我国中小企业集合债制度探析

中小企业集合债打破了只有大企业才能发债的惯例,拓宽了中小企业在债券市场的直接融资渠道。但是,集合债准入门槛高、担保难、增信机制不完善、融资成本高等问题严重阻碍着债券的广泛发行。要构建适应中小企业特性的集合债制度,应该从准入条件、担保增信、信用评级、违约风险管理、产品创新等方面对融资模式进行改进。

On the System of SMEs Collection Bonds of China

The SMEs collection bonds broke the common practice that only large enterprises can issue bonds and widened the direct financing channels of SMEs financing in the bond market.However,the defects and limits of the collection bonds,such as high access threshold,guarantee difficulty,and high financing cost,have hindered the subsequent issuing of the bonds.This paper proposed that improvement should be made on the access condition,guarantee enforcement,bond credit rating,default risk management and product innovation.