中小企业私募债融资成本分析

发布时间：2018-05-15 01:28

本文选题：私募债 + 高收益债券　；参考：《华中科技大学》2014年硕士论文

【摘要】：中小企业融资困难在我国广泛存在，，作为我国经济中最具活力的主体，中小企业对国民经济的意义重大；而资金短缺却一直制约中小企业发展壮大，紧扼其做大做强的咽喉。通过金融创新来扶持中小企业、支持实体经济，是当前国家面临的重要课题。2012年5月沪深两所私募债开闸，给中小企业的融资困境带来了一线曙光，也有望进一步缩小我国与发达国家在债券市场深度和产品成熟度上的差距。本文介绍了中小企业融资现状，从信贷融资、债券等直接融资的角度对我国中小企业融资困难的原因进行了综述，分析比较了私募债与其他融资方式对于中小企业融资的适应性。利用中国证券登记结算公司的数据，总结了私募债开闸以来在两市发行现状，实际数据说明私募债确实帮助中小企业获得其扩张、发展所需要的资金，走出融资困局；选择了12新丽债、13新诚债两个成功发行的中小企业私募债的案例，进行对比分析，利用债券相关理论进一步从基准利率、债券期限、债券信用风险、发行主体财务状况及偿债能力等角度对其融资成本的差异进行剖析，探讨私募债的融资成本问题，认为中小企业规模小，信息披露不透明，信息的不对称可能带来逆向选择，影响投资者的积极性，导致融资成本偏高。在此基础上，总结了目前我国私募债发行存在的问题，并提出了建议。
[Abstract]:The financing difficulty of small and medium-sized enterprises exists widely in our country. As the most dynamic main body of our economy, small and medium-sized enterprises have great significance to the national economy; however, the shortage of funds has been restricting the development and growth of small and medium-sized enterprises, choking their throat of becoming bigger and stronger. To support small and medium-sized enterprises through financial innovation and to support the real economy is an important issue facing the country. In May 2012, the opening of private equity debt between Shanghai and Shenzhen brought a glimmer of light to the financing difficulties of small and medium-sized enterprises. It is also expected to further narrow the gap between China and developed countries in bond market depth and product maturity. This paper introduces the present situation of financing of SMEs, and summarizes the reasons for the financing difficulties of SMEs in China from the angles of direct financing, such as credit financing and bond financing. This paper analyzes and compares the adaptability of private equity debt and other financing methods to the financing of small and medium-sized enterprises. Using the data of China Securities Registration and settlement Corporation, this paper summarizes the current situation of private equity debt issuance in the two markets since the opening of the gate. The actual data show that private equity debt really helps small and medium-sized enterprises to obtain the funds needed for their expansion and development, and to get out of the financing difficulties. Two successful private debt cases of small and medium-sized enterprises issued by 12 Xinli debt and 13 Xincheng debt were selected, and the comparative analysis was carried out, and the relevant bond theory was used to further analyze the benchmark interest rate, bond maturity, bond credit risk, and so on. This paper analyzes the difference of the financing cost of the issuer from the angle of financial condition and solvency, discusses the financing cost of the private equity debt, and thinks that the small and medium-sized enterprises are small in scale, the information disclosure is not transparent, and the information asymmetry may bring about the adverse selection. Affect the enthusiasm of investors, leading to high financing costs. On this basis, this paper summarizes the problems existing in the issuance of private equity debt in China, and puts forward some suggestions.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.51

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