Research On The Development Of Credit Enhancement Assemble Bond Of Small And Micro Enterprises

Small and micro enterprises are one of the important components of China's national economy and play a key role in creating employment opportunities,increasing income,improving people's livelihood,and promoting economic development.But subject to small ad micro enterprises' small size,its imperfect financial system,the lack of collateral,low credit level and imperfect channels in Chinese financing market,small and micro enterprises are facing the dilemma of "financing difficulties and financing expensive".This greatly hinders the development of small and micro enterprises.Therefore,there is a need to innovate financing models to ease the financing difficulties of small and micro-enterprises.As a result,credit enhancement assemble bond of small and micro enterprises came into being.This article is mainly divided into four parts.First,by reading the domestic and foreign literature on the financing of small and micro enterprises,on the basis of analyzing the status of the development of financing channels for small and micro enterprises and summarizing the performance of financing difficulties of small and micro enterprises,the reasons behind the financing difficulties of small and micro enterprises are analyzed.Next,we introduce the operational mechanism and policy development process of credit enhancement assemble bond of small and micro enterprises.Compared with the small and medium-sized enterprises collective bond,we summarize the advantages of credit enhancement assemble bond of small and micro enterprises.The size of the issue,the maturity structure,the coupon rate,credit enhancements,and the payment and execution of interest payments of it are analyzed.Then,this paper takes "16 Tongchuang Micro-Debt" as a case,introducing the operation mechanism,financing process and bond issuance plan of the credit enhancement assemble bond of small and micro enterprises.The issue size is not reasonable.The credit promotion procedures is perfect.The financing cost is too high.The government financing platform has some risk in operations management and business revenue.At last,the goverment should build information database for small and micro enterprises;optimizing credit promotion procedures;building enterprise credit management system;enhancing monitoring and preventing risks;constructing of credit system of small and micro enterprises.In this paper,the main research inclued literature review,the method of data analysis and case analysis method.Through the analysis of and research of the full text,the following conclusions are drawn:First,tcredit enhancement assemble bond of small and micro enterprises is a win-win for the participating agencies.Second,credit enhancement assemble bond of small and micro enterprises effectively eased the financing difficulties of small and micro enterprises.Third,the development of credit enhancement assemble bond of small and micro enterprises needs further optimization.