Optimization Study Of Counter-Guarantee Measures In Small And Medium-sized Enterprise Collection Of Notes

In recent years, the rapid development of Small and medium-sized enterprises (SMEs) has an indispensable influence on promoting the rapid development of the national economy and solving the surplus labor force effectively. The result of the survey of the growth of SME Enterprise Evaluation Association in China recently showed that36.01%of enterprises do not own their stable financing channels and only6.19%of the companies believe that the current financing is very good. The enterprise show that the main problems in the rapid development of the enterprises are that the lack of funding problems, the shortage of human resources, the uncertainties of the future development trend. Most problems are almost parallel to the important issues of the development of Small and medium-sized enterprises. When asked which aspect of the policy that the enterprises in need at most, financing policy only came after the tax policies, ranking second. The problem of financing increasingly restricts the rapid development of Small and medium-sized enterprises, becoming one of the bottlenecks to contain the development of small and medium-sized enterprises. The problem of financing is a long-term and widespread problem, especially in Small and medium-sized enterprises. There are several reasons:1, rising production costs squeezed corporate profit margins, reducing its own accumulation and expanding the funding gap;2, the majority of small and micro enterprises have difficulties in meeting the conditions of bank loans, the difficulties of having loans, the high price of loans and the slowness of having loans;3private capital lacking of legal channels and appropriate institutional guarantee;4, multi-level capital market is elusive for the majority of small and micro enterprisesSince2008, the relevant state ministries and commissions started studying how to expand direct financing channels for Small and medium-sized enterprises, the second half of2009, with the introduction of Dealers Association of China’s inter-bank market,"the inter-bank bond market Small and medium-sized enterprises collection of non-financial corporations bill business guidelines" The inter-bank market a collection of small and medium-sized non-financial corporations the bills began officially entered a substantive stage. SME collective notes means two (or more) and10(inclusive) the following legal entity agreed to debt service the debt financing instruments within a certain period with a unified product design, the unified Securities Type title, the unification credit increase trust in the inter-bank bond market, the unification issue registered common issue.There has been nearly three years since the development of Small and medium-sized enterprises collection bills, due to the structural design of its scale advantages and Credit Enhancement Mechanism the enterprises would further reduce issuance costs for Small and medium-sized enterprises to expand the scale of direct debt financing, and ultimately to meet the direct financing needs of Small and medium-sized enterprises, so In the current situation, the development of Small and medium-sized enterprises in the collection of bills business will increase one of the major possible options for Small and medium-sized enterprises to support efforts to broaden its financing channels. According to statistics, as for April2012, the Dealers Association between the Bank of China has successfully issued49SME collective notes for236small and medium enterprises to raise funds15.585billion yuan, there also exist many problems with steady development such as credit enhance trust and lack of institutions, the lack of measures to counter-guarantee, bond liquidity, the size of the bond issue and other issues, in particular the lack of counter-guarantee measures, the problems would cause Small and medium-sized enterprises collection bills business miscarriage in a few cases.The paper is divided into five chapters, including analysis, argumentation and exposition. Chapter1focuses on the major reasons for the selecting topic, putting forward the significance of this research and elaborating on the relevant literature. Chapter2describes the development status of SME collective notes through the analysis of SME collective notes definition process, the characteristics and the role of elements. Chapter3proposed that the anti-security measures is a core issue in the business development of SME collective notes and analysis of the causes and consequences of the problem through the analysis of the main problems in SME collective notes in practice, Chapter4elaborating the ways to optimize awareness collection bills counter-guarantee in order to enhance the awareness of Small and medium-sized enterprises of the counter-guarantee measures, such as external publicity, as well as credit enhancement letter agencies to correctly deal with the counter-guarantee measures analysis. Chapter5making a comparative analysis between the SME collective notes the successful issue of the case with the SME collective notes issued to terminate the case in order to demonstrate the importance of anti-security measures in the SME collective notes.