Regional Market Financing For Small And Medium-sized Enterprises

SMEs are the micro-foundation of the market economy system and an important part of the national economy.Although its scale is usually relatively small,it is the basic force for constructing the main body of the market economy and promoting social stability.Under the "new normal" economy,China is in the throes of shifting period.In the environment of decreasing domestic economic growth,small and medium-sized enterprises play an important role in pushing the economy out of the low tide,adjusting and transforming the economic structure,realizing the rise of regional economy and solving employment problems.Therefore,it is very important to maintain the good development of small and medium-sized enterprises.However,for various reasons,the financing channels of small and medium-sized enterprises are not smooth and the financing difficulties have been restricting the development of small and medium-sized enterprisesOver the past 20 years,the development of China's capital market system has made it mature.At the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China in 2013,the goal of "speeding up the development of multi-level capital market" has been more clearly established.As an important part of China's multi-level capital market,the role of regional equity market has become increasingly prominent.As the only regional equity trading center in Chongqing,Chongqing Stock Transfer Center undertakes the responsibility of the "Four Board" Exchange.In August 2017,it launched private convertible bond products.It explores the business model of combining stock and debt to help SMEs improve their financing efficiency,to better serve listed enterprises in Chongqing Stock Exchange,to break the financing difficulties of SMEs,and to alleviate their financing difficulties.This paper analyses the current situation of internal and external financing sources of SMEs,and points out that SMEs have difficulties in external financing and weak ability of internal financing.Therefore,it is particularly important to obtain financial services through stock exchange centers.Taking a private convertible bond issued by Z,a listed company in Chongqing Stock Transfer Center,as an example,this paper introduces the whole issuing process of this innovative product in detail,and finds out the problems existing in the convertible private bond issued by Z enterprises in the regional market on the premise of analyzing the financin suggestions on the issue.Qingqing Stock Transfer Center provideseffective guidance for SMEs to issue private convertible bonds,from special to general,so as to improve bond products.Then it puts forward some suggestions on the financing services of Chongqing Stock Transfer Center and helps it to widen the financing channels of SMEs in the region.