Study On Private Placement Bond Financing Problem Of Small And Medium-sized Enterprises Chinese

Small and medium-sized enterprises occupy the position in the national economy play a decisive role, is the same in our country. At present, China’s small and medium enterprises has become the engine of China’s economic growth, but also create a lot of jobs to China, can help countries to optimize and adjust the industrial structure. Therefore, the development of small enterprises has been hitherto unknown attention in our country. For the development of small and medium-sized enterprises, mainly depends on two aspects:first, how to manage the enterprise; second, how the enterprise financing. Now, the state introduced policies and regulations many support SMEs, to small and medium-sized enterprises has created fertile ground for the development of good, but the vast majority of China’s small and medium enterprises are not good at financing, not to mention the money as a tool, to play a full role.In recent years, because of the small and medium-sized enterprise financing from banks is more and more difficult, the financial center of gravity is shifting to the capital market. In the capital market, especially bond market has become an important channel of financing of enterprises. Has the important meaning of bond financing for small and medium-sized enterprises in China:one is to improve the financing situation of SMEs, two is the transfer to the community of small and medium enterprises positive signal, three is to provide long-term sources of funds for small and medium enterprises.Bond financing of Chinese small and medium-sized enterprises in the development of innovation, has introduced a small collection of bonds, the small and medium-sized enterprise set notes and other products, but they are not very good solve the small and medium-sized enterprise bond financing. Until2012May, the national launch of the small and medium-sized enterprise private debt this product, provides a smooth channels for small and medium enterprises bond financing, since it was launched a year, for SMEs has been raised nearly thirty billion funds. Small and medium-sized enterprises private debt has become an important means of financing of small and medium-sized enterprises at present the bond market.Small and medium-sized enterprises private debt in the United States called "junk bonds", but in the Chinese national condition, the small and medium-sized enterprise private debt has many advantages:one is to reduce the cost of financing for SMEs, two is the issue of approval is convenient, flexible use of funds three, four is to help enterprises to improve the market impact, five is a reasonable risk pricing, the six is a group of investors is more extensive, more matching, seven is the strong liquidity. Of course, the small and medium-sized enterprises private debt also has many limitations: only the OTC, two risk preference in investment is not mature, the three information disclosure accuracy is not high, four high risk bonds.Small and medium-sized enterprises private debt in the process of publishing are carried out continuously and improve the self-innovation, has introduced a SMEs collection of private debt in order to solve the financing needs of small and micro businesses, small and medium-sized enterprises can exchange private debt for debt equity swap to activate enterprise co..Small and medium-sized enterprises private debt is not the end of Chinese bond financing innovation, financing innovation in China’s bond is still a long way to go, in the future can be simultaneously from two aspects of the enterprise bond market system innovation and innovation of corporate bonds market products, and ultimately improve the capital market of China, and let China enterprise financing structure tends to balance.