Research On Financing Mode Of Credit Default Swap For Smes In Jilin Province

Small and Medium-sized enterprises are an important source of China’s economic growth,as well as the power source of economic transformation and high-quality development.On April 7,2019,the General Office of the CPC Central Committee and the State Council issued the Guiding Opinions on Promoting the Healthy Development of Small and Medium-sized Enterprises,demanding to solve the problem of financing difficulties and expensive financing for small and medium-sized enterprises.Therefore,this paper mainly starts with the financing situation of SMEs in Jilin Province,gives the financing improvement strategy of credit default swap for SMEs,and conducts relevant research and discussion with the orientation of strengthening the development of SMEs themselves and promoting social and economic growth.Firstly,this paper defines small and medium-sized enterprises,and combs the theoretical models such as credit default swap.On this basis,this paper discusses and studies the history and present situation of the development of small and medium-sized enterprises in Jilin Province,and draws the conclusion that the development of small and medium-sized enterprises in Jilin Province is positively related to their financing situation.Secondly,this paper discusses the financing difficulties of small and medium-sized enterprises in Jilin Province and the reasons for this situation,and gives conclusions from the three levels of government,small and medium-sized enterprises themselves and financial institutions.Thereafter,starting from the actual situation of Jilin Province,this paper analyzes the necessity and potential problems of establishing credit default swap trading tools in Jilin Province,and finally gives the key research contents of this paper: the strategy of perfecting credit default swap trading tools for SMEs in Jilin Province,that is,establishing a pool of credit default swap enterprises for SMEs in Jilin Province,so as to measure the expected Va R,determine the total amount of CDS that can be issued and the coupon rate of related bonds after obtaining the var at risk,and price risky assets by put option pricing.Finally,the compensation method when credit events occur is given by relatively simple calculation method,which provides perfect strategies and innovative ideas for credit default swap financing of small and medium-sized enterprises in Jilin Province,with a view to promoting the better development of small and medium-sized enterprises in Jilin Province and making more contributions to social development and economic progress of Jilin Province.