摘要
中小企业在各国的经济屮都占有举足轻蜇的地位,在我国也足如此。当今,
中国的屮小企业巳成为了中国经济增长的引擎,也为中国创造了很多的就业机会,
更能帮助国家进行产业结构的优化调整。因此,中小企业发展问题在我国得到了
前所未有的关注和重视。对于屮小企业的发展,主要看两个方面:第一,企业如
何经营;第二,企业如何融资。如今,闺家出台了很多扶植中小企业的政策与法
规,给中小企业创造了良好的发展沃土,但是中国的绝大多数中小企业还不擅长
融资,更没有把资金当作一种工具,让其发挥充分的作用。
近年来,由于中小企业从银行融资越来越难,使其将融资重心逐步转移到了
资本市场。资本市场中尤其以债券市场成为企业的融资重要渠道。中国中小企业
债券融资具有重要意义:一是改善中小企业的融资地位,二是向社会传递中小企
业正面信号,三是为中小企业提供长期资金来源。
中国中小企业债券融资在发展中不断创新,先后推出了中小企业集合债券、
中小企业集合票据等产品,但是都不能很好的解决中小企业债券融资的需求。直
到2012年5月,国家推出中小企业私募债这个产品,为巾小企业债券融资提供
了一个畅通的渠道,发行一年以来,己为中小企业募集到了近300亿资金。中小
企业私募债已经成为当下债券市场上中小企业融资的重要手段。
中小企业私募债虽然在美国被称为“垃圾债”,但是在中国的国情下,中小企
业私募债却有诸多优势:一是降低中小企业的融资成本,二是发行审批便捷,三
是资金用途灵活,四是帮助企业提高市场影响,五是有合理的风险定价方式,六
是投资者群体更宽泛、更匹配,七是流动性强。当然中小企业私募债也有很多限
制:一只能进行场外交易,二风险偏好的投资人群不成熟,三信息披露准确性不
高,四私募债券高风险。
中小企业私募债在发行过程中也在不断进行自我创新与完善,先后推出了中
小企业集合私募债以解决小微企业的融资需求,中小企业可交换私募债用于实现
债转股盘活企业股份。
中小企业私募债不是中国债券融资创新的终点,中国债券融资创新的路还很
长,今后可以从企业债券市场制度创新和企业债券市场产品创新两个方面同时进
行,最终完善我国资本市场,并让我国企业的融资结构趋于平衡。
关键词:中小企业;债券市场;融资;创新;私募债
Abstract
Small and medium-sized enterprises occupy the position in the national economy
play a decisive role, is the same in our country. At present, China's small and medium
enterprises has become the engine of China's economic growth, but also create a lot of
jobs to China, can help countries to optimize and adjust the industrial structure.
Therefore, the development of small enterprises has been hitherto unknown attention in
our country. For the development of small and medium-sized enterprises, mainly
depends on two aspects: first, how to manage the enterprise; second, how the
enterprise financing. Now, the state introduced policies and regulations many support
SMEs, to small and medium-sized enterprises has created fertile ground for the
development of good, but the vast majority of China's small and medium enterprises
are not good at financing, not to mention the money as a tool, to play a full role.
In recent years, because of the small and medium-sized enterprise financing from
banks is more and more difficult, the financial center of gravity is shifting to the capital
market. In the capital market, especially bond market has become an important channel
of financing of enterprises. Has the important meaning of bond financing for small and
medium-sized enterprises in China: one is to improve the financing situation of SMEs,
two is the transfer to the community of small and medium enterprises positive signal,
three is to provide long-term sources of funds for small and medium enterprises.
Bond financing of Chinese small and medium-sized enterprises in the
development of innovation, has introduced a small collection of bonds,the small and
medium-sized enterprise set notes and other products, but they are not very good solve
the small and medium-sized enterprise bond financing. Until 2012 May, the national
launch of the small and medium-sized enterprise private debt this product, provides a
smooth channels for small and medium enterprises bond financing, since it was
launched a year, for SMEs has been raised nearly thirty billion funds. Small and
medium-sized enterprises private debt has become an important means of financing of
small and medium-sized enterprises at present the bond market.
Small and medium-sized enterprises private debt in the United States called junk
bonds',,but in the Chinese national condition, the small and medium-sized enterprise
private debt has many advantages: one is to reduce the cost of financing for SMEs,two
is the issue of approval is convenient,flexible use of funds three,four is to help
enterprises to improve the market impact, five is a reasonable risk pricing, the six is a
group of investors is more extensive, more matching,seven is the strong liquidity. Of
course, the small and medium-sized enterprises private debt also has many limitations:
only the OTC,two risk preference in investment is not mature, the three information
disclosure accuracy is not high,four high risk bonds.
Small and medium-sized enterprises private debt in the process of publishing are
carried out continuously and improve the self-innovation, has introduced a SMEs
collection of private debt in order to solve the financing needs of small and micro
businesses, small and medium-sized enterprises can exchange private debt for debt
equity swap to activate enterprise co
Small and medium-sized enterprises private debt is not the end of Chinese bond
financing innovation, financing innovation in China's bond is still a long way to go, in
the future can be simultaneously from two aspects of the enterprise bond market
system innovation and innovation of corporate bonds market products, and ultimately
improve the capital market of China, and let China enterprise financing structure tends
to balance.
Key-words: Small and medium-sized enterprises; Bond market; Financing;
Innovation; Private debt