台湾研究
檯灣研究
태만연구
2014年
5期
62~71
,共null页
中小企业私募债券 发展现状 制度完善 两岸经济 经验借鉴
中小企業私募債券 髮展現狀 製度完善 兩岸經濟 經驗藉鑒
중소기업사모채권 발전현상 제도완선 량안경제 경험차감
SME Private Placement Bonds; Development Status; System Improvement; Cross-Straits E-conomy; Experience Reference
本文针对两岸中小企业私募债券，从发展现状和制度法规两方面进行比较研究。研究结果表明：相较于大陆中小企业私募债券存在制度法规不健全、发债主体受限、风险大、透明度低、流动性低等问题，台湾地区建立了较为完备的体系，仅在转售和信息披露方面存在问题。最后，依据台湾地区的成功经验和不足，提出了进一步发展和完善大陆地区中小企业私募债券市场的建议。
本文針對兩岸中小企業私募債券，從髮展現狀和製度法規兩方麵進行比較研究。研究結果錶明：相較于大陸中小企業私募債券存在製度法規不健全、髮債主體受限、風險大、透明度低、流動性低等問題，檯灣地區建立瞭較為完備的體繫，僅在轉售和信息披露方麵存在問題。最後，依據檯灣地區的成功經驗和不足，提齣瞭進一步髮展和完善大陸地區中小企業私募債券市場的建議。
본문침대량안중소기업사모채권，종발전현상화제도법규량방면진행비교연구。연구결과표명：상교우대륙중소기업사모채권존재제도법규불건전、발채주체수한、풍험대、투명도저、류동성저등문제，태만지구건립료교위완비적체계，부재전수화신식피로방면존재문제。최후，의거태만지구적성공경험화불족，제출료진일보발전화완선대륙지구중소기업사모채권시장적건의。
This paper makes comparative studies on the development status and the institutions of Taiwan- Chinese Mainland cross-Straits SME private placement bonds. The results show that there are many problems in Chinese mainland, including imperfect institutions, limited issuers, high risk, low transparency and low liquidity. In contrast to that, Taiwan establishes relatively perfect institutions, except the resale and the information disclosure problems. Finally, learning from the advantages and the disadvantages of Taiwan SME private placement bonds, the paper offers advices for further improvement of Chinese mainland SME private placement bond market.
