中国中小企业私募债券研究

发布时间：2018-01-07 17:14

本文关键词：中国中小企业私募债券研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小企业融资难是当前中国经济发展需要面对的严峻问题。一方面,中小企业在中国经济占有很重要的位置,国务院研究发展中心最近的数据显示,中国98%的企业是中小企业,同时中小企业为就业的贡献率为85%。中国的发展离不开中小企业的健康成长。由于多方面的原因,中国的中小企业面临融资困境。首先,我国中小企业的缺乏完善的内部积累机制,内部融资相当薄弱。其次,中小企业主要的融资渠道是银行贷款。由于金融危机的冲击,以及中小企业自身的资质和财务系统不完善,中小企业从银行贷款愈发困难。中小企业私募债券就是在此背景下产生的。论文的研究路径是：(一)2012年6月8日,由东吴证券承销的苏州华东镀膜玻璃有限公司作为第一只中小企业私募债券宣告发行成功。截止2013年3月,总共有151个企业于证交所对发行中小企业私募债券进行备案,备案金额达到179.825亿元。本文首先从中小企业私募债券的发行者、投资者、中介机构对私募债券的供给和需求进行全方位的分析。(二)中小企业私募债券的发行制度是一种有别于一般企业债券发行的创新制度。与企业债券相比,中小企业私募债券在市场准入方面实行了更宽松的备案制度。通过与美国债券的承销制度相比较,可以发现中小企业私募债券的承销制度还不够灵活,承销方式比较单一。通过研究可以发现,目前发行的中小企业私募债券主要采用了余额包销制度,这种制度使承销商承担较大风险,同时固定的承销费率也使承销商承销积极性减低,这两方面导致承销商承销激励不足。(三)由于中小企业私募债的高风险性特征,投资者保护力机制是影响中小企业私募债券需求的重要因素。由于投资者与发行人之间存在信息不对称以及委托-代理关系,投资者面临的逆向选择和道德风险比较严重。可以从多个方面对投资者进行保护。首先债券合同应当对发行人的资金使用进行约束。在债券发展初期,企业信息披露尤其是MDA的披露应当作为投资者了解企业信息的主要渠道。违约管理方面,委托人制度可以使投资者更快的获得违约补偿,同时合同中约定违约处理办法也可以减少投资者的损失。信用增信是提高企业信用等级和保障投资者利益的重要措施,可以分别从第三方担保,抵押担保、债券保险、P-CBO角度来对信用增信进行设计。(四)违约风险是中小企业私募债券的主要风险。可以通过专家评价法、信用评分法以及现代违约风险模型等对中小企业的违约风险进行评估。论文主要采用定性与定量分析、比较分析、宏观分析与规范分析相结合的方法,以中小企业私募债券的市场特点为主线,对这种新型的债券产品进行全方位的介绍和分析。
[Abstract]:On the one hand, SMEs occupy a very important position in the Chinese economy, according to the latest data from the Research and Development Center of the State Council. 98% of the enterprises in China are small and medium-sized enterprises, and the contribution rate of SMEs to employment is 850.The development of China is inseparable from the healthy growth of small and medium-sized enterprises. China's SMEs are facing financing difficulties. First of all, China's SMEs lack of a perfect internal accumulation mechanism, internal financing is very weak. The main financing channel for SMEs is bank loans. Due to the impact of the financial crisis, as well as the SMEs' own qualifications and financial system is not perfect. It is more and more difficult for small and medium-sized enterprises to borrow from banks. It is against this background that the private equity bond of small and medium-sized enterprises is produced. The research path of this paper is: June 8th 2012. Suzhou Huadong coated Glass Co., Ltd., underwritten by Soochow Securities, as the first small and medium-sized private equity bond issued successfully. As of March 2013. A total of 151 enterprises in the stock exchange to issue small and medium-sized private equity bonds for the record, the record amount reached seventeen billion nine hundred and eighty-two million five hundred thousand yuan. This paper first from the SME private equity bond issuer, investors. The intermediary organization carries on the omni-directional analysis to the private equity bond supply and the demand. (2) the small and medium-sized enterprise private equity bond issuance system is a kind of innovation system which is different from the general enterprise bond issuance. Compared with the enterprise bond. By comparing with the underwriting system of American bond, we can find that the underwriting system of private equity bond of small and medium-sized enterprises is not flexible enough. The underwriting method is relatively simple. Through the research, we can find that the private equity bond issued by SMEs mainly adopts the balance underwriting system, which makes the underwriters bear the greater risks. At the same time the fixed underwriting rate also makes the underwriters less active in underwriting, which leads to the underwriting incentive of underwriters. (3) because of the high risk characteristics of SMEs private equity debt. The mechanism of investor protection is an important factor affecting the demand of small and medium-sized enterprises (SMEs) for private equity bonds, because of the information asymmetry and principal-agent relationship between investors and issuers. Investors are faced with serious adverse selection and moral hazard. Investors can be protected from many aspects. First, bond contracts should restrict the issuer's use of funds. The disclosure of enterprise information, especially the disclosure of MDA, should be the main channel for investors to understand the enterprise information. In the aspect of default management, the principal system can make investors get compensation for default more quickly. At the same time, the contract agreement to deal with default can also reduce the loss of investors. Credit enhancement is an important measure to improve the credit rating of enterprises and protect the interests of investors. Bond insurance P-CBO to design credit enhancement. (4) default risk is the main risk of small and medium-sized enterprises private equity bond. Credit scoring method and modern default risk model are used to evaluate the default risk of SMEs. This paper mainly adopts the methods of qualitative and quantitative analysis, comparative analysis, macro analysis and normative analysis. This paper introduces and analyzes this new bond product in all directions, taking the market characteristics of private equity bond of small and medium-sized enterprises as the main line.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.3;F275;F832.51

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