浙江民营企业债券融资困境分析——基于国有企业与民营企业发债的比较视角

Analysis on Bond Financing Difficulties of Private Enterprises in Zhejiang Province——Based on the Comparative Perspective of State-owned Enterprises and Private Enterprises’ Bond Issue

民营企业在浙江经济中占有领先地位,但在融资,特别是债券融资方面,相比国有企业处于明显劣势。通过对债券市场数据分析后可以发现,浙江民营企业在发债融资时遇到了政府设定门槛过高、发行机构给予的发行期限过短、评级机构给予评级偏低等困境,造成投资者信息不足。为了扭转困境,民营企业除了要加强自身建设外,还需要政府在创新债券品种、增大增信担保力度以及吸引更多机构参与债券融资工具上给予政策支持。

Private enterprises occupy a leading position in Zhejiang’s economy, but in terms of financing especially bond financing, they are at a significant disadvantage compared to state-owned enterprises. After analyzing the data of bond market, it is easy to find that private enterprises in Zhejiang province have encountered difficulties such as high thresholds set by the government,short issuance period given by the issuers, and low ratings assessed by the rating agencies. All of these difficulties leave investors with insufficient information. In order to reverse the predicament, private enterprises not only need to strengthen self-construction, but also need the government’s policy support on innovating bond varieties, increasing credit enhancement guarantees, and attracting more institutions to participate in bond financing instruments.