中小企业集合票据的制度创新与突破:寿光案例

An Institutional Innovation of SMEs' Collection Notes:Case of Shouguang

中小企业集合票据是一种由承销商组织牵头,由一定数量的企业以统一申请、统一冠名方式向银行间债券市场的机构投资者公开发行的"捆绑式"集合融资债券。这一独特的融资方式,实现了中小企业融资由贷款向债券、由一地向全国、由分散个体向集群捆绑、由资产抵押向信用增进的突破,并在融资规模、期限、成本和激励等方面形成了有别于传统信贷融资的综合效应,对改进中小企业融资具有借鉴意义。

SMEs＇collection notes organized by the underwriters is the ＂bundling＂ cluster financing bonds, which is openly issued in the inter-bank bond market with a certain number of enterprises through a way of the unified application and named one union title.This unique financing mode had achieved the SMEs＇ financing breakthrough from loans to bonds, from one place to the country, from scattered individuals to the cluster bundling, from asset-backed to married credit, which has formed a combined financing effect defferent from the traditional credit financing in the financing of the scale, period, costs and incentives, etc..It is the referential significance to improve the SMEs＇ financing.