从国际经验看我国小微企业债券发展之路

An Analysis of the Development of China’s SME Bonds

小微企业融资难、融资贵属于世界性难题。目前我国多数小微企业的融资渠道仍以信贷市场为主,而参与债券市场的直接融资能力相对较弱。本文通过分析当前小微企业债券融资现状、发达国家相关模式借鉴以及当前我国债券市场"痛点",阐述小微企业参与债券市场融资的必要性、紧迫性和重要意义,并提出部分发展我国小微企业债券融资业务的可行性思考。

Financing difficulties are a problem for small and medium-sized enterprises around the world. At present, most SMEs in China rely on borrowings from a variety of sources, but they have limited opportunities to issue bonds. This paper analyzes the current state of SME bond financing in China and examines the situation in developed countries. It also makes suggestions on ways to develop bond financing for SMEs in China.