Empirical Study On The Factors Affecting Credit Spreads Of Issuance Of Small And Medium-Sized Enterprise Collection Notes In Our Country

SMEs have always been an important force in the development of China’s national economy. For a long time, SMEs provide jobs, promote industrial upgrading has played an important role. In recent years, as China’s economic structural adjustment and transition forward, the role of SMEs is not underestimated.With SME status and role in the national economy not match, the SME financing has been facing difficulties. It is a collection of notes SME policy mix this series one of the products. In November 2009,the People’s Bank of China and China inter-bank market dealer association to facilitate SME financing innovative financial products-SME collective notes.The research on SMEs Collective Notes is less. Especially for SMEs, an important issue that the collection of notes’issued credit spread has not yet commenced research. In view of this, this paper attempts to examine the affecting factors of SME collection of notes’issued credit spreads, and analyze SME collective notes’issuing price.This paper attempts to study the SME collection notes’ issuing credit spread determinants, tries to discover the main factors affecting its pricing, and on this basis proposes appropriate policy recommendations. Therefore, this paper is organized as follows:The first chapter is an introduction. In this chapter, the first is to introduce the background and significance of this study.The second chapter is part of the theoretical basis. This section focuses on defining the concept of the SME collection of notes and credit spreads; while also on the credit spreads of traditional and modern models are introduced.The third chapter descries the factors of SME collection notes’ issuing credit spreads.The fourth chapter provides an empirical study on the SME collection notes’ issuing credit spreads. This chapter is a core part of the article.Chapter V is conclusions and policy recommendations. Here, this chapter summarizes the important conclusion of this study.At the macro level, the macro economic boom, the broad money supply growth and inflation have significant negative effect on the issue credit spreads of the small and medium-sized enterprise collection notes, while the bond trustee for the small and medium-sized enterprise collection notes have significant positive effects on the credit spreads; in the issue of structural level, the size of the issue and bond rating have a significant negative impact on issue credit spreads of the small and medium-sized enterprise collection notes, and the effect of the period of small and medium enterprises set of notes on the issued credit spread is uncertain; in the financial level, profitability and debt paying ability have no significant negative effect on the issue credit spreads of the small and medium-sized enterprise collection notes, and the effect of accounts receivable turnover rate on small and medium-sized enterprises set note issuance of credit spreads is very small.Based on the above findings and the reasons for analysis, we draw the following policy recommendations:First, a collection of notes issued by setting the amount of the proportion of SMEs, the growth rate and other policy indicators, collection of notes issued to meet SME financing needs; secondly, through innovation the current way of security, to resolve the current collection of notes issued during the SME guarantee difficult problem; thirdly, a collection of notes through innovative high-yield products, reduce collection of notes issued strong guarantees for SMEs in the form of dependency and barriers to entry; fourthly, to simplify issuance procedures, standardize agency management, reduce debt issuance cycle.