SMEs play an irreplaceable role in China's national economy, but the difficulty of financing is a difficult problem that has long restricted its development. In recent years, China's bond market, especially the inter-bank market, has developed rapidly and has actively explored and tried to support direct financing of SMEs. At present, SMEs can raise funds in the bond market through a variety of debt financing instruments such as collecting bills, collective debts, and private equity loans for SMEs to broaden financing channels and improve financing structure. Due to the low credit strength of SMEs, efforts to increase the proportion of direct financing by using debt financing tools have little effect. Therefore, giving full play to the credit enhancement function and effectively improving the credit rating of SME debt financing instruments is an effective way to solve the financing difficulties of SMEs. Miracles brought by regional gatherings Foshan Ou Shennuo Ceramics Co., Ltd., Guangdong Xinjin Steel Superhard Materials Co., Ltd., Shandong Chuangzhi New Materials Technology Co., Ltd., Shandong Yihe Food Group Co., Ltd., Changzhou Kaida Heavy Industry Co., Ltd. ... These seemingly unrelated SMEs are tightly linked because of a new financing model. The local government's fund support, the coordination organization of the branch of the People's Bank of China, the credit support of the credit institution, the low financing cost, short release time, and low entry barriers seem to have a “antidote†for the financing of SMEs overnight. This is Regional integrated direct debt financing model. In November 2011, the first batch of regional SMEs in Foshan, Guangdong and Weifang, Shandong, were successfully issued, which marked a new breakthrough in the direct debt financing model of SMEs. Later, regional collective collection of bills in Changzhou, Jiangsu and Dongying, Shandong, and other places were issued. As of the end of June 2012, 37 enterprises have successfully raised 2.2 billion yuan through regional pooled financing models. In the direct debt financing market, this is still a very insignificant data, but these funds strongly support the development of the enterprise. Shandong Chuangzhi New Material Technology Co., Ltd. is a high-tech enterprise that produces and sells thermal insulation mortar. Although there are many technical patents, it still needs continuous R&D investment. Short-term bank loans cannot meet the needs of R&D funds. Through regional collection of excellent collection of bills, the company has integrated three-year funds, which is conducive to long-term planning such as scientific research and strategic development. Also benefiting is Foshan Tianan Plastic Co., Ltd. Due to the high efficiency of the collection of regional collectively-acquisition small and medium-sized enterprises, the preliminary preparation time is short, which can well meet the capital needs of enterprises. "From the time I contacted this product to the final successful release, it took no more than four months." Wu Qichao, chairman of Tianan Plastics, told reporters that Tianan Plastics is a Sino-foreign joint venture in Foshan, Guangdong Province, which mainly produces PVC film and leather products. Domestic high-end market, and exported to Europe, the United States, Japan and other countries. After the successful financing of the collective notes, Tianan Plastics improved the financing structure, enhanced the market's ability to resist risks, and was able to expand reproduction to meet the market demand for products. More SMEs across the country are waiting for the companies that have successfully financed. Direct debt financing, capital markets, for small and medium-sized enterprises that have always used bank loans as a source of funds, it is no longer a dream to be able to enter the bond market. The regional collective direct debt financing model is a new model for solving the direct debt financing of SMEs under the guidance of the China Association of Interbank Market Dealers under the guidance of the China Association of Interbank Market Dealers. Credit enhancement and regional concentrating, these names that have just emerged in the Chinese bond market continue to create miracles on the road to support SME financing. Credit enhancement is an effective way to alleviate the financing difficulties of SMEs. The financing difficulties of SMEs have always been a difficult problem in the world economy. From the statistical data, although China's SMEs accounted for 99%, 60% and 57% of the total number of enterprises in terms of the number of enterprises, industrial output value and sales revenue, and provided more than 75% of urban employment opportunities nationwide. However, the proportion of its financing scale in the overall financing scale is still very low, especially the scale of direct debt financing, the stock accounted for less than 1%. Under the current financial situation, on the one hand, due to the small scale of SMEs, the lack of qualified assets for mortgage, the unstable operation, the irregular financial statements, and the low transparency of information, most SMEs are difficult to pass the bank. On the other hand, in the bond market, bond market investors tend to invest in large enterprises with higher credit ratings. Although some SMEs have strong financial ability and good business conditions, they have low credit ratings because of their small scale. There is a problem of insufficient market recognition, so most SMEs have difficulty entering the bond market financing. At present, a consensus has been reached on “improving the proportion of direct financing and improving the multi-level capital market systemâ€. The experience of mature foreign bond markets shows that the use of credit enhancement mechanism can effectively bridge the gap between direct debt financing needs of low-credit SMEs and investors' risk investment preferences, thereby effectively expanding the scope of issuers in the inter-bank market and effectively alleviating small and medium-sized enterprises. It is difficult for enterprises to issue debts. Credit enhancement is a comprehensive financial service system and tool for managing credit risk. All financial services related to the decentralization of credit risk can be called credit enhancement. By promoting the rational allocation and dispersion of credit risk in different financial markets and economic fields, the impact of credit risk on the financial system can be effectively reduced; through the improvement of credit rating, financing entities with low credit ratings can enter the bond market, especially for SMEs. Direct financing has broadened the space; through the divestiture of risks and benefits, promoting the development of various financial innovation products, meeting the needs of investors with different risk preferences, can effectively enhance the depth and breadth of financial markets. In the financing practice, the credit enhancement agency represented by Chinabond Corporation relies on specialized risk management and management to provide credit protection for bonds issued by SMEs, thus providing a possibility for low credit entities to enter the debt financing market. By providing specialized services, credit enhancement agencies can effectively reduce the uncertainty and information asymmetry faced by market participants in the investment process, improve market efficiency, and reduce the overall risk of the market through centralized optimization of risk management and default compensation. Introduce enterprises with lower credit ratings into the direct financing market, expand the scope of issuers, give full play to the function of optimizing resource allocation in the financial market, and improve the quality and efficiency of economic growth. The innovative development model serves the real economy . In the past two years, the debt company has established a sound corporate governance structure, improved the internal management system, business process and risk control system in accordance with the requirements of the modern corporate legal person governance structure, and initially formed a stable operation and pioneering innovation. The business characteristics have formed a relatively rich product lineage and business model such as basic credit enhancement business, innovative credit enhancement business and overseas business. Chinabond Corporation is guided by the state's macro-control and industrial policies, and solidly carries out credit enhancement business. As of the end of June 2012, it has successfully provided credit enhancement services for nearly 100 SMEs in more than 6 billion yuan, involving new energy, new materials, high-tech, “three rural†and other industries, and its business scope covers the whole country. All provinces, autonomous regions, and municipalities directly under the Central Government. In particular, in 2011, under the unified guidance of the China Association of Interbank Market Dealers, Chinabond Corporation joined forces with the market to innovatively introduce a regional collective direct debt financing model. That is to rely on the local government, the branch of the People's Bank of China, select eligible financing entities, and rely on the local government's special support measures to provide professional credit enhancement services by the Chinabond company, and jointly commercial banks and other intermediaries to tailor direct debt for financing entities. Debt financing model for financing service programs. Regional optimism strongly supports the development of local real economy, enabling more medium and low credit grade enterprises to conditionally achieve direct financing through the bond market, and promote bond market expansion and structural optimization.
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