Research On The Legal Issues Of Small And Medium-sized Enterprises' Bond Financing In China

In various countries' economy, the small and medium-sized enterprise is the noticeable part, specially after World War II, the small and medium-sized enterprise around the world develop rapidly , it has made a major contribution to the economic development and social progress of all countries , various countries started to take more emphasis on the role and status of small and medium enterprises day by day. Since the reform and open policy, the Small and medium-sized enterprise of our country has grown strong unceasingly, already occupied the enterprise total number 99%, has become our country national economy and the social development important force, it is playing more and more vital role in economic prosperity, employment, innovation, improvement, livelihood of the people aspects and so on. Although the small and medium-sized enterprise is playing important role in our country ,but, in our country Small and medium-sized enterprise is also the minority groups, the difficulties that meets in the development is much more than the big enterprise. Past two years, the global financial crisis has attacked the small and medium-sized enterprise heavily,"finances difficulties"was still the headache of the small and medium-sized enterprise. At present the main financing way of the small and medium-sized enterprise has three kinds: bankloan, stockfinancing, bondfinancing, because of the country financing structure's flaw and the small and medium-sized enterprise own condition's limit, the big bank is reluctant to loan to the small and medium-sized enterprise. Compared with seeking finanacing by listing on the stock market, bond financing only need relatively low threshold and the simple procedure , it let the numerous small and medium-sized enterprises see the hope, issuance of bonds have become the last straw of the small and medium-sized enterprise. This article is under the financial crisis background, studies the status of bond financing, Bond financing legal environment and legal obstacles of small and medium-sized enterprise , it can create a non-barrier, fair legal environment for financing For SME's health, sustainable development , and lay the foundation for China's economic recovery and take-off ultimately.Full-text is divided into five partsThe first part, introductory remarks. this part describe the background and significance of the bond financing for SME, proposes the question of this article, defined related concepts, subsequently carries on the review to the domestic and foreign research results, finally introduced the research method that has used.The second part, definition of SMEs. this part analysis the meaning of definition of SMEs ,describes the main definition of international standards for SMEs, finally led to the current criteria for the classification of SMEs in China.The third part, the function and comparison superiority of our country small and medium-sized enterprise bond financing. by comparative analysis of bank loans, equity financing costs, pointed out that bond financing is the realistic necessity for medium-sized enterprise.The fourth part, the status of bond financing of SMEs in China and Analysis of legal obstacles to financing. This part embarked from the influence supply and demand's factor ,Analysis the development status of China's bond market by use of the market supply and demand analysis method. Next introduced our country Small and medium-sized enterprise bond financing legal environment, finally analysis the legal reasons of our country bond financing.The fifth part, asolve the designing of the legal system of bond financing difficulties of SMEs in China. Through the above several parts analysis of the status quo of China's bond financing for SMEs and the legal obstacles , this part put forward some proposals and opinions from eight aspects in solving the small and medium-sized finance difficult.