2011年常州市中小企业集合债券发行案例分析研究

发布时间：2018-01-12 09:00

本文关键词：2011年常州市中小企业集合债券发行案例分析研究　出处：《贵州财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：改革开放后，中小企业在我国经济发展舞台上扮演了重要角色，但是其融资难与发展受到严重阻碍等问题仍然普遍。因此，政府、相关学者和专业人士都非常重视这一问题，并在实践中不断探索新的解决办法。 2003年7月中国高新技术产业开发区债券于成功发行，首次采用了捆绑发行的方式，可以说在债券发行中开创了一个全新的案例。2007年在高新技术产业开发区债券发行成功4年后，北京中关村和深圳成功发行真正意义上的中小企业集合债券，市场反映良好也收到众多投资者的追捧。从07年首次中小债发行成功至今，先后已有深圳（07）、中关村（07），大连（09）、中关村（10）、武汉（10）、常州（11）、河南（11）、成都（11）、合肥（12）、芜湖（12）、石家庄（12）、扬州（12）、云南（13）等13支中小债发行成功，共融资52.02亿元人民币。各支中小债发行过程中都遇到过不同的困难和问题。中小企业规模有大有小而且多数还处于不同的行业，各家企业抗风险能力都不一样且主体信用级别都不是太高。所以选择什么样的中小企业组合在一起发债能使总体风险最小并减小债券违约概率，这是一个比较重要的问题。此外，中小企业发债中还存在一个难题即信用增级比较困难，如果不能有效的提升信用等级，可能债券无法通过国家发改委审核也难以得到市场的认可同时也不能降低融资成本。此前已有许多学者在理论上和宏观层面上分析中小债当前发展的总体状况。他们主要对国内外中小企业融资进行对比以及与类似于中小债的国外金融工具进行比较研究，也有从国内中小债总体上进行分析。本文把研究角度由理论和总体细化到一支债券上，主要是从11常州中小债发行案例入手，通过分析其企业筛选和信用增级两方面问题，并结合之前学者们对此所做的理论分析和相关结论进行对比。案例中，除了发债企业要符合7个基本标准外，本文还分析了企业筛选中3个原则：企业所在行业的关联度、企业之间的关联度及差异性。其次，分析了本次债券的信用增级相关问题，，即主要是担保和信用评级两方面。担保主要是阐明担保人的企业背景、财务以及经营等状况。信用评级则是先是分析与债券相关的风险，之后针对风险再提出相应的对策，而信用评级则是在前两者的基础之上做出综合评定。最后，由案例分析所得到的结论与相关理论上的结论对照来分析这支债券并从以此为基础对今后中小债的发行提出如下几条建议：作为牵头机构的政府要在发债过程中转变角色和作用；在选择发债企业时不仅要考虑基本的3个原则还要结合当地政府对本地区经济发展的战略规划和方向；信用增级上尽量利用民间担保市场这样既能既能减轻国企的负担又能有效促进国内担保市场的发展以及一些中小担保公司的成长；应及时披露相关信息与信用跟踪评级要及时更新和公布。
[Abstract]:After the reform and opening up, small and medium-sized enterprises have played an important role in the stage of economic development in China, but its financing difficulties and serious obstacles to development are still common. Therefore, the government. Relevant scholars and professionals attach great importance to this problem and continue to explore new solutions in practice. In July 2003, bonds of China Hi-tech Industrial Development Zone were issued successfully, and the method of bundling issue was adopted for the first time. It can be said that in the bond issuance opened a new case. In 2007 in the high-tech industrial development zone bond issued successfully 4 years later. Beijing Zhongguancun and Shenzhen successfully issued a real sense of small and medium-sized enterprise bonds, the market response is well received by many investors. From the first small and medium-sized bonds issued in 2007 has been successful so far. There have been seven thousand in Shenzhen, seven in Zhongguancun, one in Dalian, one in nine, one in Zhongguancun, one in Wuhan, one in Wuhan, one in Changzhou, one in another, one in Henan province, one in one, one in Chengdu and one in Hefei. Wuhu, Shijiazhuang, Yangzhou, Yunnan, 13 small and medium-sized debt issued successfully, a total of five billion two hundred and two million yuan. Each small and medium-sized debt issuance process has encountered different difficulties and problems. Small and medium-sized enterprises have a large and small size and most of them are still in different industries. Different enterprises have different ability to resist risk and the main credit level is not too high. So choosing what kind of SME portfolio together can make the overall risk minimum and reduce the probability of bond default. This is a relatively important issue. In addition, there is a problem in the issuance of small and medium-sized enterprises, that is, credit upgrading is more difficult, if can not effectively improve the credit rating. Bonds may not pass the NDRC's scrutiny, nor will they be recognized by the market. Nor can they reduce the cost of financing. Many scholars have analyzed the overall development of SMEs in theory and macroscopically. They mainly compare the financing of SMEs at home and abroad and compare them with foreign financial instruments similar to SMEs. Comparative study. Also from the domestic small and medium debt overall analysis. The research angle from the theory and the overall refinement to a bond, mainly from 11 Changzhou small and medium debt issuance cases. This paper analyzes the problems of enterprise selection and credit enhancement, and compares the theoretical analysis and relevant conclusions made by previous scholars. In the case, in addition to the seven basic standards, this paper also analyzes the three principles of enterprise selection: the related degree of the industry in which the enterprise is located, the correlation degree and the difference between the enterprises. Secondly, this paper analyzes the bond credit enhancement related issues, that is, mainly guarantee and credit rating, the guarantee is mainly to clarify the corporate background of the guarantor. The credit rating is based on the analysis of the risk related to the bond, and then puts forward the corresponding countermeasures for the risk, while the credit rating is based on the former two to make a comprehensive assessment. Finally. The conclusions obtained from the case analysis are compared with the relevant theoretical conclusions to analyze this bond and, on this basis, to put forward the following suggestions for the issuance of small and medium-sized debt in the future:. Governments, as lead agencies, need to change their roles and roles in the process of issuing bonds; When choosing the bond issuing enterprises, we should not only consider the basic three principles but also combine the local government's strategic plan and direction for the regional economic development. Making use of private guarantee market as far as possible in credit upgrading can not only lighten the burden of state-owned enterprises, but also effectively promote the development of domestic guarantee market and the growth of some small and medium-sized guarantee companies. Timely disclosure of relevant information and credit tracking rating should be timely updated and published.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.51

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