财务不透明、投资者无法获悉内情、信用风险屡屡爆发、担保公司吃力兜底……肩负破解融资难重任的中小企业集合票据，在呱呱坠地三年后，正面临越来越多的质疑。有机构分析师甚至判断，民营企业信用风险可能在2013年春集中爆发。

Financial opaque/Investors can't learn the ropes/Credit risk outbreak repeatedly/Guarantee company sweaty out...Shoulder the responsibility crack financing difficulties of small and medium-sized enterprise set bill,Comfort in three years,Is facing more and more questions.Analysts have even judgment,The private enterprise credit risk may be in the spring of 2013 outbreak of concentration.

违约，这一年第3次了！ default,This year 3 times!

　　常州市2011年第一期中小企业集合票据（11常州SMECNII001）的联合发行人之一的常州高力彩钢板有限公司的银行账户被冻结，同时其相关抵押的厂房和设备等资产被查封，目前业已停产——2012年12月24日，中债信增公告披露了这一情况。原因是，高力彩钢为马鞍山市常通金属材料有限公司的贷款作了反担保，后者的贷款出现了违约。

Changzhou in 2011 the first phase of small and medium-sized enterprise set bill(11 changzhou SMECNII001)One of the combination of the issuer of the changzhou GaoLiCai steel co., LTD., bank account is frozen,At the same time, the related mortgage assets such as plant and equipment is attachment,Production has now - December 24, 2012,Increase in debt letter announcement about the situation.Reason is,High force caigang for maanshan often pass metal materials co., LTD. The counter guarantee loans,The latter loan appeared breach of contract.

　　《金证券》记者了解到，“11常州SMECNII001”发行于2011年11月28日，募集资金4.6亿元，期限两年，中债信增为该期票据本息提供不可撤销的连带责任保证。

[Gold securities]The reporter understands,"11 changzhou SMECNII001"Released in November 2011 and day,Raising capital of 460 million yuan,Period two years,Increase in debt for the period bill letter principal provide irrevocable joint liability guarantee.

　　中债信增承诺，如果该集合票据在2013年11月28日到期时，高力彩钢无力偿付本息，中债信用将予以偿付。

Believe in debt increased commitment,If the collection bill in November 2013, and at maturity,High force caigang unable to pay principal and interest,The credit will be pay the debt.

　　这已经是2012年出现的第3次“违约”事件。尽管此前的违约事件中，全部都有担保人埋单，投资人并无损失。但中小企业间循环担保的重大风险并未消除，债市仍可能被“感染”。

This is the third time appeared in 2012"default"events.Although in the event of default,All have security bill,Investors and no loss.But the small and medium-sized enterprise security between cycle of significant risk does not eliminate,The bond market is still might be"infection".

担保隐患普遍存在 Common security hidden danger

　　“我记得在公募做基金经理时，深圳发了个中小企业集合票据，后来也是其中一个企业因为反担保，出现了问题。并非只有江浙的中小企业之间，担保和反担保问题严重，事实上，现在这种情况普遍存在。”深圳中债投资基金公司总经理高峰说。

"I remember in the public offering to do when the fund manager,Shenzhen hair the small set bill,Later is also one of the enterprise for counter guarantee,problems.Not only between jiangsu of small and medium-sized enterprises,Guarantee and counter guarantee the serious problem,In fact,Now this widespread."Shenzhen debt investment funds in the general manager of the company, said the summit.

　　高峰对《金证券》介绍，“中小企业集合票据最初是作为中小企业融资创新型工具提出来的，试图通过集合的方式来分散风险。和其他中小企业融资手段相比，中小企业集合票据一直都被认为是比较快捷、方便的。但是它忽略了一个重要的问题——国内中小企业间错综复杂的担保与反担保关系。”

Peak to[Gold securities]introduce,"Small and medium-sized enterprise set bill was originally as small and medium-sized enterprise financing innovative tools brought out,Trying to set way to spread risk.And other small and medium-sized enterprise financing means compared,Small and medium-sized enterprise set bill always considered relatively fast/convenient.But it ignores an important question - domestic small and medium-sized enterprise between complex guarantee and counter guarantee relationship."

　　《金证券》记者获悉，2012年底国家发改委公布了《关于进一步强化企业债券风险防范管理有关问题的通知》，《通知》明确禁止发债企业互相担保或连环担保，但更多针对城投债。

[Gold securities]The reporter learns,By the end of 2012 published by the national development and reform commission[On further strengthening enterprise bond risk management of the relevant questions of the notice],[notice]Specifically prohibits FaZhai enterprise mutual guarantee or serial guarantee,But more specific city for debt.

　　高峰表示，集合发债的形式并没有错，但要看集合发债企业之间的相互权责是什么，如果权责不明，肯定是要出问题的。“现在都是地方政府张罗几个企业集体发债，但实际上合理的做法是，拿上下游关系、或者业务上互补、对冲的企业组合发债，这样才可以规避部分违约风险。”

Peak said,Set FaZhai form and not wrong,But to see set FaZhai enterprise mutual responsibility is what,If responsibility unknown,Is bound to the problem."Now is the local government scare up a few enterprise collective FaZhai,But in fact it is reasonable,Downstream relationship with/Or business complementary/Hedge enterprise FaZhai combination,So that you can avoid part of the risk of default."

市场怪象重压担保公司 Market strange like weight guarantee company

　　对投资者而言，担保的风险并不容易识别。因为按照宏源证券(000562,股吧)固定收益研究员方芳的说法，“目前买方根本无法了解到中小企业的财务情况。”

For the investors,The security risk is not easy to recognize.Because the hongyuan securities(000562,guba)Fixed income FangFang researchers said,"At present the buyer can't understand the small and medium-sized enterprise financial situation."

　　据了解，所谓的买方主要是私募等机构投资者。中小企业集合票据吸引其投资的原因主要有两个：一则是拥有很高的收益，目前中小企业集合票据的年化收益约在8%－9%；二则认准了担保机构会“埋单”。所以，中小企业集合票据市场也出现了一个怪现象，就是“只认担保公司，不认企业资质”，即投资者不管企业资质如何，只要担保公司评级高就进行投资，这无疑将大量的风险转嫁到担保方。

It is understood,The buyer is mainly private and institutional investors.Small and medium-sized enterprise set bill to attract the investment is mainly caused by the two:It is to have a high income,Small and medium-sized enterprises at present set instrument annualised income about 8% - 9%;The first look will guarantee agencies"Buried single".so,Small and medium-sized enterprise set bill market also appeared a strange phenomenon,is"Only know guarantee company,Don't recognize enterprise qualification",That investors no matter enterprise qualification,As long as the guarantee company rating work for investment,This undoubtedly will be a lot of risk shifting to DanBaoFang.

　　《金证券》获悉，目前的担保主体主要有三类：一是当地政府平台公司；二是债券发行人所在地拥有国资背景的担保公司；三是业务扩展到全国各地的担保公司，包括中债信增、中国投资担保等机构。其中，中债信增的项目最多。据同花顺(300033,股吧)iFinD统计，中债信增在中小集合票据中担保了31家，占比将近一半。

[Gold securities]learn,At present there are three major guarantee subject:One is the local government platform company;The second is the bond issuer has inspected the guarantee company background;The third is business spread to all parts of the country's security company,Including the debt increase letter/China investment guarantee institution, etc.the,Increase in debt believe most of the project.According to the straight flush(300033,guba)IFinD statistics,Believe in debt increased in small and medium-sized set on 31 home security,Nearly half of ratio.

　　虽然中债信增等机构均属于AAA担保公司，偿债资质优良，能按时还款，但是随着风险积聚效应的增加，依靠杠杆经营的担保公司难免不受影响。《金证券》记者发现，截至2012年6月，中债信增在外担保责任余额是净资产的近9倍。

Although the letter institutions such as debt increases are AAA guarantee company,Sinking qualification good,Can on time reimbursement,But with the increase of the risk accumulation effect,Rely on the lever operation guarantee company is not affected.[Gold securities]Reporter discovery,By June 2012,Increase in debt letter out guarantee liability of the net assets of the balance is nearly nine times.

　　这意味着一旦违约事件增加，中债信增将面临更多的“债务偿还”压力。

This means that once the event of default increases,Increase in debt letter will face more"Debt repayment"pressure.

民企信用危机今春爆发？ Corporation credit crisis broke out this spring?

　　中小企业集合票据兑付危机，只是民企发债融资不畅的冰山一角。采访中，宏源证券固定收益研究员方芳向《金证券》记者坦言，民营企业一直都存在“信用风险”危机，其偿债能力在弱化，2013年仍将压力“山大”，信用风险暴露会更多。

Small and medium-sized enterprise set bill cash a crisis,Just FaZhai corporation financing impeded the tip of the iceberg.interview,Hongyuan securities fixed income FangFang to researchers[Gold securities]Reporter said,The private enterprise has always been there"Credit risk"crisis,The debt paying ability in weakening,2013 will still pressure"shandong",Credit risk exposure will be more.

　　方芳对《金证券》记者解释说，在债券市场一直都有“双轨制”的说法，即国企和民营企业在融资时差别待遇明显，这导致民企发债成本远高于国企。“国企的融资利息可能只要5%，民企可能要到8%，这是市场长期留下的，没有办法改变，因为大家都觉得国企确实有保障，而民企没有。”

FangFang to[Gold securities]Reporters said,In the bond market have been"Double track system"that,That state-owned enterprises and private enterprises in financing discrimination obviously,This has led to the corporation FaZhai cost is much higher than state-owned enterprises."State-owned enterprises financing interest may be as long as 5%,Corporation may be to 8%,This is the market long-term left,No way to change,Because everyone think state-owned enterprises do have security,And the corporation not."

　　受到2012年整体大环境影响，一些民营企业出现经营困难，这一困难可能直接导致民营企业在债券市场上融资出现“信用风险”。方芳直言，“民营企业信用风险在2013年春可能集中爆发”。虽然中小企业集合票据的兑付风险不足以影响到债市的发展，但是民营企业整体潜伏的信用危机可能会传导到整个债市。

By 2012 the overall environment influence,Some private enterprises appear management difficulties,This difficulty may directly lead to the private enterprise in the bond market financing appear"Credit risk".FangFang the truth,"The private enterprise credit risk in the spring of 2013 May focus outbreak".Although the small and medium-sized enterprise set instrument cash a risk is not enough to affect the development of the bond market,But private enterprise overall latent credit crisis may be transmitted to the bond market.