中小企業(yè)私募債融資成本分析
發(fā)布時間：2018-05-15 01:28
本文選題：私募債 + 高收益?zhèn)?/strong>��； 參考：《華中科技大學(xué)》2014年碩士論文
【摘要】：中小企業(yè)融資困難在我國廣泛存在，，作為我國經(jīng)濟(jì)中最具活力的主體，中小企業(yè)對國民經(jīng)濟(jì)的意義重大；而資金短缺卻一直制約中小企業(yè)發(fā)展壯大，緊扼其做大做強(qiáng)的咽喉。通過金融創(chuàng)新來扶持中小企業(yè)、支持實(shí)體經(jīng)濟(jì)，是當(dāng)前國家面臨的重要課題。2012年5月滬深兩所私募債開閘，給中小企業(yè)的融資困境帶來了一線曙光，也有望進(jìn)一步縮小我國與發(fā)達(dá)國家在債券市場深度和產(chǎn)品成熟度上的差距。 本文介紹了中小企業(yè)融資現(xiàn)狀，從信貸融資、債券等直接融資的角度對我國中小企業(yè)融資困難的原因進(jìn)行了綜述，分析比較了私募債與其他融資方式對于中小企業(yè)融資的適應(yīng)性。利用中國證券登記結(jié)算公司的數(shù)據(jù)，總結(jié)了私募債開閘以來在兩市發(fā)行現(xiàn)狀，實(shí)際數(shù)據(jù)說明私募債確實(shí)幫助中小企業(yè)獲得其擴(kuò)張、發(fā)展所需要的資金，走出融資困局；選擇了12新麗債、13新誠債兩個成功發(fā)行的中小企業(yè)私募債的案例，進(jìn)行對比分析，利用債券相關(guān)理論進(jìn)一步從基準(zhǔn)利率、債券期限、債券信用風(fēng)險、發(fā)行主體財務(wù)狀況及償債能力等角度對其融資成本的差異進(jìn)行剖析，探討私募債的融資成本問題，認(rèn)為中小企業(yè)規(guī)模小，信息披露不透明，信息的不對稱可能帶來逆向選擇，影響投資者的積極性，導(dǎo)致融資成本偏高。在此基礎(chǔ)上，總結(jié)了目前我國私募債發(fā)行存在的問題，并提出了建議。
[Abstract]:The financing difficulty of small and medium-sized enterprises exists widely in our country. As the most dynamic main body of our economy, small and medium-sized enterprises have great significance to the national economy; however, the shortage of funds has been restricting the development and growth of small and medium-sized enterprises, choking their throat of becoming bigger and stronger. To support small and medium-sized enterprises through financial innovation and to support the real economy is an important issue facing the country. In May 2012, the opening of private equity debt between Shanghai and Shenzhen brought a glimmer of light to the financing difficulties of small and medium-sized enterprises. It is also expected to further narrow the gap between China and developed countries in bond market depth and product maturity. This paper introduces the present situation of financing of SMEs, and summarizes the reasons for the financing difficulties of SMEs in China from the angles of direct financing, such as credit financing and bond financing. This paper analyzes and compares the adaptability of private equity debt and other financing methods to the financing of small and medium-sized enterprises. Using the data of China Securities Registration and settlement Corporation, this paper summarizes the current situation of private equity debt issuance in the two markets since the opening of the gate. The actual data show that private equity debt really helps small and medium-sized enterprises to obtain the funds needed for their expansion and development, and to get out of the financing difficulties. Two successful private debt cases of small and medium-sized enterprises issued by 12 Xinli debt and 13 Xincheng debt were selected, and the comparative analysis was carried out, and the relevant bond theory was used to further analyze the benchmark interest rate, bond maturity, bond credit risk, and so on. This paper analyzes the difference of the financing cost of the issuer from the angle of financial condition and solvency, discusses the financing cost of the private equity debt, and thinks that the small and medium-sized enterprises are small in scale, the information disclosure is not transparent, and the information asymmetry may bring about the adverse selection. Affect the enthusiasm of investors, leading to high financing costs. On this basis, this paper summarizes the problems existing in the issuance of private equity debt in China, and puts forward some suggestions.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F276.3;F832.51
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相關(guān)碩士學(xué)位論文 前1條
1 陳陽;中小企業(yè)私募債融資成本分析[D];華中科技大學(xué);2014年
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