修改再融资方式和杠杆比例额限制。其次，要改善监管环境。在建立专业性评级的基础上，实行差异化的再融资政策，，同时明确监管主体和内容，指引小额贷款行业健康发展。最后，应鼓励多元化的再融资方式，以完善债券市场融资为重点，同时建立小额再贷款融资平台实现同业拆借。通过以上对策以期小额贷款公司走出再融资困境。
[Abstract]:Since its birth, microfinance companies have focused on meeting the financial needs of the "grassroots" in the society. After several years of rapid growth, microfinance companies have gradually become an important force in the financial market of our country. The rapid growth of microfinance companies is an effective supplement to the banking system and plays an important role in supporting the financing of small and micro enterprises and improving the multi-level credit market. However, in the initial stage of the development of microfinance companies, regulators have played a role in reducing industry risk by lowering leverage standards, prescribing ways of financing channels, and avoiding the disguised absorption of this section by microfinance companies. However, with the rapid development of microfinance companies, the problem of refinancing is gradually revealed. In addition, compared with the exuberant market demand, the loan amount of more micro-loan companies has fallen into the dilemma of no money to be loaned in the future soon after the opening of the business. The problem of refinancing of microfinance companies restricts the healthy development of microfinance industry, and also affects the important role of small loans in supporting agriculture. This paper introduces the current situation of refinancing of microfinance companies in China, and analyzes the legal level, supervision level and the reasons why the refinancing channels are not smooth. Then the successful experiences and risks of innovative refinancing in the case are summarized by combining the new ways such as micro-loan company debt financing and Internet financing. On this basis, this paper puts forward suitable and operable countermeasures for China's national conditions. First of all, improve the legal environment of microfinance companies, give microfinance companies the status of financial institutions and modify the refinancing methods and leverage ratio restrictions. Second, we should improve the regulatory environment. On the basis of establishing professional rating, the refinancing policy of differentiation should be carried out, and the main body and content of supervision should be defined to guide the healthy development of microfinance industry. Finally, we should encourage diversified ways of refinancing, focus on improving the bond market financing, and establish a microfinance financing platform to achieve interbank lending. Through the above countermeasures in the hope of microfinance companies out of the plight of refinancing.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F830.42

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