导　　师： 杨建辉

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 改革开放以来，我国经济快速发展，中小企业的作用不可或缺，特别是在长三角和珠三角地区，中小企业的蓬勃发展极大的带动了整个区域和整个行业的发展。同时中小企业对科技创新和缓解就业压力也有着很大的贡献。但是目前中小企业在融资方面出现较大的困难，由于各种原因中小企业难以获得资金来源，发展岌岌可危。2008年，中国人民银行、中国银行间市场交易商协会主导推行了中小企业集合票据，将其数个中小企业捆绑在一起面向社会发债，有效地解决了中小企业融资困难的问题，并得到了蓬勃发展。 2009年11月首次推出集合票据后，集合票据就成为中小企业融资的高效工具，全国各省市纷纷推出自己的集合票据。广州中小企业集合票据是广东省发行的第一支集合票据，其整体评级达到AAA，发行利率仅为3.55/%，为全国集合票据发行利率最低。本文选取广州市中小企业集合票据作为研究对象，首先介绍了案例背景，对目前我国中小企业集合票据的发展进行了介绍，同时概括介绍了中小企业集合票据发行方案的整体架构，对筛选企业、企业辅导、信用评级、信用增级、设计票据产品和组织发行等5个主要步骤进行了简要介绍；其次本文侧重分析了该集合票据发行过程中筛选融资企业和信用增级等两个关键问题，其中筛选融资企业主要是考察企业在财务状况、资信状况、经营行业和国家政策方面的情况，信用增级则是通过担保——反担保的形式提高票据的信用等级，降低融资成本。通过关键问题的分析，本文对广州市中小企业集合票据发行案例的创新和不足之处进行总结分析。 最后根据广州市中小企业集合票据的创新和不足，本文给出了完善中小企业集合票据融资的措施，主要包括了采用多种风险管理方式来分散风险，建立健全信用增进模式、借鉴供应链金融打造围绕核心企业的集合票据，推动担保市场发展，完善融资企业筛选体系和提高票据融资效率等方面，对今后中小企业集合票据的发行有较好的借鉴意义。 Since the reform and opening up, China’s economic has a rapid growth, and the SMEs inChina has made a signigicant contribution, especially in Yangtze River Delta region and PearlRiver Delta region, it plays a important role in these aspects such as prosperity economy,increase employment, prompt technology creative. But in a long time, indirect financing is stillthe mainly part in China, and there are lots of disadvantages in the financing of SMEs. In2008,SMEs’ collection notes organized by the People’s Bank of China and Dealers Association ofChinese inter-bank market is the “bundling” cluster financing bonds, which solves the problemof financing of SMEs. In November2009，the first set of SMEs’ collection notes was successfully issued andlisted on the inter-bank bond market ande it becomes a new debt financing choice for SMEs.Currently all over the country do the pilot work and gradually issue their own SMEs’ collectionnotes.As the first SMEs’ collection notes in Guangdong, the rating of Guangzhou SMEs’collection notes is AAA, and the interst of the notes is3.55/%, which is the lowest in China. Thispaper sets the Guangzhou SMEs’ collection notes as study objection. First the paper gives theintroduction of the development of SMEs’ collection notes in our country. Also we introducethe program of SMEs’ collection notes, including selecting companies, consulting, credit rating,credit enhancement, product design and issue. Second the paper deeply studies on the twoimportant problems in the operational processes of SMEs’ collection notes——the selection offinance companies and credit enhancement. Financial condition, credit status, industry andpolicy need to be considered when select the companies. Credit enhancement uses the methodof guarantee–a counter-guarantee to improve the credit rating of the Notes and reduce thefinancing costs. Then the paper analyzes the innovation and shortcoming of the case. Based on the analysis of the Guangzhou SMEs’ collection notes, we give some suggestionson how to improve the design of SMEs’ collection notes, Which include reducing the risk by anumber of ways, improving credit enhancement, creating a new form of SMEs’ collection,promoting the development of guarantee markets,etc. We hope these suggestions will use forreference for the development of SMEs’ collection notes in future.

关 键 词： 中小企业 集合票据 信用增级 融资

分 类 号： [F275]

领　　域： [经济管理] [经济管理]