Legal Research On The Medium And Small Enterprises Papers

Since the reform and opening up, China's economic has a rapid growth, and the SMEs in China has made a significant contribution. But in a long time, indirect financing is still the mainly part in China , and there are lots of disadvantages in the financing of SMEs.Since its inception in 2008, the medium and small enterprises papers became attractive and popular, showing a good development.The medium and small enterprises papers has its in risk, market access, security and so on, so it plays positive role in the development of the bond market, solve the problem of that SMEs can't issue bonds or cost too much, ease cash flow problems and financial crisis of SMEs , and improve corporate reputation and competitiveness.Meanwhile, after comparing with loans, the medium and small bonds, enterprises bonds, corporations bonds, etc., we can manifest that in all aspects it has advantages, and ultimately reduces the cost of financing, so that's why it is so popular in the market.There are Multi-layer paper legal relationships in this paper, including but not limited: the relationship between issuers and investors, the relationship between issuers and underwriters, credit rating agencies, credit promotion agencies, auditors and accounting firms and law firms, and so on.Meanwhile, among these relationships, it shows that there are deficiencies and risks. Therefore, It should establish and perfect some related systems. This paper has showed great significance, therefore, we should devote to improving it and try to make it a perfect one.