发展公司债券市场支持中小企业发展

发布时间：2018-01-05 12:17

本文关键词：发展公司债券市场支持中小企业发展　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：中小企业融资难问题一直是困扰世界经济发展的长期问题，中小企业的信息不透明，可抵押资产匮乏，信贷需求不稳定，受宏观经济周期影响大等方面的因素决定了其很难得到银行的青睐。而同时中小企业又是稳定社会经济发展，保证就业稳定的中坚力量，中小企业能否健康发展直接决定了整个社会的经济状况。本论文从对中小企业融资问题的原因分析出发，分别从内因和外因的角度对融资难的现状展开剖析，结合国内外学者的相关研究提出了若干解决方案，同时通过比较分析和系统分析得出，发展公司债券市场是有效和稳定解决中小企业融资问题的最佳对策。继而分析了公司债券市场对社会融资结构和社会经济发展的促进作用，并结合欧美发达国家，以及亚洲新兴市场国家的债券市场发展经验，总结了我国在发展债券市场时可以借鉴的国外先进经验。最后，本论文从投资者的角度讨论了如何通过匹配投资者对债券市场的不同需求支持中小企业债券发展，并从公司治理和监管体系的角度提出了若干政策性建议。
[Abstract]:The problem of financing difficulty of SMEs has been a long-term problem that puzzles the development of the world economy. The information of SMEs is not transparent, the mortgage assets are scarce, and the credit demand is unstable. Influenced by the macroeconomic cycle and other factors, it is difficult to get the favor of the banks. At the same time, small and medium-sized enterprises are the backbone force to stabilize the social and economic development and ensure the stability of employment. The healthy development of small and medium-sized enterprises directly determines the economic situation of the whole society. Starting from the analysis of the causes of the financing problems of SMEs, this paper analyzes the current situation of financing difficulties from the perspective of internal and external causes, and puts forward some solutions combined with the relevant research of domestic and foreign scholars. At the same time, through comparative analysis and systematic analysis, it is concluded that the development of corporate bond market is the best countermeasure to solve the financing problem of small and medium-sized enterprises effectively and stably. Then it analyzes the role of corporate bond market in promoting the social financing structure and social economic development, and combines the experience of the developed countries in Europe and the United States, as well as the emerging markets in Asia. This paper summarizes the foreign advanced experience that our country can use for reference when developing the bond market. Finally, from the perspective of investors, this paper discusses how to support SME bond development by matching the different demands of investors on the bond market. And from the perspective of corporate governance and regulatory system put forward a number of policy recommendations.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3

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