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新型的债务融资方式,有效解决了中小企业难以单独发债并取得投资者信任的难题,开辟了高额度、低成本、无抵押的融资新通道。为落实国家应对金融危机、促进中小企业发展的一系列方针政策,中国银行间市场交易商协会于2009年11月13日正式发行中小非金融企业集合票据(以下简称“集合票据”),迈出了金融创新支持中小实体经济发展的关键一步。集合票据在发行初期作为银行信贷的有力补充,对缓解中小企业资金紧张问题发挥了积极作用。截至2012年6月底,银行间债券市场共发行该类债券49款,共募集资金137.96亿元。目前集合票据已开始显示出其“针对性”和“直接融资性”的优势,成为金融定向支持中小企业发展的有效工具。
The new debt financing mode has effectively solved the difficult problem that small and medium-sized enterprises can issue bonds separately and obtain investors’ trust, and opened up a new channel of high-capitalization, low-cost and unsecured financing. In order to implement a series of guidelines and policies of the state in coping with the financial crisis and promoting the development of small and medium-sized enterprises, the Bank of China Association of Market Traders formally issued a collection of small and medium-sized non-financial enterprises (hereinafter referred to as “collective notes”) on November 13, 2009, Took a crucial step in financial innovation in supporting the development of small and medium-sized real economies. As a powerful supplement to bank credit in the initial stage of issuance, collective notes played an active role in alleviating the financial problem of small and medium-sized enterprises. As of the end of June 2012, a total of 49 such bonds were issued on the inter-bank bond market, raising a total of RMB13.796 billion. The current collection of notes has begun to show its “targeted ” and “direct financing ” advantage, a financial-oriented support for the development of SMEs an effective tool.