我国中小企业债券融资案例分析

发布时间：2018-01-19 18:23

本文关键词： 中小企业融资债券融资公司治理　出处：《北京外国语大学》2017年硕士论文　论文类型：学位论文

【摘要】：银行贷款、股权融资和债券融资是企业外部融资的三种基本途径。就银行信贷而言,改革开发初期,我国企业外部融资以计划经济下的银行贷款为主要形式。银行贷款融资至今仍然在我国企业融资中占据重要地位,得益于改革开放以来我国银行体系取得的快速发展。就股票融资而言,1990年,我国内地先后成立了上海证券交易所和深圳证券交易所,股票融资逐步成为大型优质企业获得长期资金来源的重要方式。然而,改革开放以来我国企业债券市场的发展却极为缓慢,发展滞后的企业债券市场难以支持经济社会的发展,并逐步形成了我国资本市场直接融资不足,重股票,轻债券的特点。企业债券市场是一国金融市场的重要组成部分。然而改革开放以来,我国公司企业债券市场发展极为缓慢,直到2007年《公司债券发行试点办法》的正式实施标志着我国真正资本市场意义上的公司债券产生并逐步成为企业融资的重要途径。同时,国家发改委主管的企业债券市场的发展近年来也加快脚步,由公司债和企业债共同构成的企业债券市场开始快速发展。企业债券市场的发展不仅丰富了企业融资的渠道,使得债券融资在企业中长期融资中所占的比重持续上升,也逐步平衡了我国股票市场和企业债券市场的融资格局。另一方面,我国一直存在中小企业融资难、融资贵的问题。经过长期的理论和政策探讨,学术界基本形成了信息不对称为主因,建立中小金融机构,建立中小企业担保体系为对策的基本思路。由于企业债券市场进入条件较高,长期以来,发展企业债券市场并没有被视为解决中小企业融资难题的对策。然而,近年来企业债券市场的发展表明,企业债券市场的发展可以促进银行信贷市场的竞争,改善债券发行企业的财务管理,进而从多个方面缓解中小企业融资难题。因此,有必要分析当前企业债券市场发展对于企业融资,特别是中小企业融资带来的影响以及债券发行中存在的问题,以实现企业债券市场的持续健康发展和进一步利用企业债券市场化解中小企业融资难题。
[Abstract]:Bank loans, equity financing and bond financing are three basic ways of external financing. As far as bank credit is concerned, the initial stage of reform and development. The external financing of enterprises in China is mainly in the form of bank loans under the planned economy. Bank loan financing still occupies an important position in the financing of enterprises in our country. As far as stock financing is concerned, in 1990, the Shanghai Stock Exchange and the Shenzhen Stock Exchange were established in the mainland of China. Stock financing has gradually become an important way for large and high-quality enterprises to obtain long-term funding. However, the development of corporate bond market in China has been very slow since the reform and opening up. The lagged corporate bond market is difficult to support the economic and social development, and has gradually formed the lack of direct financing in our country's capital market and the emphasis on stocks. The characteristics of light bond. Corporate bond market is an important part of a country's financial market. However, since the reform and opening up, the development of corporate bond market in China is extremely slow. Until 2007, the formal implementation of the "Company Bond issuance pilot measures" marked the emergence of corporate bonds in the sense of the real capital market and gradually became an important approach to corporate financing. The development of the corporate bond market in charge of the National Development and Reform Commission has also accelerated in recent years. The corporate bond market, which is composed of corporate bonds and corporate bonds, is developing rapidly. The development of corporate bond market not only enriches the channels of corporate financing. The proportion of bond financing in medium and long-term financing of enterprises continues to rise, but also gradually balance our stock market and corporate bond market financing pattern. On the other hand, there have been difficulties in financing SMEs in China. The problem of expensive financing. After a long period of theoretical and policy discussions, the academic community has basically formed information asymmetry as the main reason for the establishment of small and medium-sized financial institutions. Because of the high entry conditions of enterprise bond market, the development of enterprise bond market has not been regarded as a solution to the financing problems of SMEs. The development of enterprise bond market in recent years shows that the development of enterprise bond market can promote the competition of bank credit market and improve the financial management of bond issuing enterprises. Therefore, it is necessary to analyze the impact of the current development of the corporate bond market on corporate financing, especially the SME financing and the existing problems in bond issuance. In order to realize the sustainable and healthy development of the corporate bond market and further utilize the corporate bond market to solve the financing problems of small and medium-sized enterprises.
【学位授予单位】：北京外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.39;F275

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