发挥债市作用 助力民营经济发展壮大（附英文版）
民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。近日，中共中央、国务院印发《关于促进民营经济发展壮大的意见》，明确完善融资支持政策制度，并提出支持符合条件的民营中小微企业在债券市场融资，鼓励符合条件的民营企业发行科技创新公司债券，推动民营企业债券融资专项支持计划扩大覆盖面、提升增信力度。
债券市场可在支持民营企业融资方面贡献重要力量。一方面，债券市场是民营企业直接融资的重要场所。目前债券已成为我国实体经济融资第二大渠道，仅次于信贷，且融资成本总体低于贷款成本。债券市场已推出中小非金融企业集合票据、中小企业私募债等多种支持中小民营企业融资的品种，也在不断丰富债券品种和层次，推出战略性新兴产业专项债、碳中和绿色债券等，更好地满足重点领域民营企业多元化融资需求。另一方面，债券市场可提升间接融资支持力度，促进民营企业信贷融资。大型企业更多通过发债融资，可以释放信贷资源用于支持中小民营企业贷款。不仅如此，商业银行也通过发行小微企业专项金融债券，增加支小信贷资金来源。
多措并举、多方努力共促民营企业债券扩容增量。供需两端协同发力，可以切实解决民营企业融资难题，共促民营企业融资“增量、扩面、降价”。从供给端看，中国人民银行推动民营企业债券融资支持工具扩容增量，强化支持民营企业发债融资。证监会等部门推进科技创新债券等品种持续创新，扩大融资企业覆盖面，优先重点支持高新技术、战略性新兴产业等领域，引导资金流向有潜力的民营企业。从需求端看，投资者结构持续优化，有助于提高民营企业债券需求。为充分发挥中长期资金的市场稳定器和经济发展助推器作用，管理部门也在逐步完善有利于长期机构投资者参与的各项制度，鼓励商业银行、社保基金、养老金、银行理财、证券基金机构等加大民营企业债券投资，培育多元化投资者结构。
完善相关机制，护航市场高效稳健运行。优化市场准入、业务服务、风险管理等方面的配套支持机制，有益于提升债券市场支持民营企业融资效能。探索建立优质企业白名单制度，适度简化市场准入等流程，提高融资效率。广泛利用“中债路演”等平台，加强宣传推介，畅通信息交流，提高发行效率。创新中介机构选择模式，探索“发行人付费、投资人选择”机制，提升评价客观性和中立性。充分发挥第三方机构估值在风险监测、市场定价方面的积极作用，满足投资者风险管理需求。
展望未来，债券市场将持续为民营企业融资提供支持，助力民营经济做大做优做强。
◇ 本文原载《债券》2023年9月刊
◇ 作者：钟言
◇编辑：张欣 印颖
EnhancingtheRoleofBondMarkettoSupporttheGrowthofPrivateSector
ZhongYan
TheprivatesectorisakeydriveroftheChinesemodernizationandavitalfoundationforhigh-qualitydevelopment．TherecentguidelineonboostingthegrowthoftheprivateeconomyreleasedbytheCPCCentralCommitteeandtheStateCouncilcallsforimprovingsupportivefinancingpolicies，supportsbondmarketfinancingbyeligibleprivatemicro，smallandmedium-sizedenterprises，encourageseligibleprivateenterprisestoissuesci-techinnovationcorporatebonds，andfacilitatesgreatercoverageandcreditenhancementforspecialbondfinancingschemesofprivateenterprises．
Thebondmarkethassignificantpotentialforfundingprivateenterprises．Ontheonehand，thebondmarketisanimportantvenuefordirectfinancingofprivateenterprises．Atpresent，bondshavebecomethesecondlargestchanneloffinancingforChina’srealeconomy，secondonlytoloans，andgenerallyincurlowerfinancingcoststhanloans．Thebondmarkethaslaunchedavarietyoffinancinginstrumentsforsmallandmedium-sizedprivateenterprises，suchascollectivenotesforsmallandmedium-sizednon-financialenterprisesandprivateplacementbondsforsmallandmedium-sizedprivateenterprises．Moreover，innovativeinstruments，suchasspecialbondsforstrategicemergingindustriesandcarbon-neutralgreenbonds，arebeingrolledouttomeetthediversefinancingneedsofprivateenterprisesinkeysectors．Ontheotherhand，thebondmarkethelpsstrengthenindirectfinancingandpromotethecreditfinancingofprivateenterprises．Largeenterprisescanrelymoreonbondissuanceforfunding，thusdivertingcreditresourcestosmaller-sizedprivateenterprises．Inaddition，commercialbankscanissuespecialfinancialbondsforsmallandmicroenterprisesasadditionalsourcesoflendingtosmallerbusinesses．
Multi-prongedjointeffortsarerequiredtoexpandthebondissuancebyprivateenterprises．Thecoordinatedeffortsonsupplyanddemandsidescaneffectivelyprovideprivateenterpriseswitheasierandbroaderaccesstomoreaffordablefinancing．Onthesupplyside，thePBOCseekstoexpandthecapacityandscopeofbondfinancingfacilitiesforprivateenterpriseandprovidestrongersupportsforbondissuersthatareprivatebusinesses．TheCSRCandotherregulatorshavepromotedongoinginnovationofsci-techinnovationbondsandotherbondtypes，expandedthecoverageofenterprisesandgivenprioritytohigh-techfirmsandstrategicemergingindustries，channelingfundsintopromisingprivateenterprises．Onthedemandside，theinvestorbaseisstructurallyoptimizedtoboostthedemandforprivateenterprisebonds．Formedium-andlong-terminvestmentstofullyfunctionasthemarketstabilizerandeconomicdriver，authoritiesarerefiningpoliciesandregulationsencouragingtheparticipationoflong-terminstitutionalinvestors．Commercialbanks，socialsecurityfunds，pensions，bankwealthmanagementproducts，securitiesfirmsandassetmanagersareencouragedtoinvestmoreinprivateenterprisebonds，soastofurtherdiversifytheinvestorbase．
Relevantmechanismsneedtobeimprovedtoenhancemarketefficiencyandsoundness．Supportivemechanismsformarketaccess，businessservicesandriskmanagementneedtoberefinedsothatthebondmarketwillprovidestrongerfinancingsupportforprivateenterprises．Forhigherefficiencyoffinancing，explorationscanbemadetocreateawhite-listofhigh-qualityenterpriseseligibleforasimplifiedmarketaccessprocess．Forhigherefficiencyofissuance，theChinaBondRoadshowandotherplatformscanbebroadlyusedtoenhancepublicityandcommunication．Forimprovedimpartialityandneutrality，innovativemodelsofintermediaryselectionshouldbeintroduced，suchasthemechanismof“selectionbyinvestorsatthecostoftheissuer”．Third-partyvaluationsshouldbefullyutilizedinriskmonitoringandmarketpricingtomeetinvestors’riskmanagementneeds．
Goingforward，thebondmarketwillkeepchannelingfundsintoprivatebusinessesforalarger，betterandstrongerprivateeconomy．
◇ Editors：ZhangXin，YinYing