The Research Of The SMES Collective Trust Claims Fund

Becoming increasingly severe financial crisis and the European debt crisis led to the continued deterioration of the international economic environment and the weakness of the domestic economy which make originally the financing difficulties of SMEs like one disaster after another. The SMEs face a crisis of survival and the outbreak of the closures. The SMEs play an important role in the national economy, has become the consensus of all walks of life. Therefore, the joint efforts of government policy support, the theoretical study of the scholars and the business community self-help, gradually give birth to some new financial tools to solve the financing of SMEs. The claims fund of SMEs collective trust is the most innovative and advantage.In this paper, the main research methods include the review of literature method, the method of case analysis and the comparative analysis method. By reading a lot of the domestic and foreign literature, I analysis the SMEs finance theory and research results. A collection of the Trust claims fund new financial instruments for SMEs was born in Hangzhou recently, foreign research about it almost blank, domestic freedom very few literature exploring.The SMEs collective trust claims fund was born in Hangzhou recently, the research about it abroad almost empty and the domestic few literature inquiry. However, based on the "Bao shi liu xia" as a case in this paper, detailed descriptions of the distribution data, design concepts and distribution process. Then, the paper analyze of the benefits of the various agencies involved in SMEs collective trust claims fund. At the same time, by comparative analysis, comparing the pros and cons of SMEs collective trust debt funds, bank credit, traditional financial support, venture capital, the SMEs collective bonds and the SMEs collective notes. Based on practical cases, the paper points out the existing problems including enterprises small scale of capital, low rate of selection, high credit ratings cost, moral hazard, capital pricing and subscription proportion problems, and analyzes the causes of the problems. Finally, the paper put forward some countermeasures, including to build SMEs credit rating system, strengthen the construction of the internal management system, strengthen the insurance risk control, build an information disclosure platform, and build equity rights trading market for SMEs.The case of this article by the "Bao shi liu xia", the paper detailed descriptions of the product design, financing mechanisms, issue process as well as financing effect of the SME collective trust claims fund, so that the public can understand and other local governments can learn. Finally, the paper put forward some suggestions which have theoretical reference value and practical significance to improve SMEs collection the Trust claims funds.