中小企业集合票据现状及对策研究

发布时间：2018-02-24 08:10

本文关键词： 中小企业中小非金融企业集合票据直接融资　出处：《中央民族大学》2017年硕士论文　论文类型：学位论文

【摘要】：缴纳税费超总税费一半以上、提供了最多工作岗位的中小企业在我国经济发展中至关重要的作用,但难以获取融资的这一问题始终制约着中小企业发展。为解决中小企业融资难以及扩大融资渠道,中国银行间市场交易商协会2009年创设研发了中小企业集合票据这一债券产品,2012年该产品注册及发行量均达到顶峰,但随后一路下滑,至2016年注册及发行数据全部为零。中小企业集合票据并非中小企业债券融资的唯一方式,仅是为中小企业的债券融资多提供一个渠道,主要是基于以下三个因素:从社会融资未来发展趋势来看,国外经济发达国家的社会融资以直接融资方式为主,其中尤以债券融资为主,债券融资必然是主流方式。从中小企业集合票据的业务平台来看,银行间市场在国内债券市场占据绝对的主导地位。从集合发债模式来看,不仅是可行,还具备一定优势。本文以中小企业集合票据业务萎缩直至停滞不前为背景,通过从注册和发行数据(利率、期限、担保结构、债项评级等)对该产品进行分析,与其他非金融企业债务融资工具进行对比、与其他中小企业债券产品进行对比、国外经验借鉴、分析业务流程中的问题、分析相关扶持政策问题,找出问题症结所在。本文认为制约集合票据业务发展的主要问题可以归纳为参与中介机构投入与付出不相匹配、受限于中小企业自身的特点及当时尚未制定信息披露表格体系而造成信息披露工作不到位、增信方式及产品结构创新不足、阶段性政策性专业机构缺位造成难以市场化运作业务的停摆、监管政策未能区别对待而限制了业务参与机构的积极性、缺少高风险类债券的投资氛围。本文在提出以下对策:扶持政策方面建议借鉴韩国P-CBO模式成立专门机构、培育及引导投资者形成良好投资环境、加大对中介机构的督导工作。在对产品牵头机构一交易商协会方面建议发布表格体系、加强投保.条款以及增信方式的研究与推广、参照P-CBO模式引入企业池概念等。同时还提出了加大对中小企业的辅导、提供专业化评级工作、建立风险共担基金等对策。本论文所研究的课题是具有现实意义的,不仅必要,并且还对改善中小企业融资环境具有一定的实践意义。
[Abstract]:Small and medium-sized enterprises that pay more than half of the total taxes and fees and provide the most jobs play a vital role in China's economic development. However, the problem of difficulty in obtaining financing has always restricted the development of small and medium-sized enterprises. In order to solve the problem of financing for small and medium-sized enterprises and to expand financing channels, In 2009, the China Interbank Market Dealers Association created and developed the bond product of small and medium-sized enterprises (SME). In 2012, the registration and issuance of the bond reached its peak, but it has been declining since then. By 2016, the registration and issuance data were all zero. SME pooled paper is not the only way to finance SME bonds, but to provide an additional channel for SME bond financing. It is mainly based on the following three factors: from the perspective of the future development trend of social financing, the social financing of foreign developed countries is mainly direct financing, especially bond financing. Bond financing must be the mainstream way. From the view of the business platform of small and medium-sized enterprises' collective paper, the interbank market occupies an absolute dominant position in the domestic bond market. From the perspective of collective bond issuance mode, it is not only feasible, but also feasible. This paper analyzes the product from registration and issuance data (interest rate, maturity, guarantee structure, debt rating, etc.). Compare with other debt financing instruments of non-financial enterprises, compare with other SME bond products, draw lessons from foreign experience, analyze the problems in business process, analyze the relevant support policy issues, Find out the crux of the problem. This paper thinks that the main problems that restrict the development of aggregate bill business can be summarized as participation in the intermediary institutions input and pay do not match, Limited by the characteristics of small and medium-sized enterprises and the lack of information disclosure form system at that time, information disclosure work is not in place, credit enhancement methods and product structure innovation is insufficient. The absence of a phased policy professional organization makes it difficult to shut down the business of market-oriented operation, and the failure of the regulatory policy to treat the business differently limits the enthusiasm of the business participating institutions. This paper puts forward the following countermeasures: in the aspect of supporting policy, it is suggested to set up a special institution based on the South Korean P-CBO model to cultivate and guide investors to form a good investment environment. To strengthen the supervision of intermediaries. To recommend the issuance of a form system for the product lead agency, the dealers' association, and to strengthen the research and promotion of insurance coverage, terms and means of credit enhancement, Referring to the P-CBO model, the concept of enterprise pool is introduced. At the same time, some countermeasures are put forward, such as increasing the guidance to small and medium-sized enterprises, providing specialized rating work, establishing risk-sharing fund and so on. The subject studied in this paper is of practical significance, not only necessary, but also necessary. And also to improve the financing environment of small and medium-sized enterprises have certain practical significance.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.3;F275;F832.2

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