动产抵质押增信视域下中小企业私募债券研究

发布时间：2018-04-10 15:37

本文选题：中小企业私募债券 + 发展现状　；参考：《浙江工业大学》2014年硕士论文

【摘要】：中小企业私募债券能有效缓解中小企业的融资难题,然而通过制度法规、发行结构、增信情况等现状分析,却发现债券存在流动性低、信息不透明、发债主体受限等问题。这些问题在很大程度上都是由中小企业私募债券风险过高引起的,故为了降低风险,部分债券采用了增信措施。通过面板数据多元回归模型的实证研究,发现：增信措施能降低企业融资成本、提高债券流动性,在促进中小企业私募债券市场发展方面起着非常重要的作用。然而,通过比较目前所采用的增信方式,第三方担保增信效果差、成本高、风险大,再加上中小企业普遍缺乏不动产抵质押物,故只有动产抵质押增信最为有效。于是,本文就动产抵质押增信的可行性、必要性、操作流程进行了研究,发现：发债企业抵质押动产丰富；且动产抵质押得到了法律层面和技术层面的支持,具有较大的经济效应。但在实际操作中仍需注意抵质押品估值、配套政策等问题,故为了规范动产抵质押增信业务、增强增信效果,可采用抵质押物价值综合评估体系、实施动态监管和保证金制度。最后,本文依据上述研究,提出了进一步发展和完善我国中小企业私募债券市场的建议。本文可能的创新点在于将动产抵质押和中小企业私募债券结合起来研究,利用动产抵质押增信来促进中小企业私募债券发展。
[Abstract]:The SME private bonds can effectively alleviate the financing difficulties of small and medium-sized enterprises, but through the system of laws and regulations, issue structure, analysis of the status quo of credit situation, but found that the bond liquidity is low, the lack of transparency of information, the main issue bonds is limited and other issues. These problems are caused by excessive risk of private SMEs bonds to a great extent, in order to to reduce the risk, some bond adopted measures to increase trust. Through empirical study, panel data regression model that can increase trust measures to reduce financing costs, improve the bond liquidity, plays a very important role in promoting the development of small and medium-sized private enterprises bond market. However, by comparing the way of mortgage, the third party letter of guarantee by poor effect, high cost, high risk, and small and medium-sized enterprises are generally lack of real estate collateral, it is only the real estate collateral trust most Effect. So, the chattel mortgage credit the feasibility, necessity, operation process of research, found that corporate bonds pledged chattel chattel mortgage is rich; and the legal level and technical support, with greater economic effect. But in the actual operation still need to pay attention to collateral valuation, supporting policies and other issues, so in order to regulate the real estate collateral credit business, credit enhancement effect, the collateral value assessment system, the implementation of dynamic regulation and deposit system. Finally, on the basis of the above research, put forward the further development and improvement of the private bond market of small and medium-sized enterprises in China. The innovation of this paper lies in the real estate collateral and private SMEs bonds together, the use of real estate collateral credit to promote the development of private SMEs bonds.

【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F276.3

【参考文献】