Study On Financing Mechanisms Of Assembly Bond For SMEs

In recent years, China’s economic developed by leaps and bounds; small andmedium-sized enterprise occupies an important position. Meanwhile, promotes thedevelopment of national economy to continue. It plays an important role in increasingemployment, and prompting technology creative. Due to the SMEs has not mature indevelopment, high credit rating and single channel in financing, it is difficult to obtain thefurther development of the capital for SMEs, and serious influence sustainable developmentof SMEs. Although the financing channels such as growth enterprise market or SMEs boardcan broaden channels, in fact it’s difficult for SMEs to financing to get listed.With the success issue of 2007 Shenzhen SMEs assembly bond and 2007 Zhongguancunhigh technology SMEs assembly bond, SMEs assembly bonds open up a set of translatedprecedent. Compared with normal bond, it has more conducive to SMEs to join, broken theroutine for only large enterprise to issue bonds, so as to promote the financing cost reductionand the enterprise’s sustainable development. SMEs assembly bonds cause more and moreattention, many scholars and experts began to research the new financing products. Based onthe above background, analyzes operation procedure of SMEs assembly bonds, and builds itsfinancing mechanism.Firstly, the present seven SMEs assembly bonds which has issued as the research objectare discussed, and the formation of the bond motives by theoretically are analyzed. Throughthe contrast with general bonds, and conclude that the SMEs assembly bond’s unique features.Statistics fundraising introduction book, that sums up the lead investigators attribute,combined the issuer belong, financial situation and the industry credit guarantee. Makeeconomics and cluster financing theory as a foundation, analyses financing mechanism ofSMEs assembly bonds.Secondly, according to the issue of domestic environment and background, analyses thefeasibility of bond financing mechanism, and concretes research of financing organizationmechanism, operation mode of the financing process, policy legal environment mechanismand credit guarantee mechanism. Credit enhancement in view of the SMEs assembly bondissue is discussed in depth, including credit enhancement of the dominant model, interestsbalance and reasonable pricing.Finally, according to the current difficult of development for SMEs assembly bonds,such as difficult to examinate and approve, high threshold for issue, put forward thecorresponding policy.