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Regional collection of good debts to SME financing
Recently, in response to the difficulties faced by SMEs, the State Council is organizing various departments to formulate a series of support policies for SMEs, which are expected to be launched in the second half of this year. Solving the problem of financing difficulties for SMEs is the top priority of the relevant national support policies during the 12th Five-Year Plan period. It is necessary to give full play to the role of various intermediary service agencies, guide private capital to invest and finance SMEs, and help SMEs to establish modern The enterprise system and credit system are then used to crack the financing dilemma of SMEs through various forms such as issuing bonds and equity financing.       The financing dilemma has always been one of the problems that plagued the development of SMEs in China. Under the background of the current complicated economic situation and the increasingly important mode of economic development, the financing problems of SMEs have emerged with new features: First, China’s current economic development model is shifting from extensive to intensive, while SMEs are transforming. The task is even more daunting. The development direction of some SMEs is inconsistent with the current economic development situation and it is unable to obtain strong support from the policy, which makes SMEs encounter more difficulties in financing. Second, the current economic situation is complicated, and the United States has not yet emerged from the shadow of the financial crisis. At the same time, Europe is also deeply mired in mud. In this context, the tightness of the market due to the low confidence in the global economy has made the SME capital chain, which is already at high risk, more tense. Third, the uncertainty of the future economic situation has made SMEs’ ​​capital needs more inclined. Short-term and small amount. The sluggish external demand market coupled with the uncertainty of economic transformation has made SMEs more likely to integrate short-term funds, more demanding timeliness of funds, and more frequent financing behaviors. Fourth, the shortcomings of SMEs lacking a sound corporate system are more prominent in the present. At present, the country is guiding enterprises to transform, but the organizational structure of SMEs is not perfect, the ability to deal with risks is limited, and there are defects in the financing, finance, and cash flow management of enterprises, which leads to the inability of SMEs to respond flexibly. Changes in the market and economic situation keep up with the current rhythm of economic development.       The new situation and new problems require new ways to solve. In the near future, the regional collective debts promoted by the People's Bank of China and the Association of Dealers is a useful exploration of the financing methods of SMEs. The regionally concentrated debt financing model has unique advantages in helping the current government guide the society to transform the economic development model, prevent market risks, guide private capital to return to industry, and improve the financial system of SMEs. First, a regionally-beneficial debt financing model can facilitate the transformation of SMEs. The regionally concentrated debt financing model has the active participation and support of local governments. It is the local government and the competent authorities to refer to the basic conditions for issuing bonds, according to local industrial planning and policies, select SMEs and government financing projects that are supported by industrial policies in the region, and then issue recommendations. This is to ensure that the SMEs that can carry out debt financing in the initial stage are in line with the needs of the “Twelfth Five-Year Plan†transformation economic development model. This can, to a certain extent, encourage the small and medium-sized enterprises that are short of funds to take the initiative according to the needs of current economic development. The transformation and upgrading of the business development model will be supported by local industrial policies. The participation and support of local governments is an important guarantee and promoter of the successful realization of the regional pooled financing service program. Secondly, the regionally-accumulated debt financing model can also prevent debt risks in a timely and effective manner while promoting the financing of SMEs. Individual SMEs are less able to resist market risks due to their own business model constraints, and are prone to debt risks due to market volatility. However, the regionally concentrated debt financing model is to collect debt financing from a group of small and medium-sized enterprises, which not only can improve the recognition of bond issuance in the bond market, but more importantly, the bundled bond issuance of multiple small and medium-sized enterprises can share this risk. And slow release. Thirdly, the regional debt financing model is a tailor-made financing model for SMEs issued, which is highly targeted, which is an advantage that the previous financing model does not have. The demand for funds of small and medium-sized enterprises is gradually characterized by urgency, less frequentness, and frequency, that is, the timeliness of capital demand is extremely strong, the demand is not very large, and in the maintenance of reproduction, due to the inconsistency in time and space between production and capital recovery, The demand for funds is more frequent due to seasonal and current economic factors. These characteristics have led to the more general debt financing model in the past not meeting SMEs well. The regionally-accumulated debt financing model is to fully consider these characteristics of the bond-issuing SMEs. Under the organization of the Dealers Association, the role of various financial service institutions can be used to tailor the debt financing plan for the company. Meet their funding needs. Finally, the regionally concentrated debt financing model helps to improve the corporate system and credit system, ease the information asymmetry between the capital market and SMEs, and guide private capital to return to SMEs. The capital market and information asymmetry of small and medium-sized enterprises are major obstacles hindering the smooth entry of small and medium-sized enterprises into the capital market, while regional optimisation fully utilizes and utilizes the counseling role of many types of financial institutions (including commercial banks, guarantee companies, credit enhancement companies, etc.). With its chain as a link to SMEs and capital markets. Moreover, under this model, financial services institutions provide IBO (first bond issuance) counseling programs for SMEs that are temporarily unable to meet the basic conditions for issuing bonds, including financial system management, management system improvement, and debt issuance services. Help SMEs slowly embark on the path of formalization, meet the requirements of the capital market, and attract private capital inflows.