Legal Matter Research For Collective Bond Of SMEs

The importance of the bond market is to produce innovative securities product to meet the needs of both enterprises and investors.This bond innovation model for solving the financing difficulties of SMEs is a very useful exploration. But in reality the process of advancing, there are many system design challenges.Only by solving these problems is only possible to promote this financing model.This article is through a collective bond issued in China Empirical Analysis. Defines clearly the complex legal relationship, proposes the relative consummation legal advice.Constructs the collective bond regime frame.Enables the collective bond to play the major role in the SMEs financing platform. The full text is divided six chapters: The first chapter is the introduction. This chapter is a summary of the full text of statement. An overview of the main topics of the background and significance, reorganizes the collective bond research-related domestic literature and the research present situation, expounds the research goal of this article .The second chapter is the collective bond related-research for SMEs .SEMs present an collective bond , the function and feasibility of a comprehensive analysis. The third chapter of China issued"07 Shenzhongxiao","07 Zhongguancun"and"09 Lianzhongxiao"to empirical analysis, sum up characteristics of the collective bond , distribution elements and procedures for issuing.The fourth chapter based on empirical foundation, it has analysed the collective bond existence the question:already distributed the collective bond's guarantee system relies on the public credit excessively, excessively high financing cost , the examination procedure complex,independent credit rating organization lacking , to collect the fund use existence legal impediment, the interest rate mechanism also to lack the risk mechanism and the price flexibility.The fifth chapter was base on the question of the collective bond existence, proposed that solves the above question key.Makes the different types of SMEs to find a suitable security model to their own conditions, so that the collective bond financing model can solve the problem of financing small and medium enterprises play a greater role.The sixth chapter for formulating a sound collective bond of the other proposals. collective bond financing platform for SMEs in order to play a greater role in addition to improving its credit guarantee system, the in improving the credit rating agencies to increase the liquidity of a collection of bonds to expand the use of funds raised and improve the collection of bonds, interest rates and other aspects to conduct the relevant institutional arrangements to facilitate collective bond normal, market-oriented development.