本文關(guān)鍵詞：2011年常州市中小企業(yè)集合債券發(fā)行案例分析研究　出處：《貴州財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：改革開放后，中小企業(yè)在我國(guó)經(jīng)濟(jì)發(fā)展舞臺(tái)上扮演了重要角色，但是其融資難與發(fā)展受到嚴(yán)重阻礙等問題仍然普遍。因此，政府、相關(guān)學(xué)者和專業(yè)人士都非常重視這一問題，并在實(shí)踐中不斷探索新的解決辦法。 2003年7月中國(guó)高新技術(shù)產(chǎn)業(yè)開發(fā)區(qū)債券于成功發(fā)行，首次采用了捆綁發(fā)行的方式，可以說在債券發(fā)行中開創(chuàng)了一個(gè)全新的案例。2007年在高新技術(shù)產(chǎn)業(yè)開發(fā)區(qū)債券發(fā)行成功4年后，北京中關(guān)村和深圳成功發(fā)行真正意義上的中小企業(yè)集合債券，市場(chǎng)反映良好也收到眾多投資者的追捧。從07年首次中小債發(fā)行成功至今，先后已有深圳（07）、中關(guān)村（07），大連（09）、中關(guān)村（10）、武漢（10）、常州（11）、河南（11）、成都（11）、合肥（12）、蕪湖（12）、石家莊（12）、揚(yáng)州（12）、云南（13）等13支中小債發(fā)行成功，共融資52.02億元人民幣。 各支中小債發(fā)行過程中都遇到過不同的困難和問題。中小企業(yè)規(guī)模有大有小而且多數(shù)還處于不同的行業(yè)，各家企業(yè)抗風(fēng)險(xiǎn)能力都不一樣且主體信用級(jí)別都不是太高。所以選擇什么樣的中小企業(yè)組合在一起發(fā)債能使總體風(fēng)險(xiǎn)最小并減小債券違約概率，這是一個(gè)比較重要的問題。此外，中小企業(yè)發(fā)債中還存在一個(gè)難題即信用增級(jí)比較困難，如果不能有效的提升信用等級(jí)，可能債券無法通過國(guó)家發(fā)改委審核也難以得到市場(chǎng)的認(rèn)可同時(shí)也不能降低融資成本。 此前已有許多學(xué)者在理論上和宏觀層面上分析中小債當(dāng)前發(fā)展的總體狀況。他們主要對(duì)國(guó)內(nèi)外中小企業(yè)融資進(jìn)行對(duì)比以及與類似于中小債的國(guó)外金融工具進(jìn)行比較研究，也有從國(guó)內(nèi)中小債總體上進(jìn)行分析。本文把研究角度由理論和總體細(xì)化到一支債券上，主要是從11常州中小債發(fā)行案例入手，通過分析其企業(yè)篩選和信用增級(jí)兩方面問題，并結(jié)合之前學(xué)者們對(duì)此所做的理論分析和相關(guān)結(jié)論進(jìn)行對(duì)比。 案例中，除了發(fā)債企業(yè)要符合7個(gè)基本標(biāo)準(zhǔn)外，本文還分析了企業(yè)篩選中3個(gè)原則：企業(yè)所在行業(yè)的關(guān)聯(lián)度、企業(yè)之間的關(guān)聯(lián)度及差異性。 其次，分析了本次債券的信用增級(jí)相關(guān)問題，，即主要是擔(dān)保和信用評(píng)級(jí)兩方面。擔(dān)保主要是闡明擔(dān)保人的企業(yè)背景、財(cái)務(wù)以及經(jīng)營(yíng)等狀況。信用評(píng)級(jí)則是先是分析與債券相關(guān)的風(fēng)險(xiǎn)，之后針對(duì)風(fēng)險(xiǎn)再提出相應(yīng)的對(duì)策，而信用評(píng)級(jí)則是在前兩者的基礎(chǔ)之上做出綜合評(píng)定。 最后，由案例分析所得到的結(jié)論與相關(guān)理論上的結(jié)論對(duì)照來分析這支債券并從以此為基礎(chǔ)對(duì)今后中小債的發(fā)行提出如下幾條建議：作為牽頭機(jī)構(gòu)的政府要在發(fā)債過程中轉(zhuǎn)變角色和作用；在選擇發(fā)債企業(yè)時(shí)不僅要考慮基本的3個(gè)原則還要結(jié)合當(dāng)?shù)卣畬?duì)本地區(qū)經(jīng)濟(jì)發(fā)展的戰(zhàn)略規(guī)劃和方向；信用增級(jí)上盡量利用民間擔(dān)保市場(chǎng)這樣既能既能減輕國(guó)企的負(fù)擔(dān)又能有效促進(jìn)國(guó)內(nèi)擔(dān)保市場(chǎng)的發(fā)展以及一些中小擔(dān)保公司的成長(zhǎng)；應(yīng)及時(shí)披露相關(guān)信息與信用跟蹤評(píng)級(jí)要及時(shí)更新和公布。
[Abstract]:After the reform and opening up, small and medium-sized enterprises have played an important role in the stage of economic development in China, but its financing difficulties and serious obstacles to development are still common. Therefore, the government. Relevant scholars and professionals attach great importance to this problem and continue to explore new solutions in practice. In July 2003, bonds of China Hi-tech Industrial Development Zone were issued successfully, and the method of bundling issue was adopted for the first time. It can be said that in the bond issuance opened a new case. In 2007 in the high-tech industrial development zone bond issued successfully 4 years later. Beijing Zhongguancun and Shenzhen successfully issued a real sense of small and medium-sized enterprise bonds, the market response is well received by many investors. From the first small and medium-sized bonds issued in 2007 has been successful so far. There have been seven thousand in Shenzhen, seven in Zhongguancun, one in Dalian, one in nine, one in Zhongguancun, one in Wuhan, one in Wuhan, one in Changzhou, one in another, one in Henan province, one in one, one in Chengdu and one in Hefei. Wuhu, Shijiazhuang, Yangzhou, Yunnan, 13 small and medium-sized debt issued successfully, a total of five billion two hundred and two million yuan. Each small and medium-sized debt issuance process has encountered different difficulties and problems. Small and medium-sized enterprises have a large and small size and most of them are still in different industries. Different enterprises have different ability to resist risk and the main credit level is not too high. So choosing what kind of SME portfolio together can make the overall risk minimum and reduce the probability of bond default. This is a relatively important issue. In addition, there is a problem in the issuance of small and medium-sized enterprises, that is, credit upgrading is more difficult, if can not effectively improve the credit rating. Bonds may not pass the NDRC's scrutiny, nor will they be recognized by the market. Nor can they reduce the cost of financing. Many scholars have analyzed the overall development of SMEs in theory and macroscopically. They mainly compare the financing of SMEs at home and abroad and compare them with foreign financial instruments similar to SMEs. Comparative study. Also from the domestic small and medium debt overall analysis. The research angle from the theory and the overall refinement to a bond, mainly from 11 Changzhou small and medium debt issuance cases. This paper analyzes the problems of enterprise selection and credit enhancement, and compares the theoretical analysis and relevant conclusions made by previous scholars. In the case, in addition to the seven basic standards, this paper also analyzes the three principles of enterprise selection: the related degree of the industry in which the enterprise is located, the correlation degree and the difference between the enterprises. Secondly, this paper analyzes the bond credit enhancement related issues, that is, mainly guarantee and credit rating, the guarantee is mainly to clarify the corporate background of the guarantor. The credit rating is based on the analysis of the risk related to the bond, and then puts forward the corresponding countermeasures for the risk, while the credit rating is based on the former two to make a comprehensive assessment. Finally. The conclusions obtained from the case analysis are compared with the relevant theoretical conclusions to analyze this bond and, on this basis, to put forward the following suggestions for the issuance of small and medium-sized debt in the future:. Governments, as lead agencies, need to change their roles and roles in the process of issuing bonds; When choosing the bond issuing enterprises, we should not only consider the basic three principles but also combine the local government's strategic plan and direction for the regional economic development. Making use of private guarantee market as far as possible in credit upgrading can not only lighten the burden of state-owned enterprises, but also effectively promote the development of domestic guarantee market and the growth of some small and medium-sized guarantee companies. Timely disclosure of relevant information and credit tracking rating should be timely updated and published.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F276.3;F832.51

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