中小企业集合债券的生存空间与信用风险控制

集合票据、私募债等新的融资模式的出现使中小企业集合债券的生存空间面临新的挑战。本文将集合债与集合票据、私募债进行对比分析，发现良好的信用风险控制和成本优势是中小企业集合债券生存的保障，而加强信用风险控制与提高融资效率是未来发展的保障。本文据此从宏观、微观两个层面提出建议，为我国中小企业集合债券的发展提供理论依据。

Research on the Living Space and Credit Risk Control of SME Collective Bond

The SME collective bond is facing new challenge in its living space with the issue of collection notes and SME high yield bond. In order to find its future living space, SME collective bond was compared with collection notes and SME high yield bond in this paper. After comparing and analyzing, it is found that the competitive edge of SME collective bond is its good credit risk control methods and low cost. It is crucial for SME collective bond to improve its credit risk control and to increase its financing efficiency in order to live in the capital market. So this paper provides suggestions from government and bond levels to improve SME collective bond and to provide theoretical basis for its growth.