Author(s)

Wu Guoyan

Corresponding Author

Wu Guoyan

ABSTRACT

The introduction of private placement of SMEs in 2012 is an important financial innovation. It is an important step toward expanding the financing channels for SMEs and improving the structure of China's capital market. This paper analyzes the significance, development status and existing problems of private placement, and based on the theory of property rights exchange, draw lessons from the experience of private placement in the United States, and discusses how to promote the prosperity and development of private placement in China from the aspects of liquidity, credit rating, main qualifications and other aspects of feasible suggestions. This paper is of great significance to researchers and practitioners of private debt in our country.

KEYWORDS

SMEs, private debt, liquidity, credit rating, issuer