【摘要】：近年來，中國作為新興市場，經(jīng)濟(jì)發(fā)展十分迅速，尤其是國內(nèi)的中小企業(yè)，成長速度更是引人注目。因此，作為企業(yè)發(fā)展的基石——資本的需求量也越來越大，尤其是新成立的高新技術(shù)產(chǎn)業(yè)。其中，債券市場是資本市場的重要組成部分,是企業(yè)直接融資的重要渠道。然而,由于缺乏有效的政策支持、增信機(jī)制,我國大量優(yōu)秀的中小企業(yè)無法通過債券市場融資。 而中小企業(yè)私募債券已廣泛運(yùn)用于歐美中小企業(yè)融資渠道中，私募債券市場滿足了不同企業(yè)對(duì)融資多樣化的需求，是對(duì)公開資本市場資源配置功能的重要補(bǔ)充。為拓寬中小微型企業(yè)融資渠道，，服務(wù)實(shí)體經(jīng)濟(jì)發(fā)展，重點(diǎn)扶持國家中小企業(yè)發(fā)展，經(jīng)國務(wù)院批準(zhǔn)，2012年深證證券交易所、上海證券交易所所推出中小企業(yè)私募債券融資方式，依據(jù)相關(guān)法律法規(guī)的規(guī)則，出臺(tái)相關(guān)試點(diǎn)管理辦法，規(guī)范中小企業(yè)私募債券業(yè)務(wù)，保護(hù)投資者合法權(quán)益。 在大力發(fā)展中小企業(yè)直接融資渠道的背景下，證監(jiān)會(huì)適時(shí)推出中小企業(yè)私募債券。這可有效解決部分中小企業(yè)“融資難”的困局，為債券市場提供高風(fēng)險(xiǎn)的投資品種。中小企業(yè)私募債券，增加了中小企業(yè)的直接融資渠道，有助于解決中小企業(yè)融資難、融資成本高的問題。由于私募債券其發(fā)行和轉(zhuǎn)讓都有一定的局限性，且發(fā)行中小企業(yè)私募債券的企業(yè)資質(zhì)相對(duì)較弱，債券違約風(fēng)險(xiǎn)較大，發(fā)行設(shè)計(jì)存在一定難度。 首先，本文調(diào)研、介紹XY公司及所在行業(yè)狀況，對(duì)XY公司發(fā)行中小企業(yè)私募債券的案例進(jìn)行介紹，從私募債券融資過程，企業(yè)資本來源結(jié)構(gòu)、私募債風(fēng)險(xiǎn)與增信措施、私募債期限與利率、私募債的募集與資金投向等方面闡述。 其次，對(duì)XY公司私募債的融資模式選擇的原因進(jìn)行分析，并分析發(fā)債后對(duì)企業(yè)經(jīng)營活動(dòng)的影響，并由此對(duì)私募債成本分析、發(fā)行利率確認(rèn)和私募債風(fēng)險(xiǎn)管理進(jìn)行闡述與分析，提出增信措施選擇及其原因，從多個(gè)角度剖析XY公司私募債方案設(shè)計(jì)的合理性及存在問題，以提高私募債的發(fā)行效率與風(fēng)險(xiǎn)的控制。 最后，揭示中小企業(yè)私募債券的優(yōu)勢及缺陷，優(yōu)化私募債發(fā)行方案設(shè)計(jì)，探討未來中小企業(yè)融資模式方向，提出有利于促進(jìn)中小企業(yè)快速發(fā)展的資本募集方式建議。
[Abstract]:In recent years, China as an emerging market, economic development is very rapid, especially the domestic small and medium-sized enterprises, the growth rate is more eye-catching. Therefore, as the cornerstone of enterprise development-capital demand is also increasing, especially the newly established high-tech industry. Among them, the bond market is an important part of the capital market and an important channel for direct financing. However, due to the lack of effective policy support and credit enhancement mechanism, a large number of excellent SMEs in China can not finance through the bond market. Private equity bonds of small and medium-sized enterprises have been widely used in the financing channels of small and medium-sized enterprises in Europe and the United States. The private equity bond market meets the diversified financing needs of different enterprises and is an important supplement to the function of resource allocation in the open capital market. In order to broaden the financing channels of small and medium-sized enterprises, to serve the development of the real economy, and to give priority to supporting the development of small and medium-sized enterprises in the country, with the approval of the State Council, the private equity bond financing methods for small and medium-sized enterprises were launched by the Shenzhen Stock Exchange and the Shanghai Stock Exchange in 2012. In accordance with the rules of relevant laws and regulations, the relevant pilot management measures were issued to regulate the private bond business of small and medium-sized enterprises and to protect the legitimate rights and interests of investors. In the context of the development of direct financing channels for SMEs, the SFC timely launched private equity bonds for SMEs. This can effectively solve the financing difficulties of some small and medium-sized enterprises, and provide high risk investment varieties for the bond market. Private equity bonds increase the direct financing channels of small and medium-sized enterprises, and help solve the financing difficulties and high financing costs of small and medium-sized enterprises. Due to the limitation of issuance and transfer of private equity bonds, the enterprise qualification of issuing private equity bonds of small and medium-sized enterprises is relatively weak, the risk of bond default is high, and the design of issuance is difficult. First of all, this article investigates, introduces XY company and its industry situation, introduces the case of XY company issuing small and medium-sized enterprises private equity bond, from the private equity bond financing process, the enterprise capital source structure, the private equity debt risk and the credit enhancement measure, The term and interest rate of private equity debt, the raising of private equity debt and capital investment and so on. Secondly, it analyzes the reasons why XY company chooses the financing mode of private equity debt, and analyzes the influence on the business activities after issuing bonds, and then expounds and analyzes the cost analysis of private equity debt, the confirmation of issuing interest rate and the risk management of private equity debt. This paper puts forward the choice of credit enhancement measures and its reasons, analyzes the rationality and problems of XY company's private debt scheme design from many angles, in order to improve the efficiency of private equity debt issuance and the control of risk. Finally, it reveals the advantages and disadvantages of SMEs' private equity bonds, optimizes the design of private equity debt issuance schemes, probes into the direction of the future SME financing model, and puts forward some suggestions on the capital raising methods that are conducive to the rapid development of SMEs.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F276.44;F275

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