The Research On The Development Of Small And Medium-sized Enterprise Private Bonds In China

After more than one year’s development, the small and medium-sized enterprise private bonds has made a great progress, but also encountered many problems, such as sales difficult problem, high risk problem, high financing cost problem, valuation difficult problem, liquidity problem and so on. All of these problems become impassable during the development. In order to promote the development of the small and medium-sized enterprise private bonds better. The urgent need is to carry out in-depth and detailed researches of it in china.The article first introduces us the development of the small and medium-sized enterprise private bonds. At the same time, the foreign high yield bond is introduced, and the existing problems of small and medium-sized enterprise private bonds of our country draw lessons from a meaning.The focus of this article is to introduce the present development situation of the small and medium-sized enterprise private bonds in China and the problems in the process of development, such as sales difficult problem, liquidity problems, high risk problem, investment single issues, high financing cost problem etc. In this paper, the author had the honor to participate in the small and medium-sized enterprise private bond’s development throughout the entire process, and still will be the small and medium-sized enterprises private bonds as the main business of the author. the market participation of the Small and medium-sized enterprises private bonds from the beginning has a high temperature, but rapid market participants actively cooled, and then it become the governments financing channel, until now a lot of issue2years ago of the small and medium private bonds breach the contract, all of these are the process of small and medium-sized enterprise private bonds development, and also are the process of road the market development to explore. In this process, as practitioner, in order to promote the development of the business, the author do a lot of job to promote the small and medium-sized enterprise private bonds development, such as researching, thinking and so on, at the same time, the author have the knowledge and understanding of the profound to the existence of small and medium-sized enterprises private debt problems in developing process.The core of this article is giving some feasible suggestions to solve the problems related of the the small and medium-sized enterprise private bonds. For examples, how to improve the liquidity of the small and medium-sized enterprise private bonds, how to develop diversified institutional investors, how to protect the interests of investors, how to introduction of hedge mechanism etc.