中小企业私募债的发行现状及风险研究

发布时间：2018-01-04 06:22

本文关键词：中小企业私募债的发行现状及风险研究　出处：《河北农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着市场经济的深入发展，我国中小企业数量不断增长，成为国民经济持续增长的重要推动力，并在解决就业问题，维持社会稳定等方面发挥着重要的作用。然而由于中小企业自身资产实力薄弱、经营管理制度不完善、财务制度不健全、抗风险能力较弱等自身因素，导致其融资困难。我国中小企业的资金来源主要为自身积累、民间借贷、银行借款，但近几年，银行为降低风险，出现“惜贷”现象，据统计，只有1%左右的中小企业可以获得银行信贷支持。我国金融市场起步较晚，上市门槛高，绝大多数的中小企业无法采用股权、债权等直接融资方式进行融资，导致直接融资与间接融资方式所占比例失衡，不利于我国中小企业经济的发展。2012年为了响应“两会”提出解决中小企业融资难题的号召，证监会推出“中小企业私募债”这一全新的直接融资方式。然而自私募债上市以来，众多学者主要研究私募债的增信措施现状或者与国外高收益债的对比，并未对私募债发行的过程以及所面临的问题进行系统介绍。所以文章以中小企业私募债为研究对象，通过案例分析，并引入Altman的Z-Score模型对其进行私募债的风险预测，防止违约的发生，最后对中小企业私募债的发展及信用风险的防范提出相关建议，使其更好的解决中小企业的融资难题。文章主要分为以下几个部分：第一部分（第1章）主要阐述文章的研究背景与国内外研究现状、研究方法、文章的框架结构与创新点。第二部分（第2、3章）对中小企业的划分标准做一个详细介绍，并对融资概念进行界定；根据相关融资理论得出企业偏好于内部融资，当内部融资难以满足企业需求时，偏好于债券融资，最后才会选择股权融资的结论。另外，对中小企业的融资风险做了相关理论介绍，并根据中小企业私募债开闸以来，中小企业私募债的发行现状以及相关问题进行了详细分析。第三部分（第4章）对私募债参与各方所面临的风险进行分析，指出发行主体面临发行失败的风险；中介机构面临企业不履行合约的风险；而投资者面临的信用风险与流通性风险是目前债券市场上的最大的风险，并且信用风险是最关键的风险；并提出要对私募债进行风险管理的建议，，从发行前、私募债的存续期以及违约后的风险进行相关管理与控制，引入Altman Z-Score模型，对中小企业私募债的风险进行监控与预测，并选取已成功发行的5个私募债券进行指标分析，从而响应提出对企业经营管理的建议。第四部分（第5章）提出降低中小企业私募债融资风险的相关对策建议，如建设与完善我国中小企业的监管制度，降低中小企业私募债流动性风险的相关措施以及政府的相关保障措施等。
[Abstract]:With the in - depth development of market economy , the number of small and medium - sized enterprises in our country plays an important role in the sustained growth of national economy , and it plays an important role in solving the problems of employment and maintaining social stability . In 2012 , many scholars mainly studied the status quo of private capital increase or the comparison with foreign high - yield debt , which did not help the development of private - equity issuance . The article is divided into the following parts : The first part ( chapter 1 ) mainly expounds the research background of the article and the current situation , the research method , the frame structure and the innovation point of the article . The second part ( chapter 2 , 3 ) introduces the division standard of small and medium - sized enterprises and defines the financing concept . According to the relevant financing theory , it is concluded that the enterprise ' s preference is in - house financing . When the internal financing is difficult to meet the needs of the enterprise , it is preferred that the equity financing is selected . In addition , the paper introduces the financing risk of the small and medium - sized enterprises , and makes a detailed analysis on the current situation of private equity issuance and related problems of the small and medium - sized enterprises . The third part ( chapter 4 ) analyzes the risks faced by private - equity participation parties , points out the risk of failure of the issuing subject ; the risk of credit risk and liquidity risk is the biggest risk in the current bond market , and the credit risk is the most critical risk ; and the risk of private placement of small and medium - sized enterprises is monitored and controlled by introducing Altman Z - Score model . The fourth part ( chapter 5 ) puts forward some countermeasures to reduce the risk of private equity financing for small and medium - sized enterprises , such as building and improving the supervision system of small and medium - sized enterprises , reducing the risk of private equity of small and medium - sized enterprises , and related safeguard measures of the government .

【学位授予单位】：河北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.5

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