Research On The Development Of SMEs' Collective Bond

Chinese SMEs contribute greatly to the economy development and employment of China. At the same time, they have very few channels in financing and face to many financing difficulties. The creation of SMEs collective bonds provides a new path to SMEs financing and open the door to direct financing of SMEs, it is a very important innovation in Chinese bond market. However, since the issue of SMEs collective bonds, its scale and scope are very limited. There is a huge gap between its demand and supply. This study aims to promote the development of SMEs collective bonds, and make it standardized, extensive, facilitative and common. Main content:Chapter I:Introduction. Point out the background of this article, purpose and significance, research status, content and method. Chapter II:Overview of SMEs collective bonds. Introduce the concepts, characteristics, advantages, market structure and operation of SMEs collective bonds. Chapter III:Theoretical support of SMEs collective bond's development and its feasibility analysis. Include financial innovation theory, pecking order theory and cluster financing theory. Besides, show the possibility of SMEs collective bond's development from policy, law, supporting systems, issuers' demands and market demands. Chapter IV:Current situations and problems of SMEs collective bond. Include its trend, geographical distribution, the term structure, credit enhancement situation, issuer's industry and ownership structure and its cost-benefit situation. Point out its main problems. Chapter V:Obstacles on the development of SMEs collective bond. Include restrictions on law, approval, organization, coordination, qualification, credit guarantee, credit inquiry system, credit rating and bond market innovation. Chapter VI:Strategy and suggestion on SMEs collective bond's development. Include improvement on law, management; establishing information database of issuers; strengthening support from government; updating credit enhancement system; innovation on SMEs collective bond's market; improving credit rating and risk management.