After four years of development, the collection notes of SMEs have shown good momentum of devel-opment,but still are faced with many problems,among which the most prominent is the imperfection of the credit en-hancement mechanism. From the practice that is overly dependent on external credit, the rather single credit enhance-ment mode restricts the universal development of collection notes. In view of the extreme similarity between bond and South Korea P-CBO pattern and the collection notes,through comparing with the in-depth analysis of a collection of in-struments, this paper proposes the construction of the SMEs collection notes model based on the perspective of credit enhancement,and hopes to provide reference for the wide promotion of collection notes.%经过四个年头的发展，中小企业集合票据呈现出良好的发展态势，但依然存在着许多问题，其中最为突出的是信用增级机制的不完善。从实践中发现过于依赖外部增信，增信模式比较单一等问题制约着集合票据的普遍发展。鉴于集合债券和韩国P-CBO模式与集合票据极其相似，本文通过与之相比较并深入分析，提出基于信用增级视角下构建中小企业集合票据的模式，希望对集合票据的推广有一定的借鉴意义。
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