Face -to -face view of private enterprise bonds: multi -measures to relieve financing problems

Since the beginning of this year, the capital market has supported private enterprise bond financing measures, and further expanded the diversified financing channels of private enterprises. Recently, a reporter from the Securities Daily learned from the personnel close to the regulatory level that at present, the regulatory authorities are studying the bonus factors that include the financing amount of private enterprise bonds into the classification evaluation of brokerage firms. If this initiative is implemented, it will significantly boost the motivation for securities firms to participate in private enterprise bond financing.

Wind information data shows that as of August 21, since this year, the bond financing of private enterprise exchanges has reached 346.592 billion yuan (including convertible bond financing of 85.871 billion yuan).

Experts interviewed by a reporter from the Securities Daily said that the regulatory authorities have provided strong support for the financing of private enterprise bonds through enrichment of credit protection tools, improving relevant supporting measures, and reducing the financing costs of private enterprise bonds, and the financing situation of private enterprises has been improved.

Multiple measures help to help private enterprise bond financing

Introduce the special support plan for private enterprise bond financing, scientific and technological innovation corporate bonds, reduce the financing expenses of private enterprise bonds, relax the entry threshold for repurchase pledged libraries for private enterprise bonds protected by credit, and convene a meeting and financing meeting of private enterprise bonds ... A number of support for private enterprises launched by the capital market further improved the financing environment of private enterprise bonds.

According to the reporter's understanding, since the launch of private enterprise bond financing special support plans in May, in the first half of the year, 9 Single Civil Enterprise Bonds have been successfully issued under the special support plan, and financing is 6.63 billion yuan. In addition, three private enterprises such as Xiaomi Communications issued scientific and technological innovation corporate bonds to achieve financing of 1.6 billion yuan. At the end of June, the Securities Regulatory Commission guided the CSI Exchange and China Settlement Reduction and Demonstration of private enterprise bond transaction settlement costs. The average annual reduction amount was 160 million yuan.

According to data from the China Securities Industry Association, the size of the core securities firms in the first half of this year created a total of 3.369 billion yuan, an increase of 39.92%month -on -month.

Since July, the Shanghai and Shenzhen Exchange has launched a combined credit protection contract to provide a basket of credit protection for bond issuers, including high -quality private enterprises, and complement each other with a single credit protection contract. On July 18 and August 15, the trading and quotation functions of the first batch of combined credit protection contract products in the Shanghai Stock Exchange and Shenzhen Stock Exchange were launched. The combination managers were China Securities Index Co., Ltd. and Shenzhen Securities Information Co., Ltd.

On July 22, the China Securities Regulatory Commission, the Development and Reform Commission, and the National Federation of Industry and Commerce jointly issued the "Notice on Promoting the Bond of the Bond Market to better support the reform and development of private enterprises", and 12 measures were issued from 4 aspects to support private enterprise bond financing.

"The regulatory authorities have provided strong support for the financing of private enterprise bond financing through enrichment of credit protection tools and improved relevant supporting measures." Zhang Qi, a senior researcher at the R & D Department of China Cover Pengyuan, told the Securities Daily reporter that from the overall perspective, the first 7 this year 7 this year In a month, the net financing of private enterprise bonds was 15.057 billion yuan. The same period last year was a net repayment of 100.5 billion yuan. The financing situation of private enterprises at all levels was improved, and the high -rated private enterprises were the most significant. Regardless of considering convertible bonds and exchangeable bonds, in the first seven months, the net financing of AAA -level private enterprises was transferred to 62 billion yuan; although AA+and AA -level private enterprises still showed a net repayment, the net compensation repayment narrowed 30 30 respectively. %, 41%.

Recently, the pilot scope of public offerings has also expanded to the field of private enterprises. On August 15th, the Shanghai Stock Exchange officially accepted the Dongjiu New Economy REIT, which is the first public offering REITS officially declared by private enterprises in the market.

"Private enterprises officially test the water public offering REITs are major measures to accelerate the pilot of my country's REITs, and it is also an inevitable process for the mature development of the market." Wu Jinhui, a researcher at the R & D Department of Sino -Solitain Pengyuan, said in an interview with the Securities Daily that the public offer REITs is equity. Investment and financing tools are conducive to improving the asset -liability structure of private enterprises, reducing the liability ratio, and at the same time, survive assets, expand effective investment, and further enhance the new driving force for private enterprises. In addition, the acceptance of private enterprise public offering REITs will also help fully mobilize the enthusiasm of private enterprise investment and increase the confidence in participating in public offering REITs.

Private enterprises admit that the sense of gain is improved

After the innovative service measures and financing varieties landed, they were full of support for private enterprises. In May, the capital market's first Single -PITC bond financing special support plan was implemented. Jingke Technology successfully issued rural rejuvenation carbon and green corporate bonds in the Shanghai Stock Exchange. Financing 500 million yuan.

"The credit protection contract created this time has effectively enriched investors' risk hedging methods, and greatly boosted investor confidence." Changyang, secretary of the board of directors of Jingke Technology, said in an interview with the Securities Daily reporter that private enterprise bond financing Measures such as special support plans and credit protection tools have been continuously launched, which has opened a new situation of private enterprise bond financing. It has strongly supported the financing of private enterprise bonds, adding vitality to the market, and effectively helping private enterprises to break through the difficulty of increasing credit and high costs.

Changyang also said that the exchanges' continuous innovation of scientific and technological innovation corporate bonds and low -carbon transformation corporate bonds, which have continued to innovate, further expanded corporate financing channels, and private enterprises have also actively participated.

On May 25, Jiangsu Yonggang successfully issued green technology innovation corporate bonds (specially used for carbon neutralization). This single bond is not only the first batch of scientific and technological innovation corporate bonds after the launch of the science and technology innovation corporate debt. Corporation of China Corporation of Science and Technology Innovation. "The issuance of bonds in this issue provides new ideas for private enterprises' future bond financing methods, and has a profound demonstration significance for the entire market." Soochow Securities is the main inheritor of the current bonds of Jiangsu Yonggang, and the fixed income of Soochow Securities Minister Ji Tao told the Securities Daily reporter.

Changyang expressed expectations from the perspective of private enterprises. On the one hand, she hopes that subsequent innovative bond varieties can be used to create more innovative financing products that meet the characteristics of private enterprises and directly meet the needs of private enterprises; on the other hand, I hope to launch incentive policies for financial institutions and encourage various types Institutions have increased investment in private enterprise bonds, and accelerate the formation of a good market ecology with multi -layers of investment structures and various investment entities.

It is important to boost investor confidence

Because most private enterprises have small operating scale and weak anti -risk capabilities, they are greatly affected by the economic situation and market fluctuations. Especially in recent years, there have been many risk events in private enterprises and have caused impact on market confidence. manner.

"At present, the key to the difficulty of issuing bonds in private enterprises is that market investors are not confident in private enterprises. Therefore, supporting private enterprise bond financing needs to enhance investors' confidence in private enterprises and let investors dare to invest." Zhang Qi believes that this aspect is that aspect It is necessary to start to enhance the level of private enterprise credit, including further exploring effective credit increase measures and enriching credit protection tools; on the other hand, it is necessary to improve the investor protection mechanism to ensure the legitimate rights and interests of investors in the system, such as strengthening information disclosure and improving the breach of breach of disposal mechanism , Back malicious escape debt.

Hu Junhua, general manager of the Innovation Business Department of Soochow Securities Headquarters Headquarters, said in an interview with a reporter from the Securities Daily that combined with the current market environment, the next step to support private enterprise bond financing, first of all, financial institutions that invest in private enterprise bonds provide certain policy support and continuously improve The attraction of private enterprise bonds, at the same time, introduces mature capital market investors such as vulture funds, hedge funds, and alternative investment to improve the bond risk disposal mechanism; secondly, vigorously develop corporate bonds such as convertible bonds and exchange bonds to increase the right -handed rights. Innovation and entrepreneurial bonds, science and technology innovation company bonds, green bonds and other products, expand the financing channels of private enterprises, and reduce financing costs. Finally, increase support for credit protection for private enterprise bonds, and moderately expand the scope of the application of private enterprise bond financing instruments, thereby expanding the investment of private enterprise bond investment Groups, etc.

Lifting the boundary of the intermediary agency responsibility

In addition to investors, it is also important to establish bond underwriting agencies for private enterprises. Talking about the concerns of the securities company underwriting private corporate bonds, Hu Junhua said that there are three main difficulties in the existence of private enterprise bonds at the current bonds of securities firms: one is affected by the risk of breach of contract, and the scope of investors in private enterprise bonds is relatively limited. The incentive policy needs to be further clarified; the third is to further clarify the liability of securities institutions that have defaulted by the default of private corporate bonds.

"If the bond defaults, the supervision will also investigate whether the securities firms are diligent in diligence, and the brokerage may be punished by regulatory administration, which will affect the classification evaluation of the brokerage firms, and may even suspend the business license of the company's bonds." "The reporter expressed his concerns.

The reporter learned from a person close to the regulatory level that the regulatory authorities are currently studying the bonus factors that incorporate the financing amount of private enterprise bonds into the classification evaluation of securities firms. On August 11, the China Securities Industry Association issued a special statistics of the bond underwriting business of securities company bonds in the first half of 2022, and has incorporated private enterprise corporate bonds (including asset securitization products) into special statistics.

The above -mentioned investment banks said that if the financing of private enterprise bonds can be included in the classification evaluation, it can have a great effect on the incentives of securities firms. However, from the long -term development, we should further optimize the company's bond financing and rule of law environment, and clarify the boundaries of intermediary agencies.

The regulatory authorities are also promoting the improvement of the bond of the rule of law. According to the Securities Regulatory Commission's mid -year supervision work conference in the middle of 2022, the promotion of the formulation of corporate bond management regulations has been included in the key tasks of the CSRC.

In this regard, Qi Menglin, a senior partner of the Chinese Business Law Firm, said in an interview with the Securities Daily that this needs to compact the responsibilities of all parties from the laws and regulations and institutional levels, and clarify the responsibility border of all parties, including the intermediary agency.

"At present, the frequent private enterprise breach of private enterprises in the market has led the intermediary agency to face a greater risk of regulatory punishment, which will also have adverse effects on the market reputation of the intermediary agency, which will lead to insufficient motivation for intermediary agencies to participate in private enterprise bond financing. The exemption situation in financing activities is the top priority to activating the financing market of private enterprise bonds. The clearer the exemption clause, the better, the better. "Qi Menglin further said. (Reporter Wu Xiaolu)

[Editor in charge: Li Tong]

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