关键词: 集合债；牵头人；信息不对称；中小企业融资

Abstract: Based on the thought of cluster financing, SMEs collective bond is formed in China to solve SMEs financing constrains. Specifically, SMEs collective bond adopts the market operation modes of collective debt issuance, separate liabilities, unified guarantee, unified organization and is organized by the initiator who is responsible for selecting and monitoring the issuing bodies. Therefore, SMEs collective bond is a kind of “Agglomerating sand to pagoda” financing innovation, forming in practice in China. There is no systematic theoretical summary and empirical analysis of this innovation for now. The core mechanism of the collective bond is proposed: initiator’s dual capacity theory including resource mobility capacity and monitoring capacity for the first time, the role of the initiator is analyzed and which agency is more suitable for acting as the initiator is answered. Empirical studies are conducted using the samples consisted of collective bonds issued during 2006-2017 and samples consisted of hand-collected information of the SMEs collective bonds issuing bodies. Firstly, to explain initiator’s resource mobility capacity, SMEs collective bond(as treat groups) is matched with bond, the issuing body of which issues solely(as control groups), and then the t test method is used to test if the initial rating of the bond issuer of the treat group is significantly lower than that of the control group. Next, to explain initiator’s monitoring capacity, the issuing bodies of SMEs collective bonds (as treat groups) are matched with SMEs listed on SMEs board (as control groups) and then difference in difference estimation (DID) is used to test the shock of issuance of SMEs collective bonds on the issuing bodies ‘operation effectiveness. The results show that (1) the average rating of SMEs collective bonds issuers is BBB, while the average rating of enterprises in control group which issue bonds solely is A. The result illustrates the initiator's resource mobility capacity theory, and the collective bonds can enable direct financing of SMEs which are difficult to issue bonds alone, breaking the ceiling of bond market financing and achieving a “0 to 1” leap. (2) The results of the difference in difference estimation show that the issuance of collective bonds can promote the improvement of the operating efficiency of the issuers which explains the monitoring capacity ability theory. Furthermore, comparing with the local government, the local SMEs specialized management departments acting as initiators can promote the improvement of operational efficiency more. It is suggested that SMEs collective bonds leaded by local specialized management departments should be implemented on a larger scale.

Key words: SMEs collective bonds; initiator; information asymmetry; SMEs financing