中國(guó)市場(chǎng)發(fā)展高收益?zhèn)芯?/H1>
發(fā)布時(shí)間：2018-09-11 06:07
【摘要】：中國(guó)的中小企業(yè)長(zhǎng)期以來(lái)融資渠道較為單一，，主要的銀行間接融資渠道受國(guó)家宏觀調(diào)控影響較大，易造成融資難問(wèn)題。直接融資渠道中，股權(quán)融資的條件嚴(yán)苛和范圍小，而發(fā)行高收益?zhèn)瘎t可以有效和大范圍的解決中小企業(yè)融資難問(wèn)題，為企業(yè)的發(fā)展提供穩(wěn)定和充足的資金渠道。當(dāng)前國(guó)內(nèi)債券市場(chǎng)的不成熟以及法規(guī)政策中對(duì)于公開(kāi)發(fā)行債券規(guī)模和利率的限制是發(fā)展高收益?zhèn)钪饕恼系K。本文對(duì)債券市場(chǎng)的產(chǎn)品、發(fā)行者、投資者、中介機(jī)構(gòu)、監(jiān)管機(jī)構(gòu)、市場(chǎng)結(jié)構(gòu)及法律法規(guī)等方面進(jìn)行分析，發(fā)現(xiàn)中小企業(yè)可以在不違反國(guó)家法律法規(guī)的前提下通過(guò)向特定投資者私募定向發(fā)行并輔以償債基金和債權(quán)人保護(hù)機(jī)制的方式來(lái)發(fā)行利率較高（普通貸款利率的三至四倍）和規(guī)模較大（總資產(chǎn)七至八成）的高收益?zhèn)�，并通過(guò)對(duì)投資的資格限制來(lái)控制其違約風(fēng)險(xiǎn)的影響范圍，進(jìn)而幫助中小企業(yè)獲得更有效的融資渠道，解決其融資難問(wèn)題。而具有一定投研和風(fēng)險(xiǎn)防范能力的機(jī)構(gòu)投資者也通過(guò)投資定向私募發(fā)行的高收益?zhèn)瘉?lái)獲得與其風(fēng)險(xiǎn)想匹配的投資收益。因此，中國(guó)發(fā)展高收益?zhèn)梢酝ㄟ^(guò)市場(chǎng)化的方式改善國(guó)內(nèi)金融資源的配置結(jié)構(gòu)。
[Abstract]:For a long time, the financing channels of Chinese small and medium-sized enterprises are relatively single, and the main indirect financing channels of banks are greatly influenced by the state macro-control, which is easy to cause financing problems. Among the direct financing channels, the conditions of equity financing are strict and the scope is small, and the issuance of high-yield bonds can effectively and extensively solve the financing difficulties of small and medium-sized enterprises, and provide a stable and sufficient financial channel for the development of enterprises. At present, the immature domestic bond market and the restrictions on the size and interest rate of public issuance are the main obstacles to the development of high-yield bonds. This paper analyzes the products, issuers, investors, intermediaries, regulators, market structure and laws and regulations of the bond market. It is found that small and medium-sized enterprises can issue higher interest rates by offering private placement to specific investors, supplemented by debt repayment funds and creditor protection mechanisms, without violating national laws and regulations. To four times) and larger (70 to 80 per cent of total assets) high-yield bonds, And through the qualification of investment to control the scope of its default risk, so as to help small and medium-sized enterprises to obtain more effective financing channels to solve their financing difficulties. The institutional investors who have certain ability of investment and risk prevention also obtain the investment income matching their risk by investing in high-yield bonds issued by targeted private equity. Therefore, the development of high-yield bonds in China can improve the allocation structure of domestic financial resources through marketization.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224
【參考文獻(xiàn)】
相關(guān)期刊論文 前1條
1 楊蘊(yùn)石,徐樅巍;高級(jí)內(nèi)部信用風(fēng)險(xiǎn)度量模型方法的比較[J];科技導(dǎo)報(bào);2004年07期
本文編號(hào)：2235815
本文鏈接：http://www.sikaile.net/guanlilunwen/zhqtouz/2235815.html
[Abstract]:For a long time, the financing channels of Chinese small and medium-sized enterprises are relatively single, and the main indirect financing channels of banks are greatly influenced by the state macro-control, which is easy to cause financing problems. Among the direct financing channels, the conditions of equity financing are strict and the scope is small, and the issuance of high-yield bonds can effectively and extensively solve the financing difficulties of small and medium-sized enterprises, and provide a stable and sufficient financial channel for the development of enterprises. At present, the immature domestic bond market and the restrictions on the size and interest rate of public issuance are the main obstacles to the development of high-yield bonds. This paper analyzes the products, issuers, investors, intermediaries, regulators, market structure and laws and regulations of the bond market. It is found that small and medium-sized enterprises can issue higher interest rates by offering private placement to specific investors, supplemented by debt repayment funds and creditor protection mechanisms, without violating national laws and regulations. To four times) and larger (70 to 80 per cent of total assets) high-yield bonds, And through the qualification of investment to control the scope of its default risk, so as to help small and medium-sized enterprises to obtain more effective financing channels to solve their financing difficulties. The institutional investors who have certain ability of investment and risk prevention also obtain the investment income matching their risk by investing in high-yield bonds issued by targeted private equity. Therefore, the development of high-yield bonds in China can improve the allocation structure of domestic financial resources through marketization.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224
【參考文獻(xiàn)】
相關(guān)期刊論文 前1條
1 楊蘊(yùn)石,徐樅巍;高級(jí)內(nèi)部信用風(fēng)險(xiǎn)度量模型方法的比較[J];科技導(dǎo)報(bào);2004年07期
本文編號(hào)：2235815
本文鏈接：http://www.sikaile.net/guanlilunwen/zhqtouz/2235815.html
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