Research On Collective Bond Of SMEs Financing Problem

SMEs collective bonds of an innovative corporate bond financingmethod in our country, which adopts a design of unified organization,uniform credit enhancement and collection issue.This financing model isgreatly simplifies the formalities of approval and issuance process. Thecreation of SMEs collective bonds not only improve the release efficiencybut provides a new financing channels to SMEs financing access to bondmarkets. SMEs collection of bond financing is an effective solution to theproblem of financing for local SMEs,which won the favor of many smalland medium-sized enterprises and local governments. However, there is ahuge gap between supply and demand of the SMEs collective bond becau-se of its limited financing scale and scope of services since the issue ofSMEs collective bonds.This paper described the theoretical basis of SMEs in multiple angles:Pecking Order,Theory of cluster financing and Theory of financial inno-vation and so on. This article adopted the manner of comparison of dat-a,lcon design and model,used the methed of combining Quantitative Ana-lysis and Qualitative analysis, introduted the history, current situation andthe operational mechanism of the bond financing by the SMEs in China,atthe same time,for the case of09Dalian small and medium-sized debt,elaborated an actual cases and conducted empirical analysis.Then,thestudy pointed out some problems in the development of SMEs and pro- posed some practical and feasible policy recommendations.