A Study On The Financing Effect Of The SMEs Private Placement Bonds Issued By NSTC

Since December 2013,the NEEQ expansion to the country,more and more small and medium-sized enterprises to enter the NEEQ,the NEEQ increasingly highlights the function of financing for small and medium enterprises.However,most SMEs is still facing the plight of the situation because the NEEQ's liquidity is weak and SMEs' poor credit.In 2012,the introduction of the SMEs private placement bonds,strengthen the direct financial and small and medium-sized micro-enterprises effective docking,to solve the financing problem of SMEs and to provide a new effective way for the capital market.The SMEs which enter the NEEQ' innovation layer is undoubtedly qualified issuer for the SMEs private placement bonds.This paper first reviews the financing of small and medium-sized enterprises and multi-level capital market theory,followed by the development of the NEEQ,financing methods and other institutional background to sort out the foundation for this article,and then conducted a case study which NSTC released SMEs private placement bonds,roughly speaking,the paper introduced the situation of NSTC,the financial difficulties and the financing situation which entered the NEEQ innovation layer.Then the paper discussed financing program of SMEs private placement bonds.At last,the paper researched the feasibility,implementation and the financing effect for the case.Through case analysis,this paper also found that the SMEs private placement bonds in practice had a strong feasibility,a good applicability in the law and policy and the risk of controllable.