Research On Finance Efficiency And Credit Enhancement Of Assemble Bond

Under the background of new normal for our economy,the steady operation of national economic system is more and more inseparable from the healthy and orderly development of small and medium-sized enterprises.However,growing problems of financing difficult greatly restrict the growth of small and medium-sized enterprises.Assemble bond,as a kind of innovative financing modes,to a certain extent,eases the enterprise financing problems,provides a new financing channel for enterprises and promotes the formation and development of diversified financing modes of small and medium-sized enterprises.In the increasing of quantity issue and expanding of financing scale,it gradually forms many new features and meanwhile shows a lot of new problems,making it hard for the past institutional regulation methods can hardly adapt to newly developed characteristics of assemble bonds.Therefore,it is needed to,on the basis of the reviewing the development of assemble bond,conduct deeper discussion on its trends of characteristics,so as to improve the financing model of assemble bond and further promote the formation of multi-level bond market in our country.At first,this paper systematic combines the 2007-2015 assemble bonds from aspects of the scale,rates and rating system.It is found that among China issued bonds,they are running in good condition and their scale is up slightly while coupon rate are steady in the fall,showing the new features of “Without Guarantee”.Using DEA to analyze influencing factors of the evaluation of the financing efficiency among 10 assemble bonds issued between 2007 to 2012,it shows that the financing efficiency of the highest 3 assemble bonds are 10 Wu,07 Shen and 07 Zhongguancun while the lowest is 11 Yu.In evaluation system of financing,four aspects of six evaluation index of efficiency are solvency,profitability,growth ability and financing structure.Among them,the main business’ s increasing rate of income and debt asset ratio have the greatest influence on the efficiency of the financing.Moreover,bondinterest rate and the financing efficiency are in obvious negative correlation.The analysis shows that lower bond yields are the basic way of establishing scientific and reasonable system of credit enhancement.Finally,in the carding way of small and medium-sized enterprise international advanced experience,combined with our country’s assemble bond and on the basis of supply chain,a combination of assemble bond credit enhancement patterns are formed.