| With the continuous development of our economy, small andmedium-sized enterprises(SMEs) have become an indispensable part ofour country economy. At the same time, SMEs have played anirreplaceable role in increasing employments, promoting economicgrowth, science and technology innovation and keeping social harmonyand stability. However, due to the SMEs’ small scale, weak in strengthand low credibility, as well as our country’s single, immature financingsystem, the SMEs’ financing problem has become the serious limitationfor its development.In recent years, our country has made several policies to solvefinancing problems for SMEs. For example, the Shenzhen SMEs versionwas launched in2004, SMEs assemble bonds were issued in2007,interbank market was launched SMEs short-term financing bills in2008,the Shenzhen growth enterprise marke（tGEM）was launched in2009andso on. But these measures for the solving huge financing needs are still adrop in the ocean. Therefore, how to extend the financing channels forSMEs has become an urgent challenge at present. At the November26,2009, a first batch of SMEs collection note was successfully launched onthe interbank bond market in China. And local governments and financialinstitutions fixed their eyes on this attractive event. SMEs collection note, as a financial innovation of our country and even the whole world, is toprovide a new choice for our country SMEs debt financing. Since2009,SMEs collection note has achieved rapid development. Until December,2013, Interbank bond market in China has issued121collection notes,benefiting428companies and these value has exceeded29.1billionyuan①. However, there are also some problems for SMEs collection notes.Therefore, it is necessary to search some other paths for SMEs collectionnotes.First of all, basing on the theory of carding SMEs collection notes andits function, this thesis makes a comprehensive system’s statementwhich concerning on SMEs collection notes financing path. Then, thethesis analyzes the characteristics of SMEs collection notes financingways and advantages. Comparing with the traditional financing way, wefinds that the collection note has advantages in the aspects of financingcost, financing convenience and financing risk prevention and control.These characters can effectively solve the SMEs’ financing problems.Finally, based on the electronic information industry, we use the superefficiency DEA model for SMEs collection note and take empiricalanalysis on the financing efficiency. By comparing the three financingpaths’ efficiency， collection notes, assemble bonds, and small andmedium-sized board listed，we have the conclusion that collection notes are higher than small and medium-sized board listed, but lower thanassemble bonds. |
