本文關(guān)鍵詞：中國中小企業(yè)私募債券研究　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小企業(yè)私募債券 投資者保護 違約風(fēng)險

【摘要】：中小企業(yè)融資難是當(dāng)前中國經(jīng)濟發(fā)展需要面對的嚴峻問題。一方面,中小企業(yè)在中國經(jīng)濟占有很重要的位置,國務(wù)院研究發(fā)展中心最近的數(shù)據(jù)顯示,中國98%的企業(yè)是中小企業(yè),同時中小企業(yè)為就業(yè)的貢獻率為85%。中國的發(fā)展離不開中小企業(yè)的健康成長。由于多方面的原因,中國的中小企業(yè)面臨融資困境。首先,我國中小企業(yè)的缺乏完善的內(nèi)部積累機制,內(nèi)部融資相當(dāng)薄弱。其次,中小企業(yè)主要的融資渠道是銀行貸款。由于金融危機的沖擊,以及中小企業(yè)自身的資質(zhì)和財務(wù)系統(tǒng)不完善,中小企業(yè)從銀行貸款愈發(fā)困難。中小企業(yè)私募債券就是在此背景下產(chǎn)生的。論文的研究路徑是：(一)2012年6月8日,由東吳證券承銷的蘇州華東鍍膜玻璃有限公司作為第一只中小企業(yè)私募債券宣告發(fā)行成功。截止2013年3月,總共有151個企業(yè)于證交所對發(fā)行中小企業(yè)私募債券進行備案,備案金額達到179.825億元。本文首先從中小企業(yè)私募債券的發(fā)行者、投資者、中介機構(gòu)對私募債券的供給和需求進行全方位的分析。(二)中小企業(yè)私募債券的發(fā)行制度是一種有別于一般企業(yè)債券發(fā)行的創(chuàng)新制度。與企業(yè)債券相比,中小企業(yè)私募債券在市場準(zhǔn)入方面實行了更寬松的備案制度。通過與美國債券的承銷制度相比較,可以發(fā)現(xiàn)中小企業(yè)私募債券的承銷制度還不夠靈活,承銷方式比較單一。通過研究可以發(fā)現(xiàn),目前發(fā)行的中小企業(yè)私募債券主要采用了余額包銷制度,這種制度使承銷商承擔(dān)較大風(fēng)險,同時固定的承銷費率也使承銷商承銷積極性減低,這兩方面導(dǎo)致承銷商承銷激勵不足。(三)由于中小企業(yè)私募債的高風(fēng)險性特征,投資者保護力機制是影響中小企業(yè)私募債券需求的重要因素。由于投資者與發(fā)行人之間存在信息不對稱以及委托-代理關(guān)系,投資者面臨的逆向選擇和道德風(fēng)險比較嚴重�？梢詮亩鄠�方面對投資者進行保護。首先債券合同應(yīng)當(dāng)對發(fā)行人的資金使用進行約束。在債券發(fā)展初期,企業(yè)信息披露尤其是MDA的披露應(yīng)當(dāng)作為投資者了解企業(yè)信息的主要渠道。違約管理方面,委托人制度可以使投資者更快的獲得違約補償,同時合同中約定違約處理辦法也可以減少投資者的損失。信用增信是提高企業(yè)信用等級和保障投資者利益的重要措施,可以分別從第三方擔(dān)保,抵押擔(dān)保、債券保險、P-CBO角度來對信用增信進行設(shè)計。(四)違約風(fēng)險是中小企業(yè)私募債券的主要風(fēng)險�？梢酝ㄟ^專家評價法、信用評分法以及現(xiàn)代違約風(fēng)險模型等對中小企業(yè)的違約風(fēng)險進行評估。論文主要采用定性與定量分析、比較分析、宏觀分析與規(guī)范分析相結(jié)合的方法,以中小企業(yè)私募債券的市場特點為主線,對這種新型的債券產(chǎn)品進行全方位的介紹和分析。
[Abstract]:On the one hand, SMEs occupy a very important position in the Chinese economy, according to the latest data from the Research and Development Center of the State Council. 98% of the enterprises in China are small and medium-sized enterprises, and the contribution rate of SMEs to employment is 850.The development of China is inseparable from the healthy growth of small and medium-sized enterprises. China's SMEs are facing financing difficulties. First of all, China's SMEs lack of a perfect internal accumulation mechanism, internal financing is very weak. The main financing channel for SMEs is bank loans. Due to the impact of the financial crisis, as well as the SMEs' own qualifications and financial system is not perfect. It is more and more difficult for small and medium-sized enterprises to borrow from banks. It is against this background that the private equity bond of small and medium-sized enterprises is produced. The research path of this paper is: June 8th 2012. Suzhou Huadong coated Glass Co., Ltd., underwritten by Soochow Securities, as the first small and medium-sized private equity bond issued successfully. As of March 2013. A total of 151 enterprises in the stock exchange to issue small and medium-sized private equity bonds for the record, the record amount reached seventeen billion nine hundred and eighty-two million five hundred thousand yuan. This paper first from the SME private equity bond issuer, investors. The intermediary organization carries on the omni-directional analysis to the private equity bond supply and the demand. (2) the small and medium-sized enterprise private equity bond issuance system is a kind of innovation system which is different from the general enterprise bond issuance. Compared with the enterprise bond. By comparing with the underwriting system of American bond, we can find that the underwriting system of private equity bond of small and medium-sized enterprises is not flexible enough. The underwriting method is relatively simple. Through the research, we can find that the private equity bond issued by SMEs mainly adopts the balance underwriting system, which makes the underwriters bear the greater risks. At the same time the fixed underwriting rate also makes the underwriters less active in underwriting, which leads to the underwriting incentive of underwriters. (3) because of the high risk characteristics of SMEs private equity debt. The mechanism of investor protection is an important factor affecting the demand of small and medium-sized enterprises (SMEs) for private equity bonds, because of the information asymmetry and principal-agent relationship between investors and issuers. Investors are faced with serious adverse selection and moral hazard. Investors can be protected from many aspects. First, bond contracts should restrict the issuer's use of funds. The disclosure of enterprise information, especially the disclosure of MDA, should be the main channel for investors to understand the enterprise information. In the aspect of default management, the principal system can make investors get compensation for default more quickly. At the same time, the contract agreement to deal with default can also reduce the loss of investors. Credit enhancement is an important measure to improve the credit rating of enterprises and protect the interests of investors. Bond insurance P-CBO to design credit enhancement. (4) default risk is the main risk of small and medium-sized enterprises private equity bond. Credit scoring method and modern default risk model are used to evaluate the default risk of SMEs. This paper mainly adopts the methods of qualitative and quantitative analysis, comparative analysis, macro analysis and normative analysis. This paper introduces and analyzes this new bond product in all directions, taking the market characteristics of private equity bond of small and medium-sized enterprises as the main line.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F276.3;F275;F832.51

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