美国高收益债券市场对中国中小企业私募债券的借鉴与启示

Lesson and Enlightenment for China's SME Private Placement Bonds from American High-yield Bond Market

以发展中国中小企业私募债券的必要性及其现状分析为基础,对美国高收益债券的发展历史和市场特点进行剖析,试图借鉴美国成熟市场的经验探索推动中国中小企业私募债券市场健康、持续发展的方法和措施。将风险长期维持在可控范围内是中小企业私募债券市场发展的关键,应当建立违约风险监控制度,突破违约偿债机制和信用评级体系两方面问题。同时,放宽限制,促进中国中小企业私募债券市场的自由化;加强创新,保持中国中小企业私募债券市场的活力。

It is necessary to develop China＇s SME private placement bonds in nowadays business life.From the development history of the high yield bonds market in USA,the good experiences are tried to learn in the paper to develop China＇s SME private placement bonds market.It is crucial to keep the risks under control.And the default risk system and the credit evaluation system should be developed to control the risks.To promote the liberalization and vitality of this market,innovation and reform are needed.