我国中小企业私募债券存在的问题及对策

Study on Problems and Countermeasures of China's SME Private Placement Bonds

我国中小企业私募债券作为一种新的融资工具,经过一年多的发展,为广大中小企业开辟了新的融资渠道,但由于种种原因导致的市场参与者热情不高、债券的流动性差、信息披露制度不完善、投资者保护机制不健全等问题,制约了我国中小企业私募债券的进一步发展。借鉴国外高收益债券发展的经验,建议市场各方从完善信息披露机制、投资者保护机制、风险控制机制等方面加以改进,以确保中小企业私募债券在我国资本市场的长远、健康发展。

With about one year＇s development,as a new financing tool,China＇s SME private placement bonds provides a new financing channel for SME.But due to some reasons,there still remains some problems which constrains its further development.These constraints include low enthusiasm of market participants,low liquidity of the bonds,incomplete of information disclosure system and investors＇protection system.Learning from America＇s experience to develop the high- yield-bond,perfect information disclosure system,investors＇protection system,risk controlling system should be built to ensure the healthy and long-term development of China＇s SME private placement bonds in China＇s capital market.