加强券商合作共促中小企业债市发展

Strengthen Securities Firms' Cooperation and Promote Bond Market Development of the Small and Medium-sized Enterprises

中小企业成长壮大过程中,存在着强烈的直接融资需求。证券公司在开展中小企业债发行过程中,存在着优势地位和动力分布错位的矛盾。从国际成熟市场看,中小企业债属于高收益债,被归类于垃圾债类别,通常以私募形式发行。大型券商比中小型券商有着更多的业务机会,风险较大的垃圾债券通常不会成为其业务重点,大型机构通常是偏向保守、追求安全至上的。高收益的垃圾债券无论是投资者和中介机构,通常只是某类专门化的中小型机构的选择。从我国实践情况看,中小型券商虽对中小企业私募债业务有较高的积极性,但通道资源(实则客户资源基础)常常成为其业务开展的限制因素。不同规模类型的券商开展合作,将大机构的客户基础和中小机构的业务分工相结合,对中小企业债的发展将更有利。

During development of small and medium-sized enterprises, there is a strong demand of direct financing. In the process of issuing bonds of small and medium-sized enterprises, the contradiction of dominant position and dish）cation of power- distribution exist in the securities firms. Among the international mature market, small and medium-sized enterprises behmg to high-yield bonds, which are classified as junk bonds. They are usually issued in private form. Large securities firms have much more business opportunities than small and medium-sized enterprises. They will not focus on junk bonds. Junk bonds with high- yield usually fit for some kind of specialized small and medium-sized enterprises. Different types of securities firms should strengthen cooperation and combine customer base in the large institutions with business division in the small and medium-sized institutions, which counts very much for bond market development of the small and medium-sized enterprises successfully.