The Research On The Small And Median Enterprises Assemble Bond

Small and median enterprises (SMEs) are very important in the development of national economy. It plays a important role in these aspects such as prosperity economy, increase employment, prompt technology creative. The problem of financing impede the development of SMEs, because of the themselves features and our country's single financing system. Especially, now in the situation of finance crisis, the problem of financing is more highlight, which is paid attention by society. It is necessary to innovate for financing channel. With the success issue of 2007 Shenzhen Small and median enterprises assemble bond and 2007 Zhong guan cun high technology small and median enterprises assemble bond, small and median enterprises introduce as the finance creative products in our country even in the world, which is paid attention by society and called as "rain in time for small and median enterprises in the lack of financing". And small and median enterprises assemble bond infuse viability for the bond market of our country, which will stimulate finance innovation product in the bond market of our country. But small and median enterprises assemble bond has some problems in the process of promotion as other finance innovation product. For example, some people query the existence of small and median enterprise assemble bond. So it is necessary to analyze the existence constraint conditions of small and median enterprise assemble bond, optimize the design of small and median enterprise assemble bond from the aspect of theory and practice, which is of important study signification and practice signification.This paper will set the two small and enterprise assemble bond issued as study objection.In the frame of finance innovation, we analyze the motivation of small and median enterprise assemble bond in our country from the aspect of theory. Construct financing utility equation and compare it, we can get the conclusion that when the financing utility of small and median enterprise assemble bond is bigger than the financing utility of stock and the financing utility of bank, small and median enterprises will adopt the small and median enterprise assemble bond to finance. So we should improve the small and median enterprise assemble bond and advance the financing utility of small and median enterprise assemble bond, which will make the finance innovation product be better.Small and median enterprise assemble bond as financial innovation product, people care its performance. We analyze the financing efficiency of small and median enterprise assemble bond and other financing ways based on DEA model. We get the conclusion that the financing efficiency of small and median enterprise is good, and there is evidence difference among the small and median enterprise assemble bond and other financing ways. That is the small and median enterprise assemble bond cann't be substituted. It indicate that the small and median enterprise assemble bond will develop faster in our country in the future.Based on the analysis of bond market trade mechanism in our country, we compare the market performances including liquidity, profitability and volatility of the Shen zhen small and median enterprise assemble bond and Zhong guan cun high technology small and median enterprise assemble bond and compare the market performance of small and median enterprise assemble bond and other enterprise bond. We can get the conclusions that the market performance of small and median enterprise assemble bond is better than the average of other enterprise bonds, and the exchange trade mechanism is more suitable for the small and median enterprise assemble bond.For improving the design of small and median enterprise assemble bond, based on its characters, we adopt regression analysis to analyze, and find that there are positive correlation relationship between the financing efficiency and the operation relationship of the enterprises of the small and median enterprises assemble bond, difference of the enterprises of the small and median enterprises assemble bond, difference of the growth ability of the enterprises of the small and median enterprises assemble bond, the finance relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger correlation relationship among the enterprises of the small and median enterprises assemble bond, the bigger difference among the enterprises of the small and median enterprises, the more financing efficiency will be. But there is negative relationship between the financing efficiency and the industry relationship of the enterprises of the small and median enterprises assemble bond. It means that the bigger the relationship among the industry relationship of the enterprises of the small and median enterprises assemble bond, the smaller the financing efficiency. These conclusions will use for reference for the choice of the enterprises of the small and median enterprises assemble bond.The design of the small and median enterprises assemble bond should be according to the characters of bond market of our country. We can analyze the relationship between the design of product and the market performance based on the structure equation model. We can get the conclusions:the smaller the credit risks of the bond, the more the assurance, the less the interest rate, the shorter the term, the higher the interest, the better the bond market performance. These conclusions will use for reference for the design of the small and median enterprises assemble bond according to our country condition.Based on the theory analysis and study conclusions, we give some suggestions to improve the design of the small and median enterprises assemble bond and construct its market mechanism. We hope these suggestions will use for reference for the development of the small and median enterprises assemble bond in the future.