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论文编号：	3655
作者编号：	2120092765
上传时间：	2011/11/16 6:53:40
中文题目：	我国中小企业集合票据信用评级研究
英文题目：	The research of credit ratings on assembled bonds to small and medium- sized enterprises in china
指导老师：	黄福广
中文关键字：	中小企业集合票据；09诸城集合票据；信用评级
英文关键字：	Small and median enterprises assemble bond; 09Zhucheng assemble bonds; Credit rating
中文摘要：	长期以来中小企业融资难一直是困扰我国中小企业发展的难题，自2009年以来推出的中小企业集合票据在我国的成功发行，成为我国中小企业融资的新亮点，引起社会各界的极大关注，开辟了中小企业新的融资渠道，是解决中小企业融资难的重大创新。发行集合票据的最终目的是在广大中小企业与投资者之间搭建直接融资的通道。然而，由于大部分中小企业成立时间短、经营规模较小、信息披露不及时，使得投资者很难对于中小企业的经营风险进行及时、准确的判断，虽然我国政府及银行等机构纷纷提出一些企业信用评级指标，但是这些指标主要是针对国有大中型企业的，且更多是财务或综合能力评价，没有形成完整的评级方法或体系。因此，在当前的环境下，进行适合我国的中小企业集合票据评级研究，对于促进我国中小企业直接融资市场的发展乃至民营经济发展具有现实的意义。本文以我国内中小企业融资现状为背景，借鉴信用评级基本理论和方法，采用定性和定量分析相结合的方法，提出适合我国的中小企业集合票据的信用评级要素。全文共分为六部分，第一部分为概括性说明，第二部分系统回顾中小企业融资和信用评级理论，第三部分对中小企业集合债券发展状况和特点进行全面的介绍，第四部分提出中小企业集合债券评级要素，第五部分为案例分析，最后得出结论与建议。本文以已发行的09诸城中小企业集合票据为例，使用数学模型对集合债券违约情况进行科学分析。利用Matlab数学软件进行蒙特卡罗（Monte Carlo）模型模拟，并得出到结论：单纯由多家中小企业联合发行的模式不会显著提升集合债券的信用等级，债券增信方式的设计才是决定集合票据信用等级的最关键因素。
英文摘要：	Since long time ago, the difficulty of financing of small and medium-sized enterprise (SME) has been puzzled them. It became a new shining point and aroused great concern on society for the financing of SME that an assemble bond for SMEs launched successfully issued in China since 2009. It opened up new financing channels for SMEs. And it is a major innovation for solving the financing difficulties of SMEs a major innovation. The ultimate goal of issuing the assemble bond is to build direct financing channels between SMEs and investors. However, most of SMEs set up a short time with a relatively small scale, information disclosure is not timely. Due to these issues, it is very difficult for the investors to accurately evaluate the risk of SMEs operation. Although our government and banking institutions made some business credit rating indicators, these indicators are mainly for state-owned enterprises, and more financial or comprehensive capacity assessment, did not form a system complete rating method. Therefore, study on the assemble bond for SMEs that suitable for our country which is passive in promoting the development of SMEs and direct financial market. This article passes the domestic small and medium-sized enterprise financing present situation as a background, profits from the credit rating theory, uses method which qualitative and the quantitative analysis unifies, proposed that suits our country's small and medium-sized enterprise set bond credit ranking method and the system, the full text altogether divides into six parts, the first part explained for the concise quality, the second part of system reviews small and medium-sized enterprise financing and the credit rating theory, The third part carries on the comprehensive introduction to the small and medium-sized enterprise assemble bond, the fourth part proposed that the small and medium-sized enterprise assemble bond rating method, the five part is the case analysis, finally draws the conclusion and the suggestion. This article takes already 09zhucheng assemble bond which distributes as the example, the use mathematical model carries on the scientific analysis to the assemble bond violation situation. Using the Matlab mathematics software carries on Monte Carlo model simulation, and draws the conclusion: Will obviously not promote assemble bond by many small and medium-sized enterprise union release's pattern the degrees of comparison, the bond to increase the letter way the design will be the determining assemble bond degrees of comparison most key aspect purely, this also will be this article place of innovation.
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