两岸中小企业私募债券比较研究

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。

The Comparative Studies on Cross-Straits SME Private Placement Bonds

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.