中小企业集合债券研究
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摘要
中小企业在我国国民经济中扮演着越来越重要的角色,在繁荣经济、增加就业、推动技术创新等方面发挥了重要的作用。但由于中小企业自身特点以及我国融资体系单一、不成熟等原因,融资难问题已成为中小企业发展中所遇到的瓶颈,而在当今金融危机的形势下,中小企业融资难问题已日益突出,引起社会各界的高度重视。为中小企业进行融资渠道创新是势在必行。随着2007年深圳市中小企业集合债券和2007年中关村高新技术中小企业集合债券在我国的成功发行,中小企业集合债券作为我国甚至全球的金融创新产品在市场的推出,引起了社会各界的极大关注,被称为“中小企业资金饥渴的及时雨”,同时,中小企业集合债券也为我国债券市场注入了活力,刺激我国债券市场金融产品创新。但中小企业集合债券和其他金融创新产品一样,在其推广过程中也存在很多争议,比如质疑其存在的价值等。因此从理论上来分析中小企业集合债券的存在约束条件、从实证上来研究优化其产品设计,具有时代紧迫性及重要的研究意义和实践意义。
本文以已发行的两只中小企业集合债券为研究对象,基于金融创新的框架下,从理论上分析了我国中小企业集合债券产生的动机,通过构建融资效用函数对比分析,得出结论：融资企业业主对中小企业集合债券的风险厌恶程度很小,对股票融资、银行贷款的风险厌恶程度很大时,中小企业企业主才采用中小企业集合债券。因而通过完善中小企业集合债券产品,提高中小企业集合债券的融资效用,才能使得这个金融创新产品有很强的生命力。
中小企业集合债券白2007年底发行以后,人们对其表现较为关注,本文从融资效率和市场表现两个角度来对其进行比较研究。通过建立DEA模型比较分析了中小企业集合债券与国内其它融资方式的融资效率,发现我国中小企业集合债券的融资效率较为理想,并与其它融资方式的融资效率有显著性差异,即其它融资方式不可代替它。这表明了中小企业集合债券在我国有较大的发展前景。
在分析了我国债券市场交易机制的基础上,比较了深圳市中小企业集合债券和中关村高新技术中小企业集合债券在这一年以来的市场表现(包括流动性、收益性、波动性),并与其他债券比较了市场表现,发现中小企业集合债券的市场表现优于其他企业债券的平均水平,同时交易所制更适合中小企业集合债券的市场发展。
中小企业集合债券作为我国刚推出的金融创新产品,需优化其产品设计,才能加快其推广速度。本文根据其特点,采用多元线性回归法分析发现,中小企业集合债券的融资企业间运营的关联度、融资企业间现状的差异度、融资企业成长能力的差异度、融资企业间财务的关联度与融资效率呈正相关关系,即融资企业的关联度、差异度越大,越能促进融资效率的提高；而融资企业所属的行业间的关联度与融资效率呈负相关关系,即行业的关联度越大,对融资效率的提高有阻碍作用。这对今后中小企业集合债券里融资企业的选择有借鉴意义。
中小企业集合债券应该根据我国债券市场的特点来设计其产品属性。通过采用结构方程模型分析了我国企业债券的产品属性与其市场表现的关系,得出结论：企业债券的信用风险越小、担保越多、利率越高、期限越短,利息越高,则债券的市场表现越好。这将为设计符合我国国情的中小企业集合债券提供借鉴作用。
基于以上理论分析和实证研究结论,本文从优化中小企业集合债券的产品设计和为其构建市场环境配套体制,给出了一些相关建议,希望能够为中小企业集合债券的将来发展提供一些借鉴参考作用。
Small and median enterprises (SMEs) are very important in the development of national economy. It plays a important role in these aspects such as prosperity economy, increase employment, prompt technology creative. The problem of financing impede the development of SMEs, because of the themselves features and our country's single financing system. Especially, now in the situation of finance crisis, the problem of financing is more highlight, which is paid attention by society. It is necessary to innovate for financing channel. With the success issue of 2007 Shenzhen Small and median enterprises assemble bond and 2007 Zhong guan cun high technology small and median enterprises assemble bond, small and median enterprises introduce as the finance creative products in our country even in the world, which is paid attention by society and called as "rain in time for small and median enterprises in the lack of financing". And small and median enterprises assemble bond infuse viability for the bond market of our country, which will stimulate finance innovation product in the bond market of our country. But small and median enterprises assemble bond has some problems in the process of promotion as other finance innovation product. For example, some people query the existence of small and median enterprise assemble bond. So it is necessary to analyze the existence constraint conditions of small and median enterprise assemble bond, optimize the design of small and median enterprise assemble bond from the aspect of theory and practice, which is of important study signification and practice signification.
This paper will set the two small and enterprise assemble bond issued as study objection.
In the frame of finance innovation, we analyze the motivation of small and median enterprise assemble bond in our country from the aspect of theory. Construct financing utility equation and compare it, we can get the conclusion that when the financing utility of small and median enterprise assemble bond is bigger than the financing utility of stock and the financing utility of bank, small and median enterprises will adopt the small and median enterprise assemble bond to finance. So we should improve the small and median enterprise assemble bond and advance the financing utility of small and median enterprise assemble bond, which will make the finance innovation product be better.
Small and median enterprise assemble bond as financial innovation product, people care its performance. We analyze the financing efficiency of small and median enterprise assemble bond and other financing ways based on DEA model. We get the conclusion that the financing efficiency of small and median enterprise is good, and there is evidence difference among the small and median enterprise assemble bond and other financing ways. That is the small and median enterprise assemble bond cann't be substituted. It indicate that the small and median enterprise assemble bond will develop faster in our country in the future.
Based on the analysis of bond market trade mechanism in our country, we compare the market performances including liquidity, profitability and volatility of the Shen zhen small and median enterprise assemble bond and Zhong guan cun high technology small and median enterprise assemble bond and compare the market performance of small and median enterprise assemble bond and other enterprise bond. We can get the conclusions that the market performance of small and median enterprise assemble bond is better than the average of other enterprise bonds, and the exchange trade mechanism is more suitable for the small and median enterprise assemble bond.
For improving the design of small and median enterprise assemble bond, based on its characters, we adopt regression analysis to analyze, and find that there are positive correlation relationship between the financing efficiency and the operation relationship of the enterprises of the small and median enterprises assemble bond, difference of the enterprises of the small and median enterprises assemble bond, difference of the growth ability of the enterprises of the small and median enterprises assemble bond, the finance relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger correlation relationship among the enterprises of the small and median enterprises assemble bond, the bigger difference among the enterprises of the small and median enterprises, the more financing efficiency will be. But there is negative relationship between the financing efficiency and the industry relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger the relationship among the industry relationship of the enterprises of the small and median enterprises assemble bond, the smaller the financing efficiency. These conclusions will use for reference for the choice of the enterprises of the small and median enterprises assemble bond.
The design of the small and median enterprises assemble bond should be according to the characters of bond market of our country. We can analyze the relationship between the design of product and the market performance based on the structure equation model. We can get the conclusions:the smaller the credit risks of the bond, the more the assurance, the less the interest rate, the shorter the term, the higher the interest, the better the bond market performance. These conclusions will use for reference for the design of the small and median enterprises assemble bond according to our country condition.
Based on the theory analysis and study conclusions, we give some suggestions to improve the design of the small and median enterprises assemble bond and construct its market mechanism. We hope these suggestions will use for reference for the development of the small and median enterprises assemble bond in the future.
本文以已发行的两只中小企业集合债券为研究对象,基于金融创新的框架下,从理论上分析了我国中小企业集合债券产生的动机,通过构建融资效用函数对比分析,得出结论：融资企业业主对中小企业集合债券的风险厌恶程度很小,对股票融资、银行贷款的风险厌恶程度很大时,中小企业企业主才采用中小企业集合债券。因而通过完善中小企业集合债券产品,提高中小企业集合债券的融资效用,才能使得这个金融创新产品有很强的生命力。
中小企业集合债券白2007年底发行以后,人们对其表现较为关注,本文从融资效率和市场表现两个角度来对其进行比较研究。通过建立DEA模型比较分析了中小企业集合债券与国内其它融资方式的融资效率,发现我国中小企业集合债券的融资效率较为理想,并与其它融资方式的融资效率有显著性差异,即其它融资方式不可代替它。这表明了中小企业集合债券在我国有较大的发展前景。
在分析了我国债券市场交易机制的基础上,比较了深圳市中小企业集合债券和中关村高新技术中小企业集合债券在这一年以来的市场表现(包括流动性、收益性、波动性),并与其他债券比较了市场表现,发现中小企业集合债券的市场表现优于其他企业债券的平均水平,同时交易所制更适合中小企业集合债券的市场发展。
中小企业集合债券作为我国刚推出的金融创新产品,需优化其产品设计,才能加快其推广速度。本文根据其特点,采用多元线性回归法分析发现,中小企业集合债券的融资企业间运营的关联度、融资企业间现状的差异度、融资企业成长能力的差异度、融资企业间财务的关联度与融资效率呈正相关关系,即融资企业的关联度、差异度越大,越能促进融资效率的提高；而融资企业所属的行业间的关联度与融资效率呈负相关关系,即行业的关联度越大,对融资效率的提高有阻碍作用。这对今后中小企业集合债券里融资企业的选择有借鉴意义。
中小企业集合债券应该根据我国债券市场的特点来设计其产品属性。通过采用结构方程模型分析了我国企业债券的产品属性与其市场表现的关系,得出结论：企业债券的信用风险越小、担保越多、利率越高、期限越短,利息越高,则债券的市场表现越好。这将为设计符合我国国情的中小企业集合债券提供借鉴作用。
基于以上理论分析和实证研究结论,本文从优化中小企业集合债券的产品设计和为其构建市场环境配套体制,给出了一些相关建议,希望能够为中小企业集合债券的将来发展提供一些借鉴参考作用。
Small and median enterprises (SMEs) are very important in the development of national economy. It plays a important role in these aspects such as prosperity economy, increase employment, prompt technology creative. The problem of financing impede the development of SMEs, because of the themselves features and our country's single financing system. Especially, now in the situation of finance crisis, the problem of financing is more highlight, which is paid attention by society. It is necessary to innovate for financing channel. With the success issue of 2007 Shenzhen Small and median enterprises assemble bond and 2007 Zhong guan cun high technology small and median enterprises assemble bond, small and median enterprises introduce as the finance creative products in our country even in the world, which is paid attention by society and called as "rain in time for small and median enterprises in the lack of financing". And small and median enterprises assemble bond infuse viability for the bond market of our country, which will stimulate finance innovation product in the bond market of our country. But small and median enterprises assemble bond has some problems in the process of promotion as other finance innovation product. For example, some people query the existence of small and median enterprise assemble bond. So it is necessary to analyze the existence constraint conditions of small and median enterprise assemble bond, optimize the design of small and median enterprise assemble bond from the aspect of theory and practice, which is of important study signification and practice signification.
This paper will set the two small and enterprise assemble bond issued as study objection.
In the frame of finance innovation, we analyze the motivation of small and median enterprise assemble bond in our country from the aspect of theory. Construct financing utility equation and compare it, we can get the conclusion that when the financing utility of small and median enterprise assemble bond is bigger than the financing utility of stock and the financing utility of bank, small and median enterprises will adopt the small and median enterprise assemble bond to finance. So we should improve the small and median enterprise assemble bond and advance the financing utility of small and median enterprise assemble bond, which will make the finance innovation product be better.
Small and median enterprise assemble bond as financial innovation product, people care its performance. We analyze the financing efficiency of small and median enterprise assemble bond and other financing ways based on DEA model. We get the conclusion that the financing efficiency of small and median enterprise is good, and there is evidence difference among the small and median enterprise assemble bond and other financing ways. That is the small and median enterprise assemble bond cann't be substituted. It indicate that the small and median enterprise assemble bond will develop faster in our country in the future.
Based on the analysis of bond market trade mechanism in our country, we compare the market performances including liquidity, profitability and volatility of the Shen zhen small and median enterprise assemble bond and Zhong guan cun high technology small and median enterprise assemble bond and compare the market performance of small and median enterprise assemble bond and other enterprise bond. We can get the conclusions that the market performance of small and median enterprise assemble bond is better than the average of other enterprise bonds, and the exchange trade mechanism is more suitable for the small and median enterprise assemble bond.
For improving the design of small and median enterprise assemble bond, based on its characters, we adopt regression analysis to analyze, and find that there are positive correlation relationship between the financing efficiency and the operation relationship of the enterprises of the small and median enterprises assemble bond, difference of the enterprises of the small and median enterprises assemble bond, difference of the growth ability of the enterprises of the small and median enterprises assemble bond, the finance relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger correlation relationship among the enterprises of the small and median enterprises assemble bond, the bigger difference among the enterprises of the small and median enterprises, the more financing efficiency will be. But there is negative relationship between the financing efficiency and the industry relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger the relationship among the industry relationship of the enterprises of the small and median enterprises assemble bond, the smaller the financing efficiency. These conclusions will use for reference for the choice of the enterprises of the small and median enterprises assemble bond.
The design of the small and median enterprises assemble bond should be according to the characters of bond market of our country. We can analyze the relationship between the design of product and the market performance based on the structure equation model. We can get the conclusions:the smaller the credit risks of the bond, the more the assurance, the less the interest rate, the shorter the term, the higher the interest, the better the bond market performance. These conclusions will use for reference for the design of the small and median enterprises assemble bond according to our country condition.
Based on the theory analysis and study conclusions, we give some suggestions to improve the design of the small and median enterprises assemble bond and construct its market mechanism. We hope these suggestions will use for reference for the development of the small and median enterprises assemble bond in the future.
引文
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