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Market Efficiency of Collective Bonds for Small- and Medium-Sized Enterprises in China

Author

Listed:
  • Anhua Yang
  • Kun Li
  • Guangbin Bai

Abstract

Collective bonds are innovative financial instruments issued in some of China's high-tech development zones to solve the financing dilemma of small- and medium-sized enterprises (SMEs). This article creates a credit model with which to analyze the operating mechanism and inherent laws of collective bonds and to answer the following questions from the point of view of quantification: Can SME collective bonds improve financing efficiency? How do they improve financing efficiency? What are the extent and requirements of improved financing efficiency? The article provides a theoretical basis for the development of SME collective bonds in China

Suggested Citation

  • Anhua Yang & Kun Li & Guangbin Bai, 2013. "Market Efficiency of Collective Bonds for Small- and Medium-Sized Enterprises in China," Chinese Economy, Taylor & Francis Journals, vol. 46(6), pages 67-79, November.
    • Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:67-79
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