债券融资支持工具实践路径研究--基于2018~2019年浙江省民营企业数据

Research on the Practical Path of Bond Financing Support Tools--Based on the data of private enterprises In Zhejiang Province In 2018-2019

为稳定和促进民营企业发债融资,以市场化方式帮助缓解民营企业融资难,2018年,国务院常务会议决定设立"民营企业债券融资支持工具"。基于此背景,本文选取民营企业债券融资支持工具作为研究对象,分析其实践机制,并以浙江为例探索实施民营企业债券融资支持工具的实现路径和难点所在。研究发现:浙江债券融资支持工具的实践探索持续协调发展,在创设主体、标的债务、凭证定价等三方面呈现趋优转向,但其发展仍受认知差异、计量规则、风险偏好、预期收益等复杂因素影响。

In order to stabilize and promote the issuance of bonds by private enterprises, the executive meeting of the State Council decided to set up "private enterprise bond financing support tools" in 2018 to help ease the financing difficulties of private enterprises in a market-oriented way. Based on this background, this paper selects the private enterprise bond financing support tools as the research object, analyzes its practical mechanism, and takes Zhejiang Province as an example to explore the implementation path and difficulties of private enterprise bond financing support tools. It is found that the practice and exploration of bond financing support tools in Zhejiang Province have continued to develop in a coordinated way, with a trend of optimization in the three aspects of creating subject, target debt and voucher pricing, but its development is still affected by complex factors such as cognitive differences, measurement rules, risk preferences and expected returns.