基于三种间接融资创新模式探讨中小企业融资创新

SMEs Financing Innovation Based on Three Kinds of Indirect Financing Pattern Innovation

根据期权价值投资理论,本文分析和借鉴了中小企业间接融资的"桥隧模式"、"担保换期权"以及"路衢模式"的创新经验,总结得出中小企业融资创新的有效渠道之一,是运用金融工具和衍生品打通信贷市场和资本市场,平衡风险与收益。对此,本文结合珠三角中小企业的发展特点,提出以下创新融资模式:基于信用衍生品——抵押债务凭证(CDO)运作方式,并引入合格境外机构投资者(QFII)作为风险投资者,利用银行间债券市场进行CDO交易,以期为金融改革创新提供新思路。

On the basis of the option value investment theory, three financing patterns are discussed： ＂Qiaosui Pattern＂, ＂Guarantee Exchange Option Pattern＂ and ＂Luqu Pattern＂ . It is found that financial instruments and derivatives are effective to connect the credit and capital markets and balance the risk and return. Thus, with the characteristics of SMEs development, this paper suggests an innovative financing pattern for SMEs in PRD： Based on the credit derivatives Collateralized Debt Obligation （CDO）, it introduces Qualified Foreign Institutional Investors （QFII） into the system as the venture capitalists and exchanges CDOs in the Inter-bank Bond Market.