文档介绍：我国中小企业集合债券融资模式探讨
曾江洪,俞岩
(中南大学商学院,湖南长沙 410083)
摘要:我国中小企业集合债券融资效果显著,市场支持度高,但其发行主体复杂、担保失位、
融资成本高等问题严重阻碍了债券的后续发行。本文从金融创新理论角度出发分析中小企业
集合债券在我国产生的动因,研究和探索中小企业集合债券融资模式,提出应从企业遴选、
担保增信、信用评级、违约风险管理、成本控制以及国家政策与制度保障等方面改进债券融
资模式,并提出了相应的意见与建议。
关键词:中小企业集合债券;债券融资;金融创新;中小企业融资
作者简介:曾江洪,中南大学商学院副教授,中南大学商学院中小企业发展研究中心副主任,
研究方向:中小企业融资与成长。俞岩,中南大学商学院硕士生。
中图分类号: 文献标识码:A
Abstract:Assemble bond for Chinese small and medium enterprises (SMEs) enjoys good
financing results and strong market support. However, there still exist some problems for the bond,
such plexity of issuing bodies, weakness in guarantee and high financing cost, which have
hindered the subsequent issue of the bond. In a view of the financing innovation theory, this paper
makes a detailed analyses of the reasons why assemble bond for e into being in China.
Then the assemble bond financing mode is researched and constructed. Moreover, it is proposed
that improvements are needed in the selection of enterprises, guarantee enforcement, bond credit
rating, default risk management, cost control and government policies and institutional insurance.
Meanwhile, some advices regarding how to improve the financing mode of SMEs assemble bond
are given.
Key words:Small and medium enterprises assemble bond,bond financing mode,financing
innovation,
引言
债券融资是我国中小企业直接融资体系中的短板。导致中小企业债券融资难的原因主要
[2]
有:宏观方面,表