CAJ | 학술논문

中小企业集合债券是中小企业融资的重要渠道,但中国中小企业集合债券的发展并不如人意。中国中小企业集合债券信用增级模式采用的是外部担保信用增级模式,韩国中小企业集合债券信用增级模式采用的是P-CBO内部信用增级模式。韩国的P-CBO内部信用增级模式比中国外部担保信用增级模式,具有信用增级成本较低、道德风险较小、逆向选择情况较少和信用增级效果较好的优势。韩国中小企业集合债券取得了很好的融资效果。中国可借鉴韩国中小企业集合债券信用增级的做法,改进中国中小企业集合债券信用增级模式,以更好地发挥中小企业集合债券对解决中小企业融资难问题的作用。
중소기업집합채권시중소기업융자적중요거도,단중국중소기업집합채권적발전병불여인의。중국중소기업집합채권신용증급모식채용적시외부담보신용증급모식,한국중소기업집합채권신용증급모식채용적시P-CBO내부신용증급모식。한국적P-CBO내부신용증급모식비중국외부담보신용증급모식,구유신용증급성본교저、도덕풍험교소、역향선택정황교소화신용증급효과교호적우세。한국중소기업집합채권취득료흔호적융자효과。중국가차감한국중소기업집합채권신용증급적주법,개진중국중소기업집합채권신용증급모식,이경호지발휘중소기업집합채권대해결중소기업융자난문제적작용。
Consolidated Bonds of SMEs （Small and Medium Enterprises） is an important way to finance SMEs, but the results in China are not satisfactory. The credit enhancement of China＇s Consolidated Bonds of SMEs is nearly an external guarantee, while the Korea＇s an internal way, which is called P-CBO （Primary Collateralized Bonds Obligation） . Compared with guarantee, P-CBO is less costly, fewer mortal risks, fewer adverse selections and better credit enhancing. Korea＇s Consolidated Bonds of SMEs with P-CBO has worked well. It is worth to be learnt and utilized to promote the credit enhancement of China＇s Consolidated Bonds of SMEs for dealing with the difficulties of finance of SMEs better.