Study On The Development Of Chinese Small And Medium Enterprise Assemble Bond In The Perspective Of Institutional Environment

Small and medium enterprise assemble bond provides a new path for small and mediumenterprise, opening the door which direct financing of small and medium enterprises. It is amajor innovation in China’s bond market. Compared with the general corporate bonds, smalland medium enterprise assemble bond is more conducive to small and medium enterprises toform a coalition. Thereby it reduces the cost of financing for small and medium enterprises,and promotes the sustainable development of small and medium enterprises. However, sincethe small and medium enterprise assemble bond has been issues, scale and scope of servicesis very limited, there is a huge gap between demand and supply. Why to solve the problemof financing of small and medium enterprises small and medium enterprise assemble bondissued in our scale and speed so unsatisfactoryas a powerful weapon? Synthesis of existingsituation, it is not difficult to find that public awareness is low and small, medium enterpriseof the bond itself for small and medium enterprise assemble bond the institutionalenvironment defects in the bond issuance process is the key to solve the problem! Small andmedium enterprise assemble bonds, mostly stay in a general sense. There is very fewspecific institutional environment to enhance so as to promote the development of Small andmedium enterprise assemble bonds. Therefore, this study is from the environmentalperspective of system to study the development of the small and medium enterpriseassemble bonds from the system specification to promote the healthy development of thesmall and medium enterprise assemble bonds.This paper uses a standard research method. Small and medium enterprise assemblebonds on the basis of theoretical and practical needs of research, combined with the currentsmall and medium enterprise assemble bonds issue of the status quo, that the most importantfactor of the development of the small and medium enterprise assemble bonds for impactinginstitutional environment; Subsequently, it bases on institutional environment perspective,analysts pointed out that obstacles of small and medium enterprise assemble bonds containitself, the main issue of standards, the core laws and regulations. And the resolution of theseissues are the keys to promote critical and the development of small and medium enterpriseassemble bonds. Finally, to improve the conduct of the institutional environment of thesmall and medium enterprise assemble bonds, we must learn from foreign experience insmall and medium enterprise financing system environment; combine with our currentfinancing situation of small and medium enterprises, come to the perfect path of thefinancing of small and medium enterprises institutional environment, and eventually putforward four areas to improve the small and medium enterprises in China institutionalenvironment of the small and medium enterprise assemble bonds. They are the main issue ofthe guarantee system, the core of the laws and regulations, monitoring system.