小微企业债券融资：现状、特点与对策

Bond Financing for Small and Micro Enterprises

作为国民经济的重要参与主体,小微企业具有促进经济增长、创造就业岗位、激发市场活力等重要作用。然而,我国小微企业普遍存在公司治理结构不完善、财务管理不规范、经营稳定性较差、抗风险能力较弱等问题,融资难、融资贵问题较为突出。本文聚焦于小微企业债券融资,分析了近年来小微企业通过债券市场融资的途径和状况,并结合国外小微企业债券融资经验,对我国支持小微企业债券融资提出了政策建议。

Small and micro enterprises play an important role in promoting economic growth, creating jobs and stimulating market vitality. But many of these smaller companies have been hampered by weak corporate governance, poor financial management, and an inability to effectively guard against market risk. Banks have traditionally shied away from lending to smaller firms, creating financing difficulties in this important market segment. This paper makes a number of suggestions on how smaller companies can improve their access to financing.