Research On The Influnce Factors Of Bond Financing Cost Of Small And Medium Sized Enterprises

In the process of economic and social development,small and medium enterprises with its own advantages of rapid development,plays an irreplaceable role in making full use of social idle funds,promoting labor employment.At the same time,small and medium-sized enterprises are facing financing problems.The government and other relevant departments are very concerned about the development of small and medium-sized enterprises,has introduced a number of policies to actively broaden the financing channels for SMEs,the introduction of small and medium enterprises assemble bond,smecn and SME private bond pilot,the innovation of the financing of small and medium enterprises.With the implementation of the "Corporate Bond Issuance and Transaction Management Measures" in January 2015,the conditions for the issuance of bonds by small and medium-sized enterprises have been relaxed,and small and medium-sized enterprises can issue the corporate bonds in a private manner.However,there are still many problems in the process of issuing bonds in small and medium-sized enterprises,and the factors that affect the cost of bond financing are blurred and restrict the development of small and medium-sized enterprises.Based on the theories of MM theory,information asymmetry theory and signal transfer theory,this paper takes 839 small and medium-sized enterprises(SMEs)collection bonds,small and medium-sized enterprise bills and small and medium-sized private bonds as research samples from 2007 to 2015 in Shanghai and Shenzhen Stock Exchanges.This paper discusses the influencing factors of bond financing cost of small and medium-sized enterprises by analyzing the present situation of China's bond market and small and medium-sized enterprise bonds,and puts forward the hypothesis of credit rating,guarantee and enterprise financial condition on the financing cost of small and medium-sized enterprise bonds.The corresponding multivariate linear regression model is used to test the hypothesis results using the empirical method.After research,this paper concludes that the credit spread with credit rating is low,and the credit rating is negatively correlated with the credit spread of SME bonds,which proves that credit rating can reduce the financing cost of SME bonds.And compared to large enterprises and other enterprises,the credit rating on the private SME bond financing cost reduction is more significant;and other corporate bonds is different,the guarantee can significantly reduce the SME bond credit spread,because the guarantee mechanism and the professionalism are stronger than the ordinary enterprise guarantee.The empirical results show that the financial condition of small and medium-sized enterprises has no significant effect on the bond financing cost.Finally,on the basis of the research and analysis,according to the results of the empirical test,this paper puts forward some suggestions on how to promote the development of the bonds of the small and medium-sized enterprises,including improving the credit rating of the bonds and establishing the unified credit rating system of the small and medium-sized enterprises;the government to promote the construction of the guarantee mechanism to ensure the operation of the guarantee institutions more standardized;strengthening the information disclosure of SMEs,improving the transparency of information on bonds and improve the financial management system;starting from the perfect property right system and the enhancement of small and medium-sized enterprises strength,improving the inequality of small and medium enterprises.