高收益债券市场对缓解中小企业融资困境的作用

Developing China's High-yield Bond Market to Solve the Financing Difficulties of Small and Medium-sized Enterprises

中小企业在我国国民经济发展中占有重要地位,中小企业融资难是长期制约我国中小企业发展的主要难题。在经济增速下滑的背景下,研究如何通过高收益债券市场解决中小企业融资困境具有重要意义。本文首先对中小企业融资难问题从资本市场体系角度做了研究,分析了融资端存在的所有制歧视问题、投资端存在的风险偏好同质化问题、资本市场不充分有效问题,得出在银行主导型的金融体系下,我国应通过发展高收益债券市场缓解低信用等级企业融资难的结论;然后梳理了高收益债券的概念、起源以及我国高收益债券市场发展现状;最后提出了支持高收益债券市场发展的政策建议。

Small and medium-sized enterprises （ SMEs） play an important role in the development of China’s national economy. The financing difficulty is an important problem that restricts the development of small and medium-sized enterprises. In the context of economic slowdown, how to solve the financing difficulties of SMEs by high-yield bond market is of great significance. This paper first studies the financing difficulties of SMEs from the perspective of the capital market system, and analyzes the problem of ownership discrimination at the financing side, the homogeneity of risk preferences at the investment side, and the insufficient and ineffective capital market. And then it analyzes the concept of high-yield bond, the origin and development of China’s high-yield bond market. Finally, it gives some policy recommendations to support the development of high-yield bond market.