The Legal Research On Direct Financing Of SMEs By The Collective Bond

Since the reform and opening up,China’s economic has a rapid growth, and the SMEs in China has made a significant contribution.In order to solve the financing difficulties of SMEs and provide a direct financing channels for SMEs,Development and Innovation Committee of China has launched SMEs collective bonds,National Association of Financial Market Institutional Investors has launched the Medium and Small Enterprises Papers..For ease of expression,I will call them one name the collective products for SMEs.The first chapter is the introduction. This chapter is statement the financing difficulties of SMEs, and a general introduction to the collective products for SMEs. An overview of the main topics of the background and significance,reorganizes the collective bond research-related domestic literature and the research present situation, expounds the research goal of this article.The second chapter defines the concept of the collective products for SMEs, clarifying the legal relationship between the parties in the product.In the third chapter,I consider the guarantee of the collective products for SMEs in depth.The classification of the current guarantee forms of the collective products for SMEs, and describe the course of development of the guarantee institutions for SMEs, focusing on valuable and negative aspects of the policy guarantee institutions, learn from the advanced experience of foreign countries to propose for the collective products for SMEs.The fourth chapter China bondholders protected mode is discussed. The status of bondholder protection, a brief analysis of foreign bondholders protected mode, combined with the situation of legislation to propose.The fifth chapter proposes ideas to improve liquidity.There are four parts, first a brief description of the lack of the liquidity for collective products for SMEs,second by riching the type of bond market products to nurturing bond market,third training investors to improve liquidity, Fourth, improve the system of rating agencies.