中小企业短期融资券问题研究

Research on short-term financing bonds of small and medium enterprises

融资难是中小企业长期面临的问题。短期融资券推出后,因期限短、收益高、手续简便、期限灵活,被视为解决中小企业融资难题的重要渠道。然而在实践中,由于中小企业自身经营不规范,短期融资券受发行配套措施缺乏、企业划型标准不科学、投资者偏好等影响,往往不能被中小企业充分利用。为解决上述问题,应当规范中小企业运营,建立现代企业制度和财务制度,完善短期融资券发行的配套措施,重构中小企业划型标准,并在产品设计和企业信用评级方面针对中小企业作出差异化的制度安排。

Financing difficulty is a long-term problem faced by small and medium-sized enterprises (SMEs). After the introduction of short-term securities bonds, they are regarded as an important channel to solve the financing problems of SMEs because of their short term, high income, simple procedures and flexible terms. However, in practice, SMEs often cannot make full use of them because of the irregular operation of SMEs themselves, namely, the lack of short-term financing bonds by the issuance of supporting measures, the unscientific enterprise classification standards, investors preferences, and so on. In order to solve those problems, the operation of SMEs should be regulated, the modern enterprise system and financial system should be established, the supporting measures of issuing short-term financing bonds should be improved, the classification standards of SMEs should be reconstructed, and the differentiated institutional arrangements are given for SMEs in product design and corporate credit rating.