Research SME Collective Bonds System

The national development and Reform Commission was clearly defined: there will start Industrialcluster SEMS Issue the collection type corporate bond etc to enter the capital market. In <The opinionsabout encourage Industrial cluster development> at November2007. In the same year,‘The SEMScollection bond of city of ShengZhen’ and ‘The SEMS collection bond of Zhongguancun science area’were successful Issued. By the end of2012, there were10SEMS collection bonds successful Issued. Fromthe perspective of span of time, The density of SEMS collection bond Issues was lower than it should be,only one or two SEMS collection bond Issued per year, from the perspective of the bond’s scale,the SEMScollection bond was lesser than it was needed: most of them were only distribute to each company Tens ofmillions. But for the SEMS who were in the period of developing, SEMS collection bonds’ long time topayback and lower cost of financing are valuable. So although there were some problems occurred in thelevel of law and running mechanism, its value in economy and system should be acknowledged. This paperaims at from the angle of the respond to the need of system, by means of thoroughly review theelements/features/dilemma in the capital market/the reasons of the dilemma/the relationship of thereasons/the reflections between the reasons of SEMS collection bond, and then thoroughly systemicanalysis review its buildingbackground/reasons/destiny/problem/feature/theways to improve. And hope itwill get some discovers at design of system construction and mechanism operation. This paper has fourparts except foreword.Foreword: Summarize of SEMS collection bond, introduce and carding its basic foundingbackground/development/research status.First part: Introduce the correlation theory, include the relate law and economic theory.Second part: use the list to organize the issued SEMS collection bond information by the timesequence.Third part: At first, basic on second part’s organize and tease，draw the EMS collection bond’s factors,and then analyze this factors’ develop context/tendency/the social and economic effect/risk. And thenthrough compare with common bond to draw their differences, confirm SEMS collection bond’s place andget its features. Use the theory to analyze the relationship between the design of EMS collection bond andits performance in economic area.Fourth part: Analyze SEMS collection bond’s elements and features’ use and effect in the practice.Base on the third part’s expound and relative theory to analysis the issued and will be issued SEMScollection bond’s positive and negative effect in the feature, and make a targeted forward-looking.