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| 论文编号： | 5992 | |
| 作者编号： | 2120112832 | |
| 上传时间： | 2013/12/9 22:52:31 | |
| 中文题目： | 我国中小企业债券融资问题分析及发展对策 | |
| 英文题目： | Analysis and Development Strategies on Bond Financing of SMEs in China | |
| 指导老师： | 张玉利 | |
| 中文关键字： | 中小企业 融资结构 企业债券市场 债券融资 | |
| 英文关键字： | SMEs, Financing structure, Corporate bond market, Bond financing | |
| 中文摘要： | 中小企业在国民经济发展中占有举足轻重的地位，其生存发展状态真实地反映了一国的经济活力。近年来在我国经济持续快速发展、政府不断出台相关扶持政策的大背景下，中小企业的生存环境有了显著改善，但是融资难问题仍然没有得到有效解决，成为当前困扰中小企业发展的首要问题。如何寻找合适的方法解决中小企业的资金困局已成为一个重要的研究课题。作为企业的直接融资途径之一，债券融资对于拓宽企业资金来源渠道、合理构建企业资本结构具有积极意义，在发达国家，债券融资是企业最为常用的融资方式，其融资规模往往是股票融资的数倍。我国债券市场起步较晚，但在过去几年中取得了前所未有的发展，企业债券发行规模和存续规模呈现几何级数增长。与此同时，企业债券一级市场的发行效率和二级市场的流动性水平也得到了明显改善，应该说我国的企业债券融资市场正处于快速发展的黄金时期。本文从企业融资结构理论、信用商品化理论等基础理论出发，通过阐述我国中小企业融资结构现状及其形成原因，提出应抓住当前我国企业债券市场大发展的有利历史时机，将债券融资作为扩展中小企业融资渠道、优化中小企业融资结构的有益尝试。本文分析了我国中小企业债券市场的发展现状，对我国中小企业债券融资模式进行了归纳总结，针对实际运作中存在的问题，从发行主体、一级市场、二级市场、发行机制、信用评级体系、担保增信机制等方面对中小企业债券市场发展滞后的原因进行了分析，并提出了相应的建议和解决对策。 | |
| 英文摘要： | Small- and medium-sized enterprises (SMEs) play a key part in national economic growth and their survival and development reflects back the vitality of the state’s economy. With the steady, rapid economic development and a series of favorable policies published by the government, there has been a significant improvement in the external environment of SMEs. However, inadequate access to financing remains unsolved and has become a major obstacle to the future development of SMEs. It is of great importance to explore an effective way to fix this fund shortage. Bond financing, as one of the direct ways in corporate financing, makes active contribution in expanding financing channels and optimizing capital structure. It is commonly used by enterprises in developed countries with an amount several times larger than equity financing. The last few years has seen an unprecedented expansion of China's bond market despite of its late start. Both the amount of issuance and existing corporate bonds has increased in a geometrical progression. Issuance efficiency in the primary market and liquidity in the secondary market has also shown improvement during the same period. Corporate bond market in China is in its prime. Based on the theory of corporate finance and credit commercialization, this essay studies the present financing structure of SMEs in China and its causes. It argues that at the time of a substantial growth in corporate bond market, bond financing is a promising choice in an attempt to expand financing channels and optimize capital structure. This essay introduces recent development in SMEs bond market and various bond financing modes of SMEs in China. In view of difficulties in actual practice, it analyses the lag of SMEs bond market respecting issuers, primary market, secondary market, issuing mechanism, credit rating system, credit enhancement guarantee and comes up with related proposals and strategies. | |
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