对中小企业私募债券发展模式的思考与建议

Thoughts and Suggestions of the Development Mode of the SME Private Bond

中小企业私募债券试点工作的推出为众多中小企业在资本市场筹集资金开辟了一条全新途径,其发展模式应该是一个由政府推动逐渐向市场化运作过渡的历程。为了推动中小企业私募债券融资方式的可复制和可持续发展,通过对发行人、投资者以及监管层关注问题的分析,本文提出了细化试点办法、完善机制、推动创新和风险管控等政策建议。

Small and medium-sized enterprises private bond opens a new way for many small and medium-sized enterprises to raise money in the capital markets. Its development mode should gradually turn from government-driven to market-oriented. In order to promote small and medium-sized enterprises private bond financing method to be reproducible and sustainable developed, we put forward suggestions such as perfecting mechanism, promoting innovation, risk control and so on, by analyzing the issuers, investors and regulators attentions.