中韩中小企业集合债券信用增级模式比较——基于对中国中小企业集合债券信用增级模式改进的思考

A Compare of the Credit Enhancements between China's and Korea's Consolidated Bonds of SMEs

中小企业集合债券是中小企业融资的重要渠道,但中国中小企业集合债券的发展并不如人意。中国中小企业集合债券信用增级模式采用的是外部担保信用增级模式,韩国中小企业集合债券信用增级模式采用的是P-CBO内部信用增级模式。韩国的P-CBO内部信用增级模式比中国外部担保信用增级模式,具有信用增级成本较低、道德风险较小、逆向选择情况较少和信用增级效果较好的优势。韩国中小企业集合债券取得了很好的融资效果。中国可借鉴韩国中小企业集合债券信用增级的做法,改进中国中小企业集合债券信用增级模式,以更好地发挥中小企业集合债券对解决中小企业融资难问题的作用。

Consolidated Bonds of SMEs （Small and Medium Enterprises） is an important way to finance SMEs, but the results in China are not satisfactory. The credit enhancement of China＇s Consolidated Bonds of SMEs is nearly an external guarantee, while the Korea＇s an internal way, which is called P-CBO （Primary Collateralized Bonds Obligation） . Compared with guarantee, P-CBO is less costly, fewer mortal risks, fewer adverse selections and better credit enhancing. Korea＇s Consolidated Bonds of SMEs with P-CBO has worked well. It is worth to be learnt and utilized to promote the credit enhancement of China＇s Consolidated Bonds of SMEs for dealing with the difficulties of finance of SMEs better.