Research On Credit Risk Management Of Small And Medium Enterprises In Z City

In recent years,a large number of small and medium-sized enterprises(SMEs)in China have faced more difficult financing bottlenecks in the process of development.In May 2012,China's Shanghai-Shenzhen Exchange launched SME bonds to actively open up financing channels for SMEs in China.Since the 18th National Congress,the Chinese government has proposed to speed up the construction of a multi-level capital market system and vigorously develop the bond market.The bonds of small and medium-sized enterprises are new types of bonds in China,but this is also a precedent for China's bond default.For securities investors and securities markets in China,Its ability to guard against risk will be severely tested.Where are the bond risk and risk spillover control points?How to increase the credit of corporate bonds?It is a major problem facing the bond financing of small and medium-sized enterprises,and it is worth our thought.Therefore,this paper starts with the topic of credit risk prevention of SME bonds in Z city,and refers to a large number of literatures on SME bonds,which provides theoretical support for the writing of the paper.Through the financing business of small and medium-sized enterprise bonds as a starting point,this paper uses the methods of literature research and comparative analysis to collect and study the specific arguments and arguments of small and medium-sized enterprise bond issuance,to carry out analysis and comprehensive organizational demonstration,to make a comprehensive observation,and to systematically study the credit risk of small and medium-sized enterprise bond issuance from the perspective of economics and management.First of all,it is to study the current situation and problems of credit risk management of Z city's small and medium-sized enterprise bonds.Secondly,from the perspective of management,this paper puts forward the prevention strategies of credit risk of Z city's small and medium-sized enterprise bonds,and constructs a credit rating mechanism and a corporate credit risk assessment system.Finally,the paper puts forward some measures to guarantee the credit risk of small and medium-sized enterprise bonds.This study found that with the development of the market economy and the continuous changes in the financial market,many small and medium-sized enterprises are showing more and more credit risks.Many corporate bonds are unable to repay the principal or interest of the bonds after maturity.Although the principal or interest is finally repaid by the guaranteed company or a third party,the bonds themselves have not defaulted,but the defaults of the corporate entities have already taken shape,and a large number of small and medium-sized enterprises are in downgrade due to the principal's default.There are many reasons for enterprise credit risk,such as corporate governance structure problems,imperfect legal system,etc.At present,more and more small and medium-sized enterprises attach importance to credit risk and train professional management personnel to ensure the smooth issuance of corporate bonds.To sum up,the healthy development of small and medium-sized enterprises cannot be separated from the strong support of the government,and the role of the government should be to ensure the stability of the securities market through high transparency of information,to guide the market and rule of law first,and to put forward corresponding safeguard measures such as improving the rating and information disclosure system,strengthening investor protection,improving credit quality and perfecting corporate governance institutions for the issuance of small and medium-sized enterprise bonds in view of enterprise credit risks.