| Incubator provides small promising companies and start-ups with the venue, sharedfacilities, consulting, training, funding channels and a network of professionals to reduce thecost and risk for the small start-up companies to a certain extent. The purpose of incubator isto provide services of resources, technology and good environment for the newly establishedenterprises. So companies born or settled in the incubator is incubated enterprise. The rapiddevelopment of foreign and domestic incubators shows the supportive and promoting role ofthe incubator to start-up companies and the development of economics. At the same time, likethe majority of small and medium enterprises, the incubated enterprise also facing theproblem of financing difficulties. Because of the small scale factor, it’s a high cost throughindirect financing channels such as bank loans. As a result the direct financing channel suchas bond has a significant effect on small and medium enterprises. However a number ofintermediaries need to participate to the issuing of the bond which leads to high issuing cost.So even if SMEs are qualified to issue bond publicly, its demand amount is too small to becost efficiently. In order to make effective use of direct financing channels, this paper designbond products for incubated enterprise based on the cluster characteristic in order to make alittle contribution to the financing problem of incubated enterprise.This paper first defines the concept of incubator cluster which refers to the business groupformed by all enterprises within the incubator. Based on the interview of16parks in7cities,this paper summarized the overall status of the incubator cluster, existing financing methods,attitude towards financial innovation products, supporting from government for financing.Currently short-term bank loans play an important role in the financing methods for incubatedenterprise. And the mainly use is to expand production scale. Majority of incubated enterprisetake a wait and see attitude towards the innovative products such as SMEs collection of notesor bonds. Secondly this paper explains the necessity of bond financing for many small andmedium enterprises which are in the development stage from the perspective of corporatefinancing system and the expansion of financing channels. Most importantly this paperanalysis the feasibility for bond financing based on the characteristics of cluster. After all thepreparation work, this paper designed viable financial products for incubated enterprisesthrough financial innovation theory: the securitization products of private bonds centered inincubator and incubated enterprise cluster bonds. Private bonds securitization products use thetechnology of securitization to introduce the intermediaries which have more informationabout the issuers as the middle layer. This method achieves the goals of risk reconstruction to meet the needs of risk aversion investors. Incubated enterprise cluster bonds take theadvantage of cluster, highlighting the role of management committee of the incubator parks,improve the success rate of bond issues by market means. This paper aims to solve thefinancing problem of incubated enterprise to some extent from the point of bond financing bydesigning two practical bond financing products. |
