我国中小企业私募债券发行制度初探.doc

华东师范大学毕业论文
题目:我国中小企业私募债券发行制度初探
姓名: 宣文庆
学号: 42011051104
专业: 金融学
指导教师: 曹维
二〇一三年
论文摘要
改革开放以来,我国的债券市场有了很大的发展,市场规模迅速扩大,债券品种也日益丰富,形成了一个包括银行间、交易所市场等多层次的债券市场。近年来,随着金融创新的不断深化,私募债券作为我国债券市场发展的重要方向,也于2012年5月22日正式启动业务试点。
相对于公募债券,私募债以非公开方式发行,具有发行便捷、期限灵活等特点,私募债是中小企业获得融资的主要来源之一,它对我国债券市场发展具有非常重要的意义。然而目前由于相关法律法规的缺失,我国企业除了进行条件严格、程序复杂的公募融资以外,私募融资仍处于探索阶段,严重制约了我国公司企业的正常发展。
为此,基于对以上问题的分析和思考,本课题借鉴发达成熟资本市场的先例,对中美两国私募发行的界定、发行的流程以及私募发行为研究对象,通过文献查阅等方式收集资料,并结合分析我国现行法律、法规,参考我国在私募发行方面的探索实践,对中国债券私募的法律问题进行了探讨。
通过对中外私募债发行制度等各方面的研究,本研究提出了我国私募债券市场发展的一些启示:(1)全面完善债券私募相关规则和制度;(2)借助现有平台和优势,充分挖掘交易所在债券私募发行和转售中的作用;(3)加快合格投资者的培育以及相关制度的完善。
关键词中小企业私募债非公开发行发行制度
ABSTRACT
since reform and opening to the world, China's bond market has great development, the market scale rapid expansion, the bond varieties are also increasingly rich, formed a including interbank exchange market, multi-level bond market. In recent years, with the deepening of financial innovation, private placement bonds as an important direction of the development of China's bond market, also officially launched the pilot in May 22, 2012.
Compared with the public offering bonds, private debt issuance by the non - public way, has the characteristics of convenient issuance, flexible time limit, private debt is one of the main sources of financing of small and medium-sized enterprises, it is very important to the development of China's bond market. However, due to the lack of relevant laws and regulations, China's enterprises in addition to strict conditions, complicated procedures of public offering financing, private financing is still at the exploratory stage, seriously hampered the normal development of pany.
Therefore, analysis and based on the above issues, this paper developed a mature capital market of China and the United States precedent, private offering, issuance process as well as the definition of private placement dimensional object of study, data were collected by means of consulting documents, combined with analysis of