Research On Economic Effect And Risk Prevention Of Innovation And Enterprise Bond

At present,our country is vigorously promoting the implementation of the innovation driven development strategy,boosting transformation and upgrading of enterprises,but financing difficulties and problems are always the difficulties and pain points restricting the development of SMEs.To alleviate this problem,in November 2015,the National Development and Reform Commission issued the "guidelines" issued special bonds double hatch,to increase the support for each innovation subject,to guide and encourage the investment of social capital.In March 2016,the first innovation and enterprise bond in Shanghai stock exchange gate,which pioneered the innovation of entrepreneurial enterprises financing through the bond market.Innovation and enterprise bond is a new type of bonds,it is an important means to encourage the enterprise development by the government management,to promote the supply side structural reform,foster new impetus to the economic development and the new engine,to realize the adjustment of economic structure and national innovation driven development strategy.At the same time,innovation and enterprise bond as a new financial instrument,while meeting the liquidity needs of the enterprise and adding a new engine to the economic growth,it also faces some challenges.Firstly,based on the economic effect theory,such as corporate bond advantage and bond financing advantage,constructing the theoretical analysis framework of economic effect.From macroscopic and microcosmic angle,analyzes the economic effects and transmission mechanism of innovation and enterprise bond,and constructing the model to test the macroeconomic effect of innovation and enterprise bond,mainly through the model regression,stationarity and correlation test,results show that innovation and enterprise bond can promote economic growth,macroeconomic effect is significant.At the same time,using the comprehensive comparative analysis and descriptive statistics to examine the micro economic effect,results show that the enterprises after issued innovation and enterprise bond have greatly improved from the main business income,net profit and cash flow of business activities,the micro economic effect is significant.Secondly,based on the risk management theory analyzes potential risk of innovation and enterprise bond,and using the KMV model for credit risk management of bond in empirical analysis and comparative summary,the results found that the risk of innovation and enterprise bond is relatively low,but with the continuous expansion of the scope of the pilot,will increase the probability of risk.Finally,this paper combined with the research results and the issue of innovation and enterprise bond,we should increase the the support policy for innovation and enterprise bond and gradually replace private debt in small and medium-sized enterprises;improve the information disclosure system,reduce its distribution costs;introduce the guarantee mechanism,strengthen the construction of credit rating;explore qualified investors,establish the trading platform and two level market of innovation and enterprise bond;find a new tool to manage the interest rate risk,strengthen the risk quantification consciousness and set three stage risk control system,to protect the interests of investors.