A Research On The Credit Risk And The Measures Of Credit Enhancement Of SME Private Placement Bonds

In recent years, the growth of small and medium-sized enterprises in our country has metthe difficulty of financing. Traditional ways of financing have been difficult to meet thecapital requirements of them. People from all walks begin to explore new financing tools.Compared to other countries,we find the lack of high-yield debt financing tools in our country.Consequently, our country launched a Chinese high-yield bonds, SME private placementbonds. With the development, the issuer of SME private placement bonds tend to be more andmore complicated.The risk is growing.Therefore,this article chooses the SME private placement bonds and its risk as theresearch subject.A bond，a SME private placement bond， is selected as analysis object forcase analysis.Firstly，this paper analyses the reasons why SME private placement bonds werechoosen by A company.Secondly,this article analyzes the credit risk included in Abond.Thirdly,this paper tries to explore the operation mechanism and key points of creditenhancement.Besides，this paper analyzes the problem of private bond market in ourcountry.At last,this paper tries to offer a proposal for consummatesthe market of SME privateplacement bonds.