中小企业集合票据发行之可操作性探析

On the Maneuverability of Small and Medium Enterprises' Collective Note Issuance

中小企业是我国经济发展的重要力量,但一直以来中小企业融资难始终是一个难以解决的问题,而集合票据作为中小企业融资新途径,就是为中小企业"量身定做"的融资工具。通过集合发行,引入信用增进和代偿机制等结构设计,可以在一定程度上克服中小企业单体发行债务融资工具规模较小、信用级别低、融资担保难等缺陷,对于拓宽企业的融资渠道,降低企业的融资成本,提升企业的资本市场等级等方面具有积极意义。

The small and medium enterprises is the main force of the economic development,however,the enterprises＇ financing remains a difficult problem to solve for a long time.As a new way for the financing of those enterprises,the collective note is the excellent tool,includes bank or stock institution,which act as the contractor,it also involves organization for security rating,the accounting firm,the law firm and many organizations which acts as the prestige or security.Referring to the design of such system,it can do goods to the help the enterprises to overcome such the shortcomings as small funds,low credit,and difficult guarantee and so on.It also helps to widen the financing channel,lower the cost and promote the capital market level.