Research On The Default Risk Of Chinese Small And Medium Sized Private Placement Bonds

Small and medium-sized enterprises(SMEs)is an important of China's economic development,and has a strong role in promoting the development of China's national economy.Generally smaller,less investment of small and medium-sized enterprises,clear property rights,the business has a certain degree of independence,adaptability to market changes,more in-depth understanding of the actual needs of customers,since the reform and opening up,small and medium-sized private enterprises have enjoyed great development,private enterprises accounted for in China's market economy gradually raise the proportion in recent years,has become an indispensable part of the development of market economy in china.With the increasing of small and medium-sized enterprises,enterprises financing problems become increasingly prominent,through indirect financing such as bank credit has been unable to meet the funding needs of SMEs,to solve the financing problem of small and medium-sized enterprises in our country,the state allows the SME financing through the issuance of bonds.Small and medium-sized private equity issuance time is short,the lack of experience in the capital market financing,and because the main issue for small and medium enterprises,there are some risks in the issuance of bonds.However,from the current situation of China's small and medium private bond issuance of default is relatively large,but because of the small and medium-sized enterprise private bond issuers are small and medium-sized enterprises,the management is not perfect,some relevant information is not released to the public,leading to private debt risk evaluation of small and medium-sized enterprises is very difficult.It is not suitable for small and medium sized enterprises to invest in small and medium sized private debt,which is not conducive to the development of small and medium sized enterprises.Therefore,how to evaluate the risk of the small and medium-sized private placement bonds is a very significant problem.Based on the literature review on the risk literature of small and medium-sized enterprises and private bonds,this paper follows the research methods of qualitative analysis and quantitative analysis,summarizes the risk of private equity bonds in China's small and medium-sized enterprises,focusing on the development of private bonds in small and medium-sized enterprises,The status quo and the development of the existing problems.With the corporate bond risk assessment model,this paper takes Jintai science and technology private debt as an example to carry on the risk assessment.The first chapter and the second chapter are the introduction and the theoretical part,summarizes the research status quo at home and abroad,finds out that there is a lack of systematic and quantitative analysis on the risk research of private bonds in domestic small and medium-sized enterprises.The second chapter studies the theory of private equity risk of small and medium-sized enterprises,laying the theoretical foundation for later.The third chapter is the development of small and medium-sized private equity bonds in China,the existing problems and foreign experience.The fourth chapter and the fifth chapter build and use the SME private equity risk assessment model for empirical analysis.The results show that the credit rating of the private bonds is C level,there is a high credit risk,basically do not have the investment value.In the sixth chapter,the author puts forward some suggestions on how to improve the capital structure of the enterprise,improve the credit rating,improve the credit rating system of the private debt,improve the enterprise information disclosure system and improve the liquidity of the private equity bond.The seventh chapter is the summary and research prospect.The main contributions and innovations of the thesis are reflected in the existing information through domestic and foreign,and the definition of private bonds in small and medium-sized enterprises,and the theory of risk assessment of private bonds is summarized.By studying the current situation of the development of private bonds in China's small and medium-sized enterprises,the author finds out the relevant factors that affect the private bond default.This paper chooses the representative Jintai science and technology private debt as the case analysis object,constructs the corresponding model to carry on the risk assessment.To sum up,through the study of the paper found that China's small and medium-sized private equity bonds are in the early stages of development.Although exposed to a certain risk dangers,but after a scientific understanding of risk and the establishment and improvement of the corresponding risk control system,private bonds development will gradually mature.