發(fā)布時間：2018-02-24 08:10

  本文關鍵詞： 中小企業(yè) 中小非金融企業(yè)集合票據(jù) 直接融資　出處：《中央民族大學》2017年碩士論文　論文類型：學位論文

【摘要】：繳納稅費超總稅費一半以上、提供了最多工作崗位的中小企業(yè)在我國經(jīng)濟發(fā)展中至關重要的作用,但難以獲取融資的這一問題始終制約著中小企業(yè)發(fā)展。為解決中小企業(yè)融資難以及擴大融資渠道,中國銀行間市場交易商協(xié)會2009年創(chuàng)設研發(fā)了中小企業(yè)集合票據(jù)這一債券產(chǎn)品,2012年該產(chǎn)品注冊及發(fā)行量均達到頂峰,但隨后一路下滑,至2016年注冊及發(fā)行數(shù)據(jù)全部為零。中小企業(yè)集合票據(jù)并非中小企業(yè)債券融資的唯一方式,僅是為中小企業(yè)的債券融資多提供一個渠道,主要是基于以下三個因素:從社會融資未來發(fā)展趨勢來看,國外經(jīng)濟發(fā)達國家的社會融資以直接融資方式為主,其中尤以債券融資為主,債券融資必然是主流方式。從中小企業(yè)集合票據(jù)的業(yè)務平臺來看,銀行間市場在國內債券市場占據(jù)絕對的主導地位。從集合發(fā)債模式來看,不僅是可行,還具備一定優(yōu)勢。本文以中小企業(yè)集合票據(jù)業(yè)務萎縮直至停滯不前為背景,通過從注冊和發(fā)行數(shù)據(jù)(利率、期限、擔保結構、債項評級等)對該產(chǎn)品進行分析,與其他非金融企業(yè)債務融資工具進行對比、與其他中小企業(yè)債券產(chǎn)品進行對比、國外經(jīng)驗借鑒、分析業(yè)務流程中的問題、分析相關扶持政策問題,找出問題癥結所在。本文認為制約集合票據(jù)業(yè)務發(fā)展的主要問題可以歸納為參與中介機構投入與付出不相匹配、受限于中小企業(yè)自身的特點及當時尚未制定信息披露表格體系而造成信息披露工作不到位、增信方式及產(chǎn)品結構創(chuàng)新不足、階段性政策性專業(yè)機構缺位造成難以市場化運作業(yè)務的停擺、監(jiān)管政策未能區(qū)別對待而限制了業(yè)務參與機構的積極性、缺少高風險類債券的投資氛圍。本文在提出以下對策:扶持政策方面建議借鑒韓國P-CBO模式成立專門機構、培育及引導投資者形成良好投資環(huán)境、加大對中介機構的督導工作。在對產(chǎn)品牽頭機構一交易商協(xié)會方面建議發(fā)布表格體系、加強投保.條款以及增信方式的研究與推廣、參照P-CBO模式引入企業(yè)池概念等。同時還提出了加大對中小企業(yè)的輔導、提供專業(yè)化評級工作、建立風險共擔基金等對策。本論文所研究的課題是具有現(xiàn)實意義的,不僅必要,并且還對改善中小企業(yè)融資環(huán)境具有一定的實踐意義。
[Abstract]:Small and medium-sized enterprises that pay more than half of the total taxes and fees and provide the most jobs play a vital role in China's economic development. However, the problem of difficulty in obtaining financing has always restricted the development of small and medium-sized enterprises. In order to solve the problem of financing for small and medium-sized enterprises and to expand financing channels, In 2009, the China Interbank Market Dealers Association created and developed the bond product of small and medium-sized enterprises (SME). In 2012, the registration and issuance of the bond reached its peak, but it has been declining since then. By 2016, the registration and issuance data were all zero. SME pooled paper is not the only way to finance SME bonds, but to provide an additional channel for SME bond financing. It is mainly based on the following three factors: from the perspective of the future development trend of social financing, the social financing of foreign developed countries is mainly direct financing, especially bond financing. Bond financing must be the mainstream way. From the view of the business platform of small and medium-sized enterprises' collective paper, the interbank market occupies an absolute dominant position in the domestic bond market. From the perspective of collective bond issuance mode, it is not only feasible, but also feasible. This paper analyzes the product from registration and issuance data (interest rate, maturity, guarantee structure, debt rating, etc.). Compare with other debt financing instruments of non-financial enterprises, compare with other SME bond products, draw lessons from foreign experience, analyze the problems in business process, analyze the relevant support policy issues, Find out the crux of the problem. This paper thinks that the main problems that restrict the development of aggregate bill business can be summarized as participation in the intermediary institutions input and pay do not match, Limited by the characteristics of small and medium-sized enterprises and the lack of information disclosure form system at that time, information disclosure work is not in place, credit enhancement methods and product structure innovation is insufficient. The absence of a phased policy professional organization makes it difficult to shut down the business of market-oriented operation, and the failure of the regulatory policy to treat the business differently limits the enthusiasm of the business participating institutions. This paper puts forward the following countermeasures: in the aspect of supporting policy, it is suggested to set up a special institution based on the South Korean P-CBO model to cultivate and guide investors to form a good investment environment. To strengthen the supervision of intermediaries. To recommend the issuance of a form system for the product lead agency, the dealers' association, and to strengthen the research and promotion of insurance coverage, terms and means of credit enhancement, Referring to the P-CBO model, the concept of enterprise pool is introduced. At the same time, some countermeasures are put forward, such as increasing the guidance to small and medium-sized enterprises, providing specialized rating work, establishing risk-sharing fund and so on. The subject studied in this paper is of practical significance, not only necessary, but also necessary. And also to improve the financing environment of small and medium-sized enterprises have certain practical significance.
【學位授予單位】：中央民族大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F276.3;F275;F832.2

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本文編號：1529497