基于试点实践的中小企业私募债研究

A Study on The SMEs’Private Placement Bonds in a Pilot Program

中小企业私募债是指中小微型企业以非公开方式发行的公司债券,中小企业私募债的产生是解决我国中小企业融资难、建立多层次资本市场的需要。由于风险较高,中小企业私募债采用试点的方式逐步推进,在试点中出现了发债条件严格、债券收益率不高等现象。我国中小企业私募债将面临来自于风险的考验、流动性的考验以及对监管的考验。为了实现中小企业私募债市场的功能目标,应循序渐进推进试点,并在试点中加以政策引导来活跃市场,同时完善相关法律法规。

China has allowed small and medium-sized enterprises to sell bonds through private placements as part of measures to broaden financing channels for businesses struggling for funds, As junk bonds, The SMEs＇ private placement bonds have been introduced to the stock market in a pilot program. In fact, the companies that offer bonds have to adhere to a set of stringent requirements, which make the market interest rates for the bonds are lower than expected. However, the factors include default risk, liquidity risk and the level of supervision will lead to the collapse of the private debt market for SMEs. So we should pilot the program smoothly, adopt policies to enhance market liquidity properly, and perfect the laws and regulations of the non-public debt market.