□中國(guo)社會科學院投融資研(yan)究中心(xin)主任 黃國(guo)平

　　在(zai)當前(qian)經濟發展階段，民營企(qi)業(ye)(ye)“融(rong)(rong)(rong)資(zi)難、融(rong)(rong)(rong)資(zi)貴”似乎更加突出(chu)。通常(chang)銀(yin)行(xing)貸款、股權融(rong)(rong)(rong)資(zi)和債券融(rong)(rong)(rong)資(zi)是(shi)包括民企(qi)在(zai)內各類(lei)企(qi)業(ye)(ye)外部融(rong)(rong)(rong)資(zi)的(de)三(san)種基(ji)本途徑，銀(yin)行(xing)貸款融(rong)(rong)(rong)資(zi)至(zhi)今(jin)仍然在(zai)我國企(qi)業(ye)(ye)融(rong)(rong)(rong)資(zi)中(zhong)占(zhan)據重要(yao)地位。得益于改革開放以來(lai)我國銀(yin)行(xing)業(ye)(ye)的(de)快速發展，近年來(lai)，眾多中(zhong)小和新型銀(yin)行(xing)金融(rong)(rong)(rong)機構日益在(zai)民營和中(zhong)小企(qi)業(ye)(ye)債務和貸款融(rong)(rong)(rong)資(zi)中(zhong)發揮重要(yao)作用(yong)。

　　相對于銀行貸款和(he)(he)股市融(rong)(rong)資(zi)(zi)，廣大(da)民(min)(min)營和(he)(he)中(zhong)小(xiao)企(qi)(qi)業(ye)通過債(zhai)(zhai)券(quan)市場(chang)融(rong)(rong)資(zi)(zi)仍顯滯后(hou)。債(zhai)(zhai)券(quan)市場(chang)是金融(rong)(rong)市場(chang)的(de)重(zhong)要(yao)組成(cheng)部(bu)分，債(zhai)(zhai)券(quan)是企(qi)(qi)業(ye)外部(bu)融(rong)(rong)資(zi)(zi)的(de)基(ji)本方式之(zhi)一。由于歷史和(he)(he)體制(zhi)原因，以往我國(guo)企(qi)(qi)業(ye)債(zhai)(zhai)券(quan)的(de)發(fa)行主要(yao)被限制(zhi)在中(zhong)央大(da)型(xing)國(guo)有企(qi)(qi)業(ye)和(he)(he)地方大(da)型(xing)國(guo)有企(qi)(qi)業(ye)，且(qie)規模較小(xiao)，品種單一，企(qi)(qi)業(ye)債(zhai)(zhai)券(quan)沒有發(fa)揮(hui)其應有的(de)支持民(min)(min)營和(he)(he)中(zhong)小(xiao)企(qi)(qi)業(ye)融(rong)(rong)資(zi)(zi)作用。近年多項(xiang)企(qi)(qi)業(ye)債(zhai)(zhai)券(quan)管理辦法(fa)出臺，為由公司債(zhai)(zhai)和(he)(he)企(qi)(qi)業(ye)債(zhai)(zhai)共同(tong)構(gou)成(cheng)的(de)企(qi)(qi)業(ye)債(zhai)(zhai)券(quan)市場(chang)快速發(fa)展(zhan)起了積(ji)極推動作用。

　　債券融資障礙和問題

　　長(chang)期以來，囿于民營(ying)中小企(qi)業自身特點以及外部環境的影響，“融資難”和“融資貴”一直困擾著(zhu)民營(ying)經濟發展成長(chang)，中小企(qi)業融資難題(ti)一直存(cun)在(zai)且未能有效(xiao)解決。

　　根(gen)據(ju)融資(zi)(zi)順序(xu)偏好理論，大型(xing)企業(ye)一般會(hui)按(an)照最有利于(yu)(yu)資(zi)(zi)本結構的思路進行(xing)融資(zi)(zi)，民營和中(zhong)小企業(ye)由于(yu)(yu)擔憂股權(quan)融資(zi)(zi)會(hui)稀釋對企業(ye)的實際控(kong)制力，因此，它們在融資(zi)(zi)時偏向于(yu)(yu)采用對控(kong)制權(quan)影響較(jiao)小的債務融資(zi)(zi)，在確(que)保安全的基礎下，民營和中(zhong)小企業(ye)外部融資(zi)(zi)需(xu)求更傾向于(yu)(yu)從(cong)發行(xing)風險較(jiao)低證券開始。

　　由于歷史(shi)和體制原因(yin)，加之債(zhai)(zhai)券融(rong)(rong)資(zi)(zi)對(dui)于發行主體有較高門(men)檻限(xian)制，長期(qi)以來，債(zhai)(zhai)券融(rong)(rong)資(zi)(zi)并沒有被看(kan)作(zuo)是解(jie)決(jue)民營和中(zhong)小企業融(rong)(rong)資(zi)(zi)難(nan)題的有效解(jie)決(jue)途徑。我國債(zhai)(zhai)券市場(chang)在緩(huan)解(jie)民營和中(zhong)小企業“融(rong)(rong)資(zi)(zi)難(nan)”和“融(rong)(rong)資(zi)(zi)貴”上，仍然存在著諸多宏(hong)觀結構和微觀操作(zuo)方面問題。

　　從宏(hong)觀和行(xing)(xing)業(ye)層(ceng)面來看(kan)：一是債(zhai)(zhai)券(quan)(quan)融資(zi)的比例仍(reng)有(you)待提高。基于(yu)(yu)我(wo)(wo)國相關(guan)法律對債(zhai)(zhai)券(quan)(quan)發(fa)(fa)(fa)行(xing)(xing)主(zhu)體資(zi)格關(guan)于(yu)(yu)資(zi)本金、盈利等方(fang)(fang)面的要求，民(min)營(ying)中(zhong)小企(qi)(qi)(qi)業(ye)難以通(tong)(tong)過普通(tong)(tong)企(qi)(qi)(qi)業(ye)債(zhai)(zhai)（公司(si)債(zhai)(zhai)）融資(zi)，雖然(ran)目前已經有(you)中(zhong)小企(qi)(qi)(qi)業(ye)集合債(zhai)(zhai)券(quan)(quan)品種，但存在(zai)償債(zhai)(zhai)機制(zhi)等實際操作中(zhong)困難，民(min)營(ying)中(zhong)小企(qi)(qi)(qi)業(ye)集合債(zhai)(zhai)發(fa)(fa)(fa)展(zhan)緩慢(man)。二是債(zhai)(zhai)券(quan)(quan)發(fa)(fa)(fa)行(xing)(xing)中(zhong)風險(xian)累積，妨礙債(zhai)(zhai)券(quan)(quan)市場(chang)健康發(fa)(fa)(fa)展(zhan)。目前，由于(yu)(yu)政府擔保、中(zhong)介機構(gou)履職不盡(jin)責(ze)等因素，債(zhai)(zhai)券(quan)(quan)違約事件時有(you)發(fa)(fa)(fa)生，這勢(shi)必會損(sun)害債(zhai)(zhai)券(quan)(quan)投資(zi)者的積極性，進(jin)而(er)(er)阻礙企(qi)(qi)(qi)業(ye)債(zhai)(zhai)券(quan)(quan)市場(chang)的長遠發(fa)(fa)(fa)展(zhan)。三是就發(fa)(fa)(fa)行(xing)(xing)主(zhu)體性質(zhi)而(er)(er)言(yan)，民(min)營(ying)企(qi)(qi)(qi)業(ye)在(zai)利用金融服務上仍(reng)然(ran)存在(zai)障(zhang)礙，現有(you)發(fa)(fa)(fa)行(xing)(xing)主(zhu)體的公司(si)性質(zhi)構(gou)成與我(wo)(wo)國的所(suo)有(you)制(zhi)結構(gou)有(you)關(guan)，債(zhai)(zhai)券(quan)(quan)市場(chang)相關(guan)數據表(biao)明非公有(you)制(zhi)經濟(ji)在(zai)債(zhai)(zhai)券(quan)(quan)融資(zi)方(fang)(fang)面依然(ran)處于(yu)(yu)不利地位。

　　從微觀操作角度看，民營(ying)和(he)(he)中(zhong)(zhong)小(xiao)企(qi)(qi)(qi)業(ye)主(zhu)營(ying)業(ye)務單(dan)一、收入和(he)(he)利(li)(li)潤(run)波動大成(cheng)(cheng)為公(gong)司主(zhu)體評級(ji)和(he)(he)控(kong)制(zhi)發行(xing)成(cheng)(cheng)本的主(zhu)要難(nan)題。作為債券還本付息(xi)(xi)的主(zhu)要資金來源，企(qi)(qi)(qi)業(ye)利(li)(li)潤(run)的高低和(he)(he)穩定(ding)性(xing)會直(zhi)接(jie)影響(xiang)到企(qi)(qi)(qi)業(ye)信(xin)用風險和(he)(he)評級(ji)，最(zui)終對(dui)融(rong)資成(cheng)(cheng)本產生直(zhi)接(jie)影響(xiang)。因(yin)此，影響(xiang)中(zhong)(zhong)小(xiao)企(qi)(qi)(qi)業(ye)融(rong)資的最(zui)根本因(yin)素(su)仍然是(shi)(shi)企(qi)(qi)(qi)業(ye)自身(shen)的盈利(li)(li)水(shui)平和(he)(he)盈利(li)(li)能力(li)。另外，信(xin)息(xi)(xi)不對(dui)稱是(shi)(shi)造成(cheng)(cheng)民營(ying)中(zhong)(zhong)小(xiao)企(qi)(qi)(qi)業(ye)融(rong)資難(nan)問(wen)題的又一原因(yin)。降低信(xin)息(xi)(xi)不對(dui)稱有效方法是(shi)(shi)加大信(xin)息(xi)(xi)披露力(li)度，特(te)別(bie)是(shi)(shi)財務信(xin)息(xi)(xi)披露。

　　但是(shi)(shi)，對于財(cai)務(wu)(wu)治(zhi)理長期不完善的(de)(de)民(min)營中(zhong)小(xiao)企業(ye)而言(yan)，公(gong)開財(cai)務(wu)(wu)報表、完善信(xin)息披露是(shi)(shi)一項復(fu)雜(za)的(de)(de)工程，缺乏激(ji)勵去實現(xian)。在發行債(zhai)(zhai)券(quan)的(de)(de)過程中(zhong)，無論是(shi)(shi)公(gong)開發行還是(shi)(shi)私募發行債(zhai)(zhai)券(quan)，都需要詳細披露企業(ye)的(de)(de)業(ye)務(wu)(wu)信(xin)息和財(cai)務(wu)(wu)信(xin)息。對于企業(ye)而言(yan)，發行債(zhai)(zhai)券(quan)能(neng)夠實現(xian)融(rong)資，有獲得資金(jin)的(de)(de)現(xian)實激(ji)勵。對于各中(zhong)介機構（如證券(quan)公(gong)司和會計師事務(wu)(wu)所）而言(yan)，幫助(zhu)企業(ye)成功發行債(zhai)(zhai)券(quan)既是(shi)(shi)實現(xian)自身業(ye)務(wu)(wu)增長需要，也承擔客(ke)觀披露信(xin)息的(de)(de)責任(ren)。

　　創新債券融資促進企業發展

　　支持民(min)營(ying)(ying)和中(zhong)(zhong)小企(qi)業(ye)發展(zhan)，解(jie)決民(min)營(ying)(ying)中(zhong)(zhong)小企(qi)業(ye)“融(rong)(rong)(rong)資難(nan)”和“融(rong)(rong)(rong)資貴”問題，相關部門出(chu)臺了多項(xiang)措施(shi)，也取(qu)得(de)(de)了積極(ji)成效。當前(qian)經濟(ji)運行(xing)穩中(zhong)(zhong)有(you)變，經濟(ji)下(xia)行(xing)壓力加(jia)大，民(min)營(ying)(ying)和中(zhong)(zhong)小企(qi)業(ye)債務違(wei)約風險有(you)所(suo)暴(bao)露，成為經濟(ji)與(yu)金融(rong)(rong)(rong)運行(xing)中(zhong)(zhong)的(de)突出(chu)問題。化解(jie)民(min)企(qi)融(rong)(rong)(rong)資困境(jing)、切(qie)斷融(rong)(rong)(rong)資收縮(suo)與(yu)債務違(wei)約負反饋鏈條顯得(de)(de)尤為迫切(qie)。

　　債(zhai)券市場(chang)不(bu)斷完善和(he)(he)發展，為廣大民(min)營(ying)和(he)(he)中(zhong)小企業(ye)通過債(zhai)券融(rong)(rong)資提供(gong)了(le)新的(de)(de)渠道(dao)和(he)(he)便利(li)。在國內外多重因素(su)的(de)(de)綜合影響下，民(min)營(ying)和(he)(he)中(zhong)小企業(ye)的(de)(de)違約事件導(dao)致金融(rong)(rong)市場(chang)和(he)(he)部分金融(rong)(rong)機構對民(min)營(ying)中(zhong)小企業(ye)風險(xian)的(de)(de)偏好下降，甚至在金融(rong)(rong)市場(chang)上(shang)出(chu)現非理性的(de)(de)“羊群(qun)效應”，導(dao)致一些經(jing)營(ying)正(zheng)常的(de)(de)民(min)營(ying)企業(ye)也遇到了(le)融(rong)(rong)資困難(nan)。

　　矯正(zheng)市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)的“羊群(qun)(qun)效應”和非理(li)性行(xing)(xing)為需要找到一(yi)個(ge)(ge)突(tu)破口(kou)。債(zhai)(zhai)券(quan)市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)具(ju)(ju)有(you)公開(kai)、透明、傳導效力高的特征，定價非常市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)化，對(dui)(dui)其(qi)他金融(rong)市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)預(yu)期的引導能(neng)力較強，因(yin)此選擇債(zhai)(zhai)券(quan)市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)支持民(min)營企(qi)(qi)業(ye)發債(zhai)(zhai)融(rong)資(zi)，對(dui)(dui)于改善市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)預(yu)期、提振投(tou)資(zi)者信心具(ju)(ju)有(you)積極意義，有(you)助(zhu)于改善對(dui)(dui)民(min)營企(qi)(qi)業(ye)的風(feng)險偏好和融(rong)資(zi)氛圍，阻斷(duan)和弱化金融(rong)市(shi)(shi)(shi)場(chang)(chang)(chang)(chang)對(dui)(dui)民(min)營企(qi)(qi)業(ye)出現的“羊群(qun)(qun)效應”和非理(li)性行(xing)(xing)為。從這個(ge)(ge)意義上(shang)講，債(zhai)(zhai)券(quan)融(rong)資(zi)也是帶動修復民(min)營企(qi)(qi)業(ye)股權融(rong)資(zi)、信貸融(rong)資(zi)等其(qi)它(ta)融(rong)資(zi)渠(qu)道的一(yi)個(ge)(ge)較好切入(ru)點。

　　當前，隨著(zhu)我國(guo)企(qi)業(ye)(ye)債券(quan)(quan)(quan)市場發(fa)(fa)展(zhan)，金融創(chuang)新促使債券(quan)(quan)(quan)發(fa)(fa)行(xing)門檻降低，發(fa)(fa)行(xing)主體下(xia)沉，中(zhong)(zhong)小企(qi)業(ye)(ye)發(fa)(fa)行(xing)債券(quan)(quan)(quan)融資(zi)已經(jing)實(shi)際可(ke)行(xing)，并可(ke)能成(cheng)(cheng)為解(jie)決當前中(zhong)(zhong)小企(qi)業(ye)(ye)融資(zi)難題的(de)重要實(shi)踐和突破(po)口。但是，由于受(shou)到債券(quan)(quan)(quan)發(fa)(fa)行(xing)評級機制限制以(yi)及(ji)融資(zi)成(cheng)(cheng)本過(guo)高問題困(kun)擾，針對民(min)(min)營經(jing)濟和中(zhong)(zhong)小企(qi)業(ye)(ye)的(de)普通(tong)債券(quan)(quan)(quan)在當前復雜經(jing)濟環境下(xia)，對緩(huan)解(jie)民(min)(min)營中(zhong)(zhong)小企(qi)業(ye)(ye)的(de)“融資(zi)難和貴”的(de)作用仍然有限。為此，需要創(chuang)新民(min)(min)營和中(zhong)(zhong)小企(qi)業(ye)(ye)債券(quan)(quan)(quan)融資(zi)機制和工具(ju)，增進民(min)(min)營中(zhong)(zhong)小企(qi)業(ye)(ye)債券(quan)(quan)(quan)等級，降低債券(quan)(quan)(quan)違約風險。

　　近來(lai)，人(ren)民(min)銀(yin)行推(tui)出的(de)民(min)營(ying)企(qi)業(ye)(ye)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)支(zhi)(zhi)持工(gong)具(ju)，就是(shi)促進和(he)(he)提(ti)高(gao)民(min)營(ying)和(he)(he)中(zhong)小(xiao)企(qi)業(ye)(ye)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)發展在(zai)政策和(he)(he)措施方面進行的(de)有(you)益嘗試(shi)和(he)(he)創(chuang)(chuang)新。民(min)營(ying)企(qi)業(ye)(ye)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)工(gong)具(ju)的(de)推(tui)出，在(zai)緩解(jie)“融(rong)資(zi)(zi)(zi)難和(he)(he)貴”的(de)同時，也(ye)有(you)助于改(gai)變我國個人(ren)投資(zi)(zi)(zi)者過于集(ji)中(zhong)于股市(shi)的(de)投資(zi)(zi)(zi)結構。誠然，民(min)營(ying)企(qi)業(ye)(ye)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)支(zhi)(zhi)持工(gong)具(ju)在(zai)帶動和(he)(he)促進民(min)營(ying)和(he)(he)中(zhong)小(xiao)企(qi)業(ye)(ye)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)上(shang)的(de)政策效(xiao)果尚需實踐檢驗(yan)，但監管(guan)部門鼓(gu)勵和(he)(he)支(zhi)(zhi)持民(min)營(ying)中(zhong)小(xiao)企(qi)業(ye)(ye)在(zai)債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)上(shang)的(de)各種創(chuang)(chuang)新和(he)(he)發展，預(yu)示著債(zhai)(zhai)(zhai)券(quan)融(rong)資(zi)(zi)(zi)將會是(shi)我國民(min)營(ying)和(he)(he)中(zhong)小(xiao)企(qi)業(ye)(ye)外源(yuan)性融(rong)資(zi)(zi)(zi)的(de)重(zhong)要(yao)方向和(he)(he)來(lai)源(yuan)。