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我国中小企业私募债经过一年多的发展,遇到了许多问题致使发展速度缓慢,同美国的高收益债券发展相比,究其原因是我国中小企业私募债功能单一、适用范围较窄。本文通过研究美国在2010年兴起的将高收益债券用于公司重组,分析了发行高收益债券所涉及的理论和发行流程,将美国高收益债券的理论和实务同中国目前中小企业私募债的发行情况进行对比,得出了要拓宽我国中小企业私募债的融资功能,应该从放宽发债主体限制、放宽合格投资者准入条件、优先中小企业私募债的求偿权、加强发行主体和投资者的沟通、完善债券定价理论和加强二级市场价格透明度等几个方面进行改善,从而解决目前我国中小企业私募债市场的发展过慢问题。
After more than a year of development, private equity bonds for SMEs have encountered many problems that cause slow development. Compared with the development of high-yield bonds in the United States, the reason is that private debt of SMEs in China has a single function and a narrow scope of application. This paper studies the theory and issuance process involved in the issue of high-yield bonds in the United States by studying the rise of high-yield bonds in the United States in the course of corporate restructuring in 2010, and compares the theory and practice of high-yield bonds in the United States with the issuance of private placement bonds The author concludes that it is necessary to broaden the financing function of SME private debt in our country by relaxing the limitation of bond issuer, relaxing the access conditions for qualified investors, giving priority to the solvency of SME private debt, and strengthening the issuer and investor Improve the bond pricing theory and strengthen the secondary market price transparency and so on several aspects to improve, so as to solve the problem of the current SME private bond market development is too slow.