The Research On The Development Of Small And Median Enterprises Collection Securities In China

Shortage of funds has always been an important factor restricting the development ofSMEs, and SMEs small scale, poor qualification, weak anti-risk ability. Traditionally, thesources of financing for SMEs have their own internal accumulation of private lending andbank loans, bond financing and public financing are large enterprises patent. The first batch ofsmall and medium enterprises (SMEs) in2007with a collection of bonds-Shenzhen SMEcollective bonds with the Zhongguancun high-tech SME collective bonds "public offering,opened the first of its kind of bond financing for SMEs. Subsequently, a group of SMEscollection of notes-Zhucheng, Shandong Province in2009a collection of notes for SMEs,"the Shandong Shouguang ’Farmers’ SME2009collection of notes and Shunyi District,Beijing SME2009the first tranche of a collection of notes "public offering, making debtfinancing for SMEs become more convenient.SMEs collection of securities issued for the first time which is only less than six years,coupled with our original, no international experience for reference, so a collection ofsecurities for SMEs are still many problems. This article in the collection of securities forSMEs outlined on the basis of analysis of the theoretical basis and practical policy support,and pointed out the problems on the basis of the collection of securities for SMEsdevelopment status, and then the corresponding countermeasures and suggestions based onthese issues.This paper is divided into four chapters:SME collective securities comprehensive overview and analysis of the course ofdevelopment of the SME collection of securities, features, advantages and operationalmechanism.The second chapter discusses the theoretical basis of the development of SMEscollection of securities and securities realistic policy support from China’s economicdevelopment, a collection of laws and regulations and the development of bond marketsanalysis of the development of SME.Chapter from the analysis, including the development status of the SME collective bondstotal analysis, analysis of the issue of geographical distribution, the issue of interest rates six;further pointed out that the existing problems of the SME collection of securities in the development process, mainly from a four major aspects of the issue market, secondarycirculation market, credit enhancement and government regulatory analyzes.Chapter IV is the suggestions. Chapter, the suggestions put forward the development ofChina’s SME collection of securities. Mainly includes the specification level distributionmarket, enhanced secondary circulation market, and to rich credit enhancements and reducegovernment intervention in four areas.