Research On The Risk Of “Chang Zhou Smes Collective Bond In 2011”

Financing difficult problem has been a bottleneck restricting the development of small and medium-sized enterprises(SMEs), to crack this problem, the country has introduced a lot of policies and introduced a lot of innovative initiatives: SMEs collective bond, SMEs collective notes, SMEs private debt, the national equity transfer system, special funds and directional cut deposit reserve, etc..According to the theory of orderly financing, this paper will put the perspective on the bond market; according to the order of time, this paper choose SMEs collective bond which is the earliest Since the beginning of 2014, China entered the peak period of credit debt maturity, credit bond market has been in the event of default. Under this background, this paper mainly studies SMEs collective bond from the perspective of risk.In the review of the related literature, the thesis reveals that research on the risk of SMEs collective bond mostly from the point of view of the financial risk, and often only on credit risk, rarely from the view of SMEs with a debt risk classification, therefore it is very difficult to find the root cause of collective bond risks from research, so that the risk prevention measures are too vague and general, and there is no specific guidance.Based on this, taking "11 Changzhou SMEs collective bond" default event as the breakthrough point, this paper analyzes the credit risk, operational risk, market risk, legal risk and so on, and proposes some experience and enlightenment in the risk management according to the risk characteristics of the "11 Changzhou SMEs collective bond". In the analysis of credit risk, this paper weakens the theoretical analysis, and adopts the KMV model which used to measure the credit risk of the listing Corporation. Through the corresponding changes and alternatives, this paper makes a quantitative analysis of the credit risk of individual enterprises in the collection bonds. In the analysis of operational risk, through the current situation, this paper mainly gave an in-depth analysis of the root causes of operating risks. In addition, this article specifically analyzes the market risk, the legal risk, the risk of information disclosure, and the risk of credit rating system. Finally, on the basis of risk characteristics of "11 Changzhou SMEs collective bond", this paper puts forward its experience and enlightenment to SMEs collective bond’s risk management. Experience, to insist on the diversification of distribution, increase the investors the option, the innovation way of guarantee. Revelation, to further improve the internal governance structure of SMEs,standardize the market related supporting system, and introduce the bond delamination mechanism.