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Research On Legal Regulation Of Small And Medium Enterprises Assemble Bond’s Credit Risk

Posted on:2014-07-27Degree:MasterType:Thesis
Country:ChinaCandidate:J Y HuangFull Text:PDF
GTID:2296330425980096Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
In this paper, ideas about how to improve our legal regulation system of small andmedian enterprises (SMEs) assemble bond’s credit risk is tried to be expounded under thepremise of combing its basic theory, through the study of related legal regulation system ofcorporate bond, combined with the peculiarity of SMEs assemble bond, in order to make acomplete study and research on this system. The paper is divided into four parts:The first part proposes the basic theory of the legal regulation system of SMEsassemble bond’s credit risk. SMEs assemble bond is born with a high risk because of theassemble peculiarity and the internal defects of small and medium enterprises, so a thoroughlegal regulation system of its credit risk is necessary. This system is designed not only toprotect the legitimate interests of the creditor, but also to promote effective development ofSMEs assemble bond to overcome the financing difficulty of SMEs. Some principles shouldbe followed while designing the system to ensure its reasonableness: combining advanceprevention with afterwards management, combining external regulation with internalcontrol, and regulate the risk moderately.The second part puts forward the basic structure of this system. According to the lawof risk’s generation and the above principles, a system including risk preventing, riskrevealing and risk supervision mechanism is set up. In particular, it consists of internal riskcontrol, credit enhancement, information disclosure, credit rating and securities supervision.The third part points out the defects of the existing system of our country. In terms ofinternal risk control, SMEs are weak in corporate governance structure and internal control;in terms of credit enhancement, there is a single credit enhancement mode, and a defectivecredit guarantee system with weak risk control; in terms of information disclosure, SMEslack thorough internal information management while of the whole market lacks a thoroughinformation disclosure system; in terms of credit rating, rating agencies of strong authority,bond rating system and follow-up rating are absent; in terms of risk supervision, the strict requirements and examination and approval system are set up for the issue of such bondunder the influence of a logic error of supervision, and the supervision system is alsodefective.The fourth part is base on the above questions and proposes improvement suggestions.Strengthen the internal risk control in SMEs through the improvement of corporategovernance structure, internal control and external supervision. Establish a perfect systemof credit enhancement through legislation, mode innovation and the building of creditguarantee system with perfect risk control. Improve information disclosure system throughthe improvement of the whole market information disclosure system, SMEs internalinformation disclosure management and incentive mechanism of information disclosure.Perfect the credit rating system through the establishment quality control system, externalsupervision of credit rating and the rating criteria especially for SME assemble bond.Strengthen the external supervision through transforming regulatory logic and issuingsystem and perfecting supervision system.
Keywords/Search Tags:small and medium enterprises assemble bond, credit risk, internalrisk control, credit enhancement, information disclosure, credit rating, risksupervision
PDF Full Text Request
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