中小企业集合债券相关问题比较研究

Comparative Study of Problems Related to Set Bonds of Small and Medium-sized Enterprises

我国已发行的中小企业集合债券在债券定价、债券信用增级措施及政府在债券发行中所起的作用等方面存在差异。为更好地利用中小企业集合债券融资方式,应合理定位政府在债券发行中的角色,尽可能扩大每一只集合债券的联合发行人的数量并降低发行人的违约率,协调利用债券内部和外部增信措施及努力培育中小企业信用担保市场。

There are some differences existing in bond pricing, bond credit enhancing measures and functions played in bond issuing by the government when the set bonds of China＇ s small and medium enterprises are allocated. For the better utilization of the method of set bond financing engendered by the small and medium-sized enterprises, the role of the government playing in bond issuing should be reasonably positioned, and the number of the collaborating bond issuers should be increased and the default rate of the bond issuers reduced. And the use of enhancing credit measures should be coordinately made and the small and medium enterprise credit guarantee market fostered with due effort.