A Case Study Of The Collection Of Small And Medium - Sized Enterprises In Changzhou In

Small and medium-sized enterprises(SMEs) have played a important role ineconomic development of China since reform and opening up,and make importantcontributions to Chinese GDP. However,there is still a crucial problem which restrictgrowth and development of the SMEs:the difficulty of SMEs’ financing.Ourgovernment has attached great importance to the crucial problem about SEMs,andsome related scholars and experts explore the new solution in practiceconstantly.China High-tech Industrial Development Zone Bond had been issuedsuccessfully in July2003,through binding issued enterprises bond firstly.And thisbond became a brand-new sample of bond-issued.Four years later,the real two SMEscollective bonds have issued:Beijing Zhong Guancun and Shen Zhen SMEs’collective bond,and are very popular with lots of investors.So far,there are13SMEscollective bond have been issued successfully and financing5.2billion Yuan in all.There is a variety of tough problem in the process of issuing the SEMs’collective bond.The of SMEs is different and many of SMEs are belong to diverseindustry,so the capacity of risk immunity among SMEs are different and the Creditrating of SMEs is very low under normal circumstance.Hence,it is an importantquestion that what kind of SMEs will be selected to join the SMEs’ collective bondcan decrease the risk of the set of SMEs and reduce the probability of default ofbond.In addition to this,there is another tough question that the difficulty of promotingthe Credit rating of bond.If the SMEs’collective bond cannot be promoted the Creditrating effectively,it could not pass in the audit of NDRC(National Development andReform Commission)and could not be accepted by financing industry at the sametime.Previously on the study of the SMEs’ collective bond,many scholars and expertsstudied this bond in terns of theory and made their own conclusions finally.DomesticSMEs’ collective bond were paralleled with similar overseas financial instruments bymany scholars and experts.This paper focuses on a special SMEs’ collective bond(Chang Zhou SMEs’collective bond in2011) and analyzes two problems of this bond that selection of theSMEs and promoting the Credit rating of bond,then makes a comparison with theconclusions based on related theories.In this paper,I analyzed three rules of selection of SMEs’ firstly:the relationship of industries which are SMEs belong to;therelationship and otherness among SMEs.Secondly,I analyze several problems aboutpromoting the Credit rating,including guarantee of default of bond and the Creditrating.The guarantee of bond includes analysis of corporation background,financecondition and operating performance of guarantor.But about the Credit rating,Ianalyze related risk of bond,then give some advices of risk.At last,the conclusionsfrom the analysis of case are compared with related theories.And some advices of thedevelopment of the SMEs’ collective bond,such as making changes of the function ofgovernment in the issue process,considering more aspects of the SMEs selection andreleasing new information without delay, in future, are issued.