服务小微企业的结构性理财产品设计
中文摘要
作为国民经济重要组成部分之一的小微企业，长期以来处于“融资难、融资
贵”的困境之中，从商业银行获得贷款尤其困难，究其原因，主要是因为小微企
业与银行间存在信息不对称。一方面，小微企业由于自身经营规模小、资金需求
急、财务信息不完善等特点，难以成为商业银行信贷服务对象；另一方面，商业
银行既要通过给予小微企业信贷资金支持实体经济发展，又要防范因提供信贷支
持面临的风险以符合监管当局风险管控要求。如何设计一款产品，既为小微企业
提供信贷支持，又能满足商业银行防范风险前提下获取一定的收益，是当前商业
银行服务小微企业时必须考虑的问题。
本文通过对相关政策的解读和理财产品市场的分析，根据客户需求对产品的
客户群体进行定位，进而提出具体的设计方案。在风险可控的条件下，通过向投
资者销售该理财产品，募集资金定向满足小微企业资金需求。论文选取天龙光电
上市小微企业作为案例研究对象，针对该企业设计出符合小微企业、银行和投资
者需求的理财产品，将产品收益与小微企业的经济增加值（EVA）挂钩，提高产
品收益的同时，由风险投资者共同承担风险，既能吸引有风险承受能力的投资者，
又能控制产品自身风险，满足监管机构对银行理财产品的监管要求。
产品设计中，根据 B-S模型对产品进行定价分析，优化产品参数，提出降低
成本相关措施。将产品设计方案与市场上其他结构性理财产品进行比较，分析评
判该理财产品的竞争优势和不足之处，提出产品的营销推广策略。银行通过发行
理财产品，帮助小微企业获得资金的同时，为小微企业获得银行贷款、扩大贷款
规模、提高授信额度提供较大帮助，发挥金融中介的职能，为服务以小微企业为
代表的实体经济贡献自身的力量。
关键词：结构性理财产品，小微企业，信息不对称，EVA值挂钩

Design of Structured Financial Products for
Serving Small and Micro Enterprises
Abstract
As an important part of the national economy, small and micro enterprises have
been in the dilemma of "difficult and expensive financing" for a long time. It is
particularly difficult to obtain loans from commercial banks. The main cause is that
there is information asymmetry between small and micro enterprises and banks. On
the one hand, small and micro enterprises are difficult to become credit service
objects of commercial banks due to their small business scale, urgent capital demand
and imperfect financial information; On the other hand, commercial banks should not
only support the development of the real economy by giving credit funds to small and
micro enterprises, but also prevent the risks faced by providing credit support, so as to
meet the risk control requirements of the regulatory authorities. How to design a
product that can not only provide credit support for small and micro enterprises, but
also meet the requirements of commercial banks to obtain certain benefits on the
premise of preventing risks is a problem that commercial banks must consider when
serving small and micro enterprises.
Through the interpretation of relevant policies and the analysis of financial
product market, this paper positions the customer group of the product according to
the customer needs, and then puts forward the specific design scheme. Under the
condition of controllable risk, the raised funds can meet the capital needs of small and
micro enterprises by selling the financial product to investors. This paper selects the
Listed Small and micro enterprises of Tianlong optoelectronics as the case study
object, designs financial products that meet the needs of small and micro enterprises,
banks and investors, links the product income with the economic value added (EVA)
of small and micro enterprises, improves the product income, and at the same time,

the risk is shared by venture investors, which can attract investors with risk tolerance,
It can also control the risk of the product itself and meet the regulatory requirements
of the regulatory authorities for bank financial products.
In the process of product design, the pricing of the product is analyzed according
to the B-S model, the product parameters are optimized, and the relevant measures to
reduce the cost are put forward. Compare the product design scheme with other
structured financial products in the market, analyze and judge the competitive
advantages and disadvantages of the financial product, and put forward the marketing
promotion strategy of the product. By issuing financial products, banks not only help
small and micro enterprises obtain funds, but also provide great help for small and
micro enterprises to obtain bank loans, expand loan scale and improve credit line,
give full play to the function of financial intermediary and contribute to serving the
real economy represented by small and micro enterprises.
Key words: structured financial products, small and micro enterprises,
information asymmetry, EVA value linked
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