The Research Of Distribution Status And Risk Of SME Private Debt

With the further development of market economy, the growing number of small andmedium-sized enterprises in our country, become the important driving force of nationaleconomy continues to grow, and in solving the problem of employment, maintain socialstability, etc, play an important role. However, due to the small and medium-sizedenterprise own assets weak, imperfect management system, financial system is not sound,their factors, such as the ability to resist risk weak lead to their financing difficulties.China’s main source of financing of small and medium-sized enterprises for their ownaccumulation, the folk lending, bank loans, but in recent years, Banks to reduce risk,appear “lend” phenomenon, according to statistics, only about1%of the small andmedium-sized enterprises to obtain bank credit support.Financial market starts late in our country, the listed high threshold, the vast majorityof small and medium-sized enterprises can’t use the way of direct financing such as equityand debt financing, lead to imbalance in the proportion of direct financing and indirectfinancing, is not conducive to the economic development of our country small andmedium-sized enterprises. In2012in response to the "two sessions" puts forward the smalland medium-sized enterprise financing problems, the securities and futures commissionlaunched “SME Private Debt” this new way of direct financing. Since SME Private Debtlisted, however, many scholars research SME Private Debt status of credit promotionmeasures or compared with overseas high-yield debt, not for SME Private Debt issue aswell as the problems facing the process of the system is introduced. So SME Private Debtas the research object, through the case analysis, and the introduction of Altman Z-Scoremodel SME Private Debt risk prediction, to prevent the occurrence of a default, finally thedevelopment of SME Private Debt and some Suggestions to prevent credit risk and make itbetter to solve the financing difficulties of small and medium-sized enterprises.This paper mainly divided into the following several parts:The first part (chapter1) mainly elaborated this article research background andresearch status at home and abroad, research methods, frame structure and innovationpoints of this article.The second part (chapter2,3) for the division standard of small and medium-sizedenterprises to do a detailed introduction, and the financing concepts are defined; prefer according to the related theory of finance, the enterprise internal financing, when theinternal financing is difficult to meet the demand of enterprise, prefer debt financing, thelast to be choose equity financing. In addition, for small and medium-sized enterprisefinancing risk to introduce the related theory, and according to the SME Private Debt sinceopened, the issue of small and SME Private Debt situation and related problems areanalyzed in detail.The third part (chapter4) to analyze risks facing SME Private Debt participants,points out that to release subject facing the risk of failure; agents at risk of enterprise failsto perform the contract; And the credit risk and liquidity risk to the investors are thebiggest bond market risk, and credit risk is the most critical risk; and suggest to SMEPrivate Debt for risk management, from distribution, SME Private Debt duration beforeand after default risks related to management and control, the introduction of Altman ZScore model, for SME Private Debt risk monitoring and prediction, and has beensuccessfully issued five private bond index analysis, thus to put forward the suggestion forenterprise management response.The fourth part (chapter5) put forward relevant countermeasures and suggestions ofreducing the risk of SME Private Debt financing of “smes”, such as construction andperfect the supervision system of small and medium-sized enterprises in our country,measures of reducing the risk of SME Private Debt liquidity and government of therelevant guarantee measures.