信用增级视角下中小企业集合债券方案设计.pdf

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1、AbstractTheSME(smallandmedium-sizedenterprise)isanimportantpartoftheeconomicsystem.ButtheproblemoffinancinghasrestrictedthedevelopmentofSME.Inordertosolvethisproblem,thetheoristsandpracticeexpertshavemadeagreateffort.CBO(collateralizedbondobligation)isregardedasaneffectivemethod.Since2007,c

2、hinahasissued16CBObondsandmorethan100ofSMEhavebeenfundedinthisway.HoweverthedevelopmentofCBOlaggedbehindinChina.OnereasonisthatthecreditriskofSMEishigh.Socreditenhancementisveryimportant.ThisdissertationreviewsthedevelopmentofCBOinChina,analyzesthedeficienciesofCBO,andintroducesKorea’sP-CBO

3、(primary-collateralizedbondobligation)mode,whichisaninnovationofABS(asset-backedsecuritization).Thismodecombinesexternalwithinternalcreditenhancement,andtheneffectivelysolvestheproblemoffinancingconstraintofSMEinKorea.Finally,thisdissertationtriestodesignamodewhichisalsoanABSproduction,comb

4、iningprivatelyplacedbondsandSMEcollectivebond.Keywords:SMEcollectivebond,assetbackedsecuritization,privatelyplacedbondsII目录第1章引言..........................................................................................................................11.1研究背景及研究意义............................

5、....................................................................11.1.1研究背景.............................................................................................................11.1.2研究意义..............................................................................................

6、...............11.2文献综述....................................................................................................................21.2.1制约中小企业融资能力的因素.........................................................................21.2.2中小企业集合债券融资的可行性、必要性和优势.................................

7、........21.2.3目前我国中小企业集合债券发展存在的问题.................................................31.2.4中小企业集合债券融资信用风险问题.............................................................31.2.5中小企业集合债券信用增级方法.....................................................................