A Study On The Financing Problems Of The SMEs Collective Bond

SMEs is an important force that can absorb employment, promote economic development and accelerate the popular entrepreneurship and innovation, which is also a measure of national and regional economic vitality and a barometer of economic ability to resist risks as well. Because SMEs itself has inherent defects and the formal financial system is not perfect, SMEs generally face awkward situation where financing is "wait to die" and risking financing is "go to die". In order to solve the worldwide problem, our country has tried many ways to explore and spared no effort to deal with it. The SMEs collective bond is a way to cope with this problem.This study is problems oriented. Firstly, it concludes the latest research achievements, such as macro research, selection of enterprises, credit enhancement and other aspects of collective bonds of some scholars. Secondly, it also defines the concept of SMEs, SMEs collective bond and credit enhancement. Finally, it remarks Financial Gap Theory, Financing Structure Theory, Credit Rationing Theory, Enterprise Financial Cycle Theory and Cluster Financing Theory.This study is also application oriented, which analyzes the status of issuance about SMEs collective bond and focuses on the key links of "enterprise selection", "cost of funding" and "credit enhancement". For the first time it studies the issuer selection problem from the angle of who the issuers is and who will choose joint issuer and how to choose the joint issuer. It analyzes the cost of collection bond structure from the angle of direct costs, potential opportunity cost and social costs. It also describes the 22 set credit enhancement pattern in details based on normative research and affirms the positive significance of the SMEs collective bond.Based on this, the author studies further with an example such as "10 Wu SMEs collective bond" and states that due to the absence of the top-level system design and the single pattern of debts enhancement, the weakness of market endogenous power and delays in functional change of the government, the hysteresis of relevant intermediary service industry development, the comprehensive immature capital market and other factors, as a result, there are six big challenges existing, such as entry difficulty, guarantee difficulty, tedious procedures and interference, low specialization and liquidity, ect.Last but not least, this article brings forward several policy suggestions to improve the SMEs collective bond. From the system level, it throws light upon strengthening the top-level system design, improving the legislation of SMEs, unifying the collection of bonds operational measures and decentralizing the procedures of the SMEs collective bond. From the aspect of issuers, this article attaches great importance to strengthening the construction of credit system and reasonable standards issuance threshold as well as optimizing joint issuer combinations. From the level of risk control, it is recommended that the innovation credit enhancement pattern should be improved and the credit enhancement of after-issuance bonds should be paid more attention to. In addition, strengthening the construction of credit rating system, enhancing the authority of the credit rating, exploring asset securitization product collection bonds and building a variety of financing system cohesion system are also some important points this article illustrates.