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

The number of small and micro enterprises accounts for more than 90%of the total number of enterprises in China,and plays an important role in relieving employment pressure and enhancing the endogenous motivation of economic development.However,due to the disadvantages of its own basic conditions,small and micro enterprises have always faced difficulties in financing and financing.With the continuous improvement of China's capital market,the national policy is more to guide the flow of bond market funds to small and micro enterprises,to ease their financing difficulties.Small and micro enterprises Zengxin collective bonds(hereinafter referred to as "small micro debts")came into being.Small micro-debt was launched by the National Development and Reform Commission in 2013.Its structure is designed as a local financing platform as an issuer.The funds raised are distributed to small and micro enterprises through bank entrusted loans.It is a combination of direct financing and indirect financing.In 2013-2016,micro-debt development was very rapid,with a total of 69 issued.However,after 2017,the number of small micro-debt issued has dropped sharply,and the micro-debt that has been issued has not performed well in the secondary market.The traceability is due to the reliability and stability of small micro-debt debt repayment funds.Low,resulting in a lower credit rating.The credit rating is an independent credit rating agency that evaluates the debtor's ability and willingness to repay the principal and interest of the debt in full.Corresponding to the connotation of credit rating,this paper is based on the perspective of the enterprise,and believes that the improvement of credit rating should start from improving the debtor's ability to repay debts as scheduled,that is,to ensure the sustainability and stability of the source of debt repayment.In view of the particularity of the design of small micro-debt structure-the issuer is a local financing platform,and the main source of debt repayment is the cash flow generated by the operation of small and micro enterprises using raised funds.Therefore,the credit basis of small and micro debts is issued by the issuer and Xiaowei.Business share.This article takes "7 Jiaozuo Investment Small Micro-debt" as a case.Firstly,it expounds the process of rating company's credit rating.By comparison,it finds that its credit rating is low,and then analyzes the lower credit rating for the financing cost of bond issuance.Impact and negative impact on secondary market performance during the duration.The reason why the credit rating of "17 Jiaozuo Investment Small Micro-Debt" is not enough is mainly the problem of the enterprise itself,that is,it cannot provide sustained and stable cash flow to repay debts.Therefore,this paper is mainly based on the perspective of small and micro enterprises,from the industry concentration of small and micro enterprises,realizable assets and operating cash flow to the degree of debt protection,research investment and supply and marketing channels.At the same time,in order to analyze the micro-debt more comprehensively,this paper also supplements the analysis of the issuer's perspective and the terms of the debt-servicing protection clause,and proposes corresponding measures.Finally,based on the macro perspective,this paper proposes universal countermeasures from the perspective of internal,external and government of small and micro enterprises,hoping to provide reference for the development of small and micro debts nationwide.