大连市中小企业集合债券案例分析

发布时间：2018-04-04 10:55

本文选题：中小企业　切入点：集合债券　出处：《西南财经大学》2013年硕士论文

【摘要】：中小企业是我国市场经济的重要组成部分,为我国的经济建设做出了巨大贡献。但是中小企业的融资困难却阻碍着企业的继续发展壮大,最近几年国家多次出台相关文件积极支持中小企业健康发展,中小企业集合债券就是为了解决中小企业的融资难的问题而产生的金融创新工具,为广大中小企业提供了通过资本市场直接融资的新渠道。但是在集合债券的实际发行过程中,却存在找不到合适的担保机构、债券的发行费用偏高、发行周期较长等问题,这些因素严重阻碍了集合债券的发展速度。为了能促进集合债券的继续发展,国内很多专家学者都对集合债券的改进方向提出了自己的建议。张庆珂等从制度、法律、会计等方面探讨了发行集合债券应注意的问题；曾江红等认为国家发改委应当下放集合债券的审批权限,降低债券的发行门槛；金丹等提出可以通过提高发债企业之间的互补性,重点针对发债企业的经营波动风险、资金投资风险、流动性风险、兑付风险等四个方面来优化集合债券的设计,从而降低债券的风险；王莹参考供应链融资的概念,提出利用上下游企业之间的信息优势,由上下游的企业对债券提供一级担保,从而解决担保过程中的信息不对称问题；程均丽等以河南永城面粉企业集群为例,对企业集群的评级方法进行了研究,提出可以对影响企业集群的四大因素(宏观经济条件、企业集群的竞争能力、财务状况、信誉)进行评分,然后对各个因素赋予不同的权重,依据最终的评分结果来判定集群企业的信用级别。但学者对于集合债券的讨论更多的是集中在理论层面,还很少有人针对集合债券对于企业经营情况的具体影响来分析通过其融资的优劣。本文在对我国集合债券的发展现状进行了简要介绍的基础上,具体针对2009年大连市发行的中小企业集合债券进行详细分析,通过对比参与集合债券发行主体在债券发行前后几年间的具体经营情况,分析了发行集合债券对企业经营效率的影响。中小企业集合票据和企业私募债是在集合债券之后,为解决我国中小企业融资困难而产生的新型融资工具,它们与集合债券在主管部门、发行条件、融资成本等方面都存在差异,它们的出现更多的是对集合债券进行有益的补充,而不会完全的取代集合债券。集合债券的健康发展需要市场参与各方的共同努力。政府方面,应该通过立法规范集合债券的发行流程,降低发债门槛,简化发行程序；中介机构方面,应当努力壮大自身实力,开发出适用于集合债券的评级方法；企业方面,应该加强自身的经营管理,积极地参与到资本市场中来。相信随着我国资本市场的逐步完善,中小企业集合债券这样的融资途径会服务于更多的中小企业。由于时间和能力有限,本文对研究的问题不太很充分,接下来可以集合债券对不同企业的效率进行充分研究的基础上,找出具有哪些条件的企业更适合于通过集合债券进行融资,从而使广大中小企业能够在众多的融资工具中选择对自己最有利的方式。
[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 .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.3

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