Research On The Development Of Private Equity Bond In China 's Small And Medium - Sized Enterprises

On May 22, 2012, with the Shenzhen Stock Exchange launching the "Shenzhen Stock Exchange small and medium-sized enterprise private bonds business measures for the pilot, identified with the development of small and medium-sized enterprise private bonds in China officially started.Small and medium-sized enterprises in China has made rapid development after the reform and open-up policy, the current number of small and medium-sized enterprises in our country has accounted for 99% of the total number of enterprises, and has contributed more than 60% of the economic magtitude in our country. However, in our country’s financial system leaded by the commercial bank, small and mediumsized enterprises market economic treatment has not matched its economic status. Our country’s small and medium-sized enterprise financing source is heavily dependent on the commercial Banks, but not the bank’s prime loans.In our country, the problem of financing of small and medium-sized enterprises has become the obstacle to small and medium-sized enterprises develop or to the further development of national economy.For the problem of financing of small and medium-sized enterprises, Private equity securities business pilot have launched in China, hope to be able to alleviate the financing problems of small and medium-sized enterprises in our country.After more than two years of development, while small and mediumsized enterprise bonds made a good start in our country, also exposed many problems.Based on the study of the current situation of the development of small and mediumsized enterprise private bonds of our country, through the comparative study of the development of American high-yield bonds,, are analyzed the worth learning experiences and lessons from the development of the high-yield bonds of the United States from the aspects of the bond issuance system risk control, institutional investors.At the start of the third chapter in this paper,it point out the differences of the small and medium-sized enterprises private bonds and American high-yield bonds, then starting from the problems of bond market in China, give a comprehensive analysis to our country small and medium-sized enterprises private bonds scale, the legal system, the risk and problems existing in the development.For problems in the development of small and medium-sized enterprises private bonds in our country, this article from the perspective of the institutional investors, analysis the fund’s effect for the small and medium-sized enterprises private bonds in our country, existing problems in the development of the bond, and point out the meaning of public funds for small and medium-sized enterprises private bonds in our country.In addition, this article also analyzed the important role of credit addition in the development of our country’s small and medium-sized enterprise private bonds from the Angle of risk control.Finally, the article put forward some other suggestions for the development of small and medium-sized enterprise private bonds in China and look forward to the future of the development of small and medium-sized enterprise private bonds in China.