| 摘要 | 第4-6页 |
| Abstract | 第6页 |
| 1. Introduction | 第7-11页 |
| 1.1 Reasons for financing problem of China's SMEs | 第7-8页 |
| 1.2 Alternatives to solve financing problem of SMES | 第8-11页 |
| 2. Literature Review | 第11-16页 |
| 2.1 Financing problem of SMEs | 第11-13页 |
| 2.1.1 Financial Structure Theory to SMEs | 第11-12页 |
| 2.1.2 Financing Problem of China's SMEs | 第12-13页 |
| 2.2 Research on High-yield bonds | 第13-16页 |
| 3. The Private Bonds for SMEs in China's Bond Market | 第16-38页 |
| 3.1 Introduction to China's private bonds for SMEs | 第16-24页 |
| 3.2 Analysis on the issuers of private bonds for SMEs | 第24-29页 |
| 3.3 Analysis on the investors of private bonds for SMEs | 第29-34页 |
| 3.3.1 Commercial banks | 第29-30页 |
| 3.3.2 Security Companies | 第30-31页 |
| 3.3.3 Public Fund | 第31-32页 |
| 3.3.4 Issuance companies | 第32-33页 |
| 3.3.5 Trust companies | 第33-34页 |
| 3.3.6 Qualified Foreign Institutional Investors (QFII) | 第34页 |
| 3.4 Analysis on the intermediary agencies of private bonds for SMEs | 第34-38页 |
| 3.4.1 Security Companies | 第34-35页 |
| 3.4.2 Credit rating agencies | 第35-38页 |
| 4. The research on Issuing Mechanism and Investor Protection System | 第38-61页 |
| 4.1 Issuing mechanism of private bonds for SMEs | 第38-44页 |
| 4.1.1 Market admission system | 第38-39页 |
| 4.1.2 Underwriting Mechanism | 第39-44页 |
| 4.2 Investor protection | 第44-61页 |
| 4.2.1 Theoretical background | 第45-48页 |
| 4.2.2 The investor protection mechanism | 第48-61页 |
| 5. Analysis on credit risk of China's private bonds for SMEs | 第61-72页 |
| 5.1 Alternatives to evaluate credit risk in China's private bonds for SMEs | 第62-68页 |
| 5.1.1 Expert judgment | 第62-63页 |
| 5.1.2 Credit scoring model | 第63-65页 |
| 5.1.3 Modern default probability model | 第65-68页 |
| 5.2 The Empirical Analysis of credit risk using Z-score Model | 第68-71页 |
| 5.3 Other Risks related to Private bonds for SMEs | 第71-72页 |
| 6. Conclusion and limitations | 第72-76页 |
| 6.1 Conclusion and Suggestions | 第72-75页 |
| 6.2 Limitations and Further Research | 第75-76页 |
| Reference | 第76-79页 |
| Acknowledgement | 第79-80页 |
