Research On The Legal Issues Of SME Bond Financing And Credit Enhancement

In the world economy, small and medium-sized enterprises are not to be ignored, the number of small and medium enterprises in the growing, the total economy of the total expansion. In our country, small and medium-sized enterprises also play an unparalleled role, however, small and medium-sized enterprises of our country are still disadvantaged groups, the difficulties it faces in its development more in large enterprises, which make headache for small and medium enterprises is still financing, financing difficult problem that SMES lack of credit guarantee institutions not secured.Small and medium-sized enterprises' financing modes include internal financing and external financing. Through the investigation and theoretical analysis, we believe that the bond financing will become the only way for Chinese SMES financing. However, the actual situation of small and medium enterprises issuing bonds seems to exist a lot of problems:the issue of bonds is high, the lack of effective market supervision, lack of market operation. Other problems of small and medium-sized enterprise itself, such as small size, less money, poor credit conditions. And as for external system environment, information disclosure system is not perfect, credit guarantee mechanism is imperfect, unequal in the benefits and risks, the risk compensation mechanism needs to be improved, and so on and so forth, those further deepen the bond financing difficulties of small and medium-sized enterprises. need to further explore.This paper discusses the problem of the financing of small and medium enterprises, introduces the basic situation of bond financing of small and medium-sized enterprises in our country and patterns put forward the issue of bonds, the establishment of small and medium-sized enterprise bond issuance, so as to effectively improve the credit rating, to enhance small and medium-sized enterprise credit. and whether it is bond financing, or through the collection of bond financing, there must be faced with small and medium-sized enterprise security is difficult this common problem. Therefore to the development of corporate bond financing. it is crucial to eliminate the small and medium-sized enterprise guarantee institutional barrierIn addition to the introduction and conclusion, the paper is divided into five parts.The first part, the basic theory of bond financing. This section first introduces the definition of small and medium enterprises, bond financing, as well as the necessity of bond financing.The second part is about the current situation of China "s SMES financing, the problems and causes, the problems are many, and the main obstacle is the information asymmetry, credit rating, credit guarantee system is not perfect, the status quo of the legal system can not guarantee the majority of small and medium-sized enterprise credit, so that it can not get the opportunity to obtain security bonds.In the third part, the suggestions to increase trust issue of how the solving and set the bond issue can let the small and medium-sized enterprises to increase trust, and bond financing for small and medium-sized enterprises facing problems are key is basically the same, must face the solution must guarantee to this common problem, and solve the difficult security problems is how to small and medium-sized enterprises to increase trust.The fourth part, revised "security law", ”company law” and improve the information disclosure system, the establishment of SME credit inquiry platform, credit investigation system, modify the "security law" to establish the credit legislation, credit evaluation system, improve the procedures to increase trust and credit enhancement level system. The establishment of a strong unified security agency to complete the credit guarantee, the current financial law system and other legal provisions on the financing of small and medium enterprises is not enough, it is proposed to amend and improve the bankruptcy law, the general rules of loans, including the establishment of investor protection system, small and medium enterprise bond debt service security system, the establishment of a security risk compensation fund, to accelerate the legal system of credit guarantee.