Research On The Countermeasures Of Credit Enhancement For Small And Medium-sized Enterprises Assemble Bond In China

The development of small and medium-sized enterprises plays an important role in the social and economic development of our country,but it is always facing the difficulty of financing.In recent years,the financing methods of small and medium-sized enterprises in our country have been innovated continuously,and the bond collection of small and medium-sized enterprises is one of the innovative achievements.Aggregate bonds for small and medium-sized enterprises are an innovative financing method that is jointly issued by a number of small and medium-sized enterprises in order to solve the financing difficulties,and it requires the government,guarantee agencies and credit rating agencies and other multi-party to participate in coordination.In 2007,China issued the first small and medium-sized enterprises bond-07 of shenzhen small and medium-sized debt,it was jointly issued by 20 small and medium-sized enterprises in Shenzhen bonds,pioneering the small and medium enterprise bond financing mode in our country.However our country's small and medium enterprise collective bond is still in the primary stage,its development is faced with many immature conditions and obstacles.By the end of 2017,28 aggregate bonds of small and medium enterprises in China have been issued,of which the bond issuers have not been able to repay the interest and the guarantee company pay the interest.On the one hand,the occurrence of this kind of default event has increased the concentration of risk in the guarantee corporation platform;on the other hand,it embodies the lack of credit increasing means for the collective bonds of small and medium-sized enterprises in China.The credit enhancement is important for the smooth issuance of the collective bonds of small and medium-sized enterprises.It can improve the enthusiasm of investors to buy bonds,reduce the financing cost of SMEs,and expand the financing channels of SMEs.At present,there are still many problems to be improved in the way of credit upgrading of the aggregate bonds of small and medium-sized enterprises in our country.This paper takes the credit enhancement of the bonds of small and medium-sized enterprises as the starting point and analyzes the problems which are according to the questions raised.The idea of solving the problem is to study the credit enhancement of small and medium-sized enterprises.First of all,the paper makes a deep analysis of the status quo and existing problems of the credit enhancement of the small and medium-sized enterprises in China.At present,the credit enhancement of the aggregate bonds of small and medium-sized enterprises in China is divided into external and internal credit enhancement.The external credit enhancement mainly depends on the third party guarantee,and the internal credit enhancement mainly includes the setting up of debt service fund account,the design of bond rights and so on.The external credit upgradingmeans are single,the internal credit upgrading methods are simple and primitive.Secondly,through the study of other bond credit upgrading methods in our country,it provides experience and reference for the small and medium-sized enterprises of our country to aggregate bond credit enhancement.For example,the equity transfer design of convertible bonds,the system of making up the difference between principal and interest of project income bonds,the priority secondary structure design of credit asset securitization,and so on;thirdly,some advanced ones in the United States,South Korea,and Japan.The characteristic credit upgrading method is analyzed,and the mature experience suitable for the credit enhancement of the small and medium-sized enterprises in our country is used for reference.Finally,the present situation of the credit enhancement of the small and medium-sized enterprises in our country is put forward.There are some countermeasures to improve the credit rating of small and medium-sized enterprises,such as the establishment of the accounts receivable system,the improvement of credit rating guarantee mechanism,and the credit increase of the secured debt trust.The innovation of this paper lies in broadening the field of vision of the previous research on the credit upgrading of small and medium-sized enterprises' collective bonds,improving the present situation of the single means of credit enhancement,and putting forward more feasible countermeasures to improve the credit upgrading of small and medium-sized enterprises' collective bonds through the research.It also puts forward that the mechanism of receivables mortgage should be applied to the external credit enhancement of small and medium-sized enterprises' collective bonds,so as to activate the high quality accounts receivable of small and medium-sized enterprises,and to innovate the forms of financing of small and medium-sized enterprises.In addition,the paper also puts forward the design of debt-for-equity swap for small and medium-sized enterprises.Investors can choose to convert the debt of the company into the company within a certain period of time when the trigger condition is encountered.