本文選題：中小企業(yè)　切入點(diǎn)：集合債券　出處：《西南財經(jīng)大學(xué)》2013年碩士論文

【摘要】：中小企業(yè)是我國市場經(jīng)濟(jì)的重要組成部分,為我國的經(jīng)濟(jì)建設(shè)做出了巨大貢獻(xiàn)。但是中小企業(yè)的融資困難卻阻礙著企業(yè)的繼續(xù)發(fā)展壯大,最近幾年國家多次出臺相關(guān)文件積極支持中小企業(yè)健康發(fā)展,中小企業(yè)集合債券就是為了解決中小企業(yè)的融資難的問題而產(chǎn)生的金融創(chuàng)新工具,為廣大中小企業(yè)提供了通過資本市場直接融資的新渠道。 但是在集合債券的實(shí)際發(fā)行過程中,卻存在找不到合適的擔(dān)保機(jī)構(gòu)、債券的發(fā)行費(fèi)用偏高、發(fā)行周期較長等問題,這些因素嚴(yán)重阻礙了集合債券的發(fā)展速度。為了能促進(jìn)集合債券的繼續(xù)發(fā)展,國內(nèi)很多專家學(xué)者都對集合債券的改進(jìn)方向提出了自己的建議。張慶珂等從制度、法律、會計等方面探討了發(fā)行集合債券應(yīng)注意的問題；曾江紅等認(rèn)為國家發(fā)改委應(yīng)當(dāng)下放集合債券的審批權(quán)限,降低債券的發(fā)行門檻；金丹等提出可以通過提高發(fā)債企業(yè)之間的互補(bǔ)性,重點(diǎn)針對發(fā)債企業(yè)的經(jīng)營波動風(fēng)險、資金投資風(fēng)險、流動性風(fēng)險、兌付風(fēng)險等四個方面來優(yōu)化集合債券的設(shè)計,從而降低債券的風(fēng)險；王瑩參考供應(yīng)鏈融資的概念,提出利用上下游企業(yè)之間的信息優(yōu)勢,由上下游的企業(yè)對債券提供一級擔(dān)保,從而解決擔(dān)保過程中的信息不對稱問題；程均麗等以河南永城面粉企業(yè)集群為例,對企業(yè)集群的評級方法進(jìn)行了研究,提出可以對影響企業(yè)集群的四大因素(宏觀經(jīng)濟(jì)條件、企業(yè)集群的競爭能力、財務(wù)狀況、信譽(yù))進(jìn)行評分,然后對各個因素賦予不同的權(quán)重,依據(jù)最終的評分結(jié)果來判定集群企業(yè)的信用級別。 但學(xué)者對于集合債券的討論更多的是集中在理論層面,還很少有人針對集合債券對于企業(yè)經(jīng)營情況的具體影響來分析通過其融資的優(yōu)劣。本文在對我國集合債券的發(fā)展現(xiàn)狀進(jìn)行了簡要介紹的基礎(chǔ)上,具體針對2009年大連市發(fā)行的中小企業(yè)集合債券進(jìn)行詳細(xì)分析,通過對比參與集合債券發(fā)行主體在債券發(fā)行前后幾年間的具體經(jīng)營情況,分析了發(fā)行集合債券對企業(yè)經(jīng)營效率的影響。 中小企業(yè)集合票據(jù)和企業(yè)私募債是在集合債券之后,為解決我國中小企業(yè)融資困難而產(chǎn)生的新型融資工具,它們與集合債券在主管部門、發(fā)行條件、融資成本等方面都存在差異,它們的出現(xiàn)更多的是對集合債券進(jìn)行有益的補(bǔ)充,而不會完全的取代集合債券。 集合債券的健康發(fā)展需要市場參與各方的共同努力。政府方面,應(yīng)該通過立法規(guī)范集合債券的發(fā)行流程,降低發(fā)債門檻,簡化發(fā)行程序；中介機(jī)構(gòu)方面,應(yīng)當(dāng)努力壯大自身實(shí)力,開發(fā)出適用于集合債券的評級方法；企業(yè)方面,應(yīng)該加強(qiáng)自身的經(jīng)營管理,積極地參與到資本市場中來。相信隨著我國資本市場的逐步完善,中小企業(yè)集合債券這樣的融資途徑會服務(wù)于更多的中小企業(yè)。 由于時間和能力有限,本文對研究的問題不太很充分,接下來可以集合債券對不同企業(yè)的效率進(jìn)行充分研究的基礎(chǔ)上,找出具有哪些條件的企業(yè)更適合于通過集合債券進(jìn)行融資,從而使廣大中小企業(yè)能夠在眾多的融資工具中選擇對自己最有利的方式。
[Abstract]:Small and medium - sized enterprises ( SMEs ) are an important part of our country ' s market economy and contribute greatly to our country ' s economic construction . However , the financing difficulties of small and medium - sized enterprises ( SMEs ) have hindered the continued development of enterprises . In recent years , many countries have issued relevant documents actively to support the healthy development of small and medium - sized enterprises .

However , in the process of the actual issuance of aggregate bonds , there are problems such as the lack of suitable guarantee institutions , the higher issuing cost of the bonds and the longer distribution period . In order to promote the continued development of the aggregate bonds , many experts and scholars in the country have put forward their own suggestions on the improvement direction of the aggregate bonds .
Zeng Jianghong and others think that the National Development and Reform Commission should lower the examination and approval authority of the aggregate bond and lower the issuance threshold of the bond ;
Jindan et al . put forward that the design of aggregate bonds can be optimized by improving the complementarity among debt - issuing enterprises , focusing on the risk of operating fluctuation , capital investment risk , liquidity risk and exchange risk of the debt - issuing enterprises , so as to reduce the risk of bonds ;
Wang Ying refers to the concept of supply chain financing , puts forward the information advantage between upstream and downstream enterprises , and provides primary guarantee for the bond by the upstream and downstream enterprises , so as to solve the problem of information asymmetry in the security process ;
Taking Yongcheng flour enterprise cluster in Henan Province as an example , the paper studies the rating method of enterprise cluster , and puts forward four main factors ( macro - economic condition , competition ability , financial position and credibility ) of enterprise cluster , then gives different weights to each factor , and determines the credit level of the cluster enterprise according to the final grading result .

On the basis of the brief introduction of the present situation of aggregate bonds in China , this paper analyzes the effect of issuing aggregate bonds on the operation efficiency of enterprises by comparing their specific operating conditions between the two years before and after the issuance of bonds .

After the collection of bonds , the small and medium - sized enterprises ' collection notes and the private equity of the enterprises are new financing tools that have been created to solve the difficulty of financing the small and medium - sized enterprises in our country . They are different from the collection bonds in terms of the competent department , the issuance conditions and the financing cost , and more of them are beneficial to the aggregate bonds , rather than completely replace the aggregate bonds .

The healthy development of the aggregate bonds requires the joint efforts of the market participants , and the government should adopt legislation to regulate the issuance process of the bonds , reduce the threshold of the bond issuance , and simplify the issuing procedure ;
In terms of intermediary institutions , efforts should be made to expand their strength and develop a rating method applicable to aggregate bonds ;
Enterprises should strengthen their own management and actively participate in the capital market . We believe that with the gradual improvement of our country ' s capital market , the financing channels such as small and medium - sized enterprises will serve more small and medium - sized enterprises .

Due to the limited time and ability , this paper is not enough to study the efficiency of different enterprises , then find out which conditions are more suitable for financing through aggregate bonds , so that the large and medium - sized enterprises can choose their most favorable way in many financing tools .

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F276.3

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