The Growth Of Small And Medium-sized Enterprises Of Convertible Bond Financing

Growth of small and medium-sized enterprises as an important part of the small and medium-sized enterprises, is a country’s innovation and development of gene, is one of the important main country jobs, is an important power of a country’s economic innovation. But in terms of China’s current growth of small and medium-sized enterprises facing the small and medium-sized enterprise widespread financing problems, to some extent inhibit the action of the play.Because of a shortage of China’s financial market innovation, the enterprise financing long-term dependence on traditional exogenous financing, ordinary exogenous financing can’t adapt to the growth of small and medium-sized enterprise own characteristic, to promote the efficiency of the financing. Because the convertible bonds with the characteristics of the creditor’s rights, equity and options, make its financing has the characteristics of the risk neutral, it kind of high-risk characteristics of high and the growth of small and medium-sized enterprises. Convertible bonds can effectively solve the principal-agent problems of small and medium-sized enterprises, improve the corporate governance performance. Convertible bonds can also solve the problem of small and medium-sized enterprises credit guarantee, continuous financing problems. The introduction of the convertible bond is beneficial to the healthy development of the growth of small and medium-sized enterprises, improve its survival rate, the initial, in turn, increase the vitality of economic development, improve the social employment, provide important support for stable economic development.In this paper, by using the standard research method, system research method and comparative analysis methods on the growth of small and medium-sized enterprises convertible bond financing system research, this paper studies structure is as follows:the first chapter the thesis research background and significance, combed the related question research literature at home and abroad. The second chapter on convertible bonds with the growth of small and medium-sized enterprises, on the basis of definition, summarizes the thesis involved in the study of relevant theories. Game perspective, both sides of the third chapter is based on the investment and financing through convertible bonds with ordinary exogenous financing to prove the applicability of the convertible bonds to the growth of small and medium-sized enterprise financing; Cybernetics perspective based on the value system, through the realization of the convertible bonds to realize the stability of the systems that growth of small and medium-sized enterprise characteristic is suitable for use convertible bond financing. The fourth chapter summarizes the existing domestic small and medium-sized enterprises (smes) convertible bond model, then based on the growth of small and medium-sized enterprises features think unsecured private collection of convertible bonds is suitable for the growth of small and medium-sized enterprise financing model of convertible bonds. The fifth chapter from two aspects of operation flow and node control specific interpretation unsecured private operation of the convertible bonds. Sixth chapter based on the growth of small and medium-sized enterprises of convertible bond financing analysis of the internal and external obstacles with corresponding countermeasures and Suggestions are put forward.