Research On The Status Quo And Countermeasures Of SMEs' Collective Bills

SMEs pay more than half of the total tax,provided the most jobs,play an important role in the national economy,But it is difficult to obtain financing of this problem has always restricted the development of SMEs.To solve the financing difficulties and expand the financing channels of SMEs,National Association of Financial Market Institutional Investors(NAFMII)in 2009 to create SEMCN.2012,the product registration and circulation reached its peak,but then all the way down,to 2016 registered and issued data all zero.SMECN is not the only way to bond financing,just to provide a more channel,mainly based on the following three factors:From the point of view of the future development trend of social financing,the financing of the developed countries in foreign countries is mainly based on direct financing,especially bond financing.From the perspective of the business platform of SMECN,the interbank bond market occupies the absolute leading position in the domestic bond market.From the perspective of the collection of bonds,it is not only feasible,but also have certain advantages.In this paper,the stagnation of SMECN as the research background,Analyze the product from the registration and distribution data(interest rate,term,guarantee structure,debt rating,etc.)?Comparing with other Non-Financial Enterprise Debt Financing Instrument?Compared with other SMEs bond products?Learn from foreign experience?Business process problem analysis,related support policy analysis,Find out the crux of the problems.This paper argues that the main issues that restrict the development of SMECN can be summarized as follows:Participation in intermediary investment and pay does not match,Information disclosure is not in place beacause Limited by the characteristics of SMEs itself and the information disclosure form had not been established,Lack of guarantee and product structure innovation,Lack of policy institutions for non-market-oriented business caused by business stagnation,Regulatory policy can not be treated differently,limiting the enthusiasm of business participants,Lack of investment in high-risk bonds.In this paper,the following countermeasures are put forward:It is recommended to draw up the P-CBO model to set up a specialized agency to nurture and guide investors to form a favorable investment environment and increase supervision of intermediaries.It is recommended to publish the form system,strengthen the terms of the insurance and the letter of the research and promotion,refer to the P-CBO model into the enterprise pool concept.At the same time,this paper also puts forward some countermeasures to increase the guidance to SMEs,to provide professional rating work,to establish risk sharing fundThis study is practical significance,not only is necessary,and also has certain practical significance to improve the financing environment for SMEs.