The Research On Financing Pattern Of Sme’s Assemble Bond

Small and medium-sized enterprises (SMEs) become an important force of promoting economic development for their flexible operation mechanism and the ability of meeting market demands. But they have being nagged by the shortage of capital. Looked at the whole Industry cluster, SMEs’financing have many theoretically potential advantages, but the shortage of capital always exists for SMEs in reality. we reveal the underlying causes that lack an effective way to translate potential advantages into actual financing ability. To resolve the contradictions, some enterprises in clusters expanded financing pattern with the aid of advantages of clusters. They broke through the barrier of capital market and obtained the direct financing. But this tentative attempt of this financing pattern is poor, superficial, lacking system and not raising to the level of theory.Examining the matter from the angles of internal capital markets, this paper designs the financing pattern of assemble bond of SMEs, build SME’s financial company as cluster financing platform. relying on SME’s financial company which integrate the resources of a great number of SMEs in clusters, we translate cluster’s potential advantages into actual financing ability and expand cluster’s financing way.This paper expounds the present situation and cause of SMEs’financing difficulties, analyses the theoretically potential advantages of SMEs cluster financing and presents the advantages and shortcomings of assemble bond. Synthesizing assemble bond and SMEs’ financing, the paper designs the frame of SMEs assemble bond financing pattern, uses theory of game, mathematical model and probability analysis to to explain the mechanism and the effects sedulously. Finally the article gives some suggestions to SMEs, intermediary institutions, supervisory authorities and look forward to the future of this financing pattern to promote the following research.The article draws some conclusions as follows. The financing pattern of assemble bond of SMEs is financing pattern innovation. SME’s financial company is an organization carrier to put the pattern into effect. Assemble bond of SMEs lead to lower standards of financing, lower transaction cost and stronger risk control. It is an proper financing way and effective pattern to solve those financing difficulties for SMEs. But SMEs themselves are too weak to face the difficulties. It is necessary to make a joint effort for government organizations financial institutions, capital market and intermediary service agencies.