in the present invention , bonding wires and lead frames are directly used as external inductors , so as to reduce the cost of an external circuit . however , the conventional smps cannot directly use bonding wires as external inductors , as the conventional smps is embodied with a comparator - based architecture , and can only operate at a switch frequency between 500 khz to 10 mhz . since the inductance value provided by the bonding wires including lead frame is only nh order , a power stage must be switched with a frequency far greater than 10 mhz . the conventional power supply with the comparator - based architecture cannot reach such a high frequency . therefore , the embodiment of the present invention provides a current - controlled pwm modulator and a current - controlled pfm modulator , which are digitally switched to provide a frequency far greater than 10 mhz . in the first place , the bonding wire may be defined according to a bonding wire shown in fig2 a and an equivalent model shown in fig2 b . a bonding wire 200 is bonded between pads 202 and 204 , where an inductance value thereof is expressed by l , a wire diameter is expressed by d , a wire length is expressed by 1 , and a height is expressed by h ( distance between the bonding wire 200 and a substrate 206 ). a calculation formula of the inductance value l is given as follows : in which , capacitance c is a function of frequency , and δ is a skin depth of a material . generally , an inductance value provided by a bonding wire is about 1 nh to 10 nh . therefore , the operating frequency of the smps according to the embodiment of the present invention is approximately within the range of 100 mhz to 400 mhz . note that , in this invention , not only bonding wires but also lead frames contribute certainly equivalent inductance . fig3 is a schematic view of an smps according another embodiment of the present invention , in which a current - controlled pwm modulator is employed . a capacitor c 1 and a load rl are connected in parallel , with no external inductor disposed in an output path of a power conversion chip 100 a ; and an output current iout directly charges and discharges the capacitor c 1 via a pad 22 and a bonding wire 32 , so as to generate an output voltage vout . a bonding wire 36 is connected directly to the output voltage vout , so as to provide the output voltage vout to a pad 26 ; and resistors r 1 and r 2 divide the output voltage vout , so as to provide a feedback voltage vfb for pwm control . in this embodiment , the pads 22 and 26 are both connected directly to the capacitor c 1 via bonding wires 32 and 36 , and the parasitic inductors of the bonding wires 32 and 36 are used as energy storage inductors . a frequency compensation circuit 20 compares the feedback voltage vfb with a reference voltage vref to output error signal vc , a current - controlled pwm modulator 42 then outputs a high - frequency pwm output signal to a non - overlap clock generator 12 according to the error signal vc and a high - frequency clock signal provided by a high frequency generator 30 . next , the non - overlap clock generator 12 generates two non - overlap control signals to a power stage 18 according to the pwm output signal , so as to switch an upper and lower bridge switches p 1 and n 1 in the power stage 18 . the power stage 18 is switched under control to generate the output current iout , which charges and discharges the capacitor c 1 through a switch node 19 , the pad 22 , and the bonding wire 32 , so as to generate the output voltage vout . as described previously , an inductance value provided by the bonding wire 32 and the bonding wire 36 is from 1 nh and to 10 nh , and thus the frequency of the pwm output signal output from the current - controlled pwm modulator 42 is between 100 mhz and 400 mhz . in a practical circuit , the bonding wires 32 and 36 may bond the pad and a lead frame ( not shown ) together , and then connected to the capacitor c 1 via a pin of the lead frame . therefore , in other embodiments , parasitic inductance and capacitance caused by the lead frame may also be taken into consideration . fig4 a is a circuit diagram of a current - controlled pwm modulator according to another embodiment of the present invention . an inverter 423 is formed by serially connected transistors p 2 and n 2 , and switches under the control of a clock signal ck to generate a signal vp at an output end thereof ; in which the clock signal ck is a high - frequency clock signal provided by a high frequency generator 30 , as shown in fig3 . a voltage - to - current converter 421 converts and generates a pwm control current i 1 according to an error signal vc , a first current mirror 422 mirrors the pwm control current i 1 to generate a converted current i 2 , and then a second current mirror 424 mirrors the converted current i 2 to generate a current i 3 to the inverter 423 . when an output voltage vout is higher than vref , the error signal vc increases , the pwm control current i 1 generated by the voltage - to - current converter 421 increase , and thus the current i 3 also increases to pull down the output of the inverter 423 strongly . in this case , the signal vp decreases rapidly and its pulse width is decreased ; here a corresponding waveform output from the inverter 423 is a waveform vp 1 as shown in fig4 b . when the output voltage vout is lower than vref , the pwm control current i 1 decreases , and the current i 3 is also decreased to pull down the output of the inverter weakly . so the signal vp decreases slowly and its pulse width is increased ; here a corresponding waveform output from the inverter 423 is a waveform vp 2 as shown in fig4 b . a buffer 425 is connected to the inverter 423 for buffering , and outputs the pwm output signal ( pwm_ctrl ). fig5 is a schematic view of an smps according to another embodiment of the present invention . similar to the embodiment shown in fig3 , a power conversion chip 100 b is connected directly to an external capacitor c 1 via bonding wires 32 and 36 , and uses parasitic inductors of bonding wires 32 and 36 as energy storage inductors ; thus , a current - controlled pfm modulator 44 thereof also needs to output a high - frequency pfm control signal . in this embodiment , the current - controlled pfm modulator 44 does not need an additionally provided high - frequency clock signal , so that the high frequency generator does not need to be installed . the current - controlled pfm modulator 44 is electrically coupled between a frequency compensation circuit 20 and a driver embodied by a non - overlap clock generator 12 , and generates a high - frequency pfm output signal according to an error signal vc . accordingly , the non - overlap clock generator 12 controls the switch of a power stage 18 to generate an output current iout . the output current iout is output from a switch node 19 to charge and discharge the external capacitor c 1 , thereby generating an output voltage vout . fig6 is a circuit diagram of a current - controlled pfm modulator 44 according to another embodiment of the present invention . a voltage - to - current converter 441 generates a corresponding pfm control current i 4 according to an error signal vc ; a current mirror 444 is connected between the voltage - to - current converter 441 and a current - starved vco 442 , mirrors the pfm control current i 4 and generates a current i 5 . the current - starved vco 442 includes a ring oscillator with odd stages , and outputs an output signal with a fixed duty cycle and a changeable cycle according to the magnitude of the current i 5 . the buffer 443 is connected to an output end of the current - starved vco 442 , for buffering and outputting a pfm control signal pfm_ctrl . in order to have high efficiency at heavy load ( the load current is larger or around 1 a ) or a light load ( load current & lt ; 100 ma ), the present invention also provides an smps with pwm / pfm dual mode . fig7 is a schematic view of another embodiment of an smps according to the present invention , which has both a current - controlled pwm modulator 42 and a current - controlled pfm modulator . a selector 46 is electrically coupled to the current - controlled pwm modulator 42 and the current - controlled pfm modulator 44 , and enables the current - controlled pwm modulator 42 or the current - controlled pfm modulator 44 according to a selection signal se 1 . a multiplexer 48 is electrically coupled to the current - controlled pwm modulator 42 and the current - controlled pfm modulator 44 , and also switches according to the selection signal se 1 to provide a pwm output signal or a pfm output signal to a non - overlap clock generator 12 . the selection signal se 1 is provided externally , and can be determined by detecting the change at an output end ; for example , it is determined to work in a pfm or pwm mode when an output current tout or an output voltage vout is risen to or dropped to a threshold value . please refer to fig2 b for an equivalent circuit model of a bonding wire . in fact the bonding wire also has the property of a resistor , and thus it is preferred that the properties of resistors , inductors and capacitors in the whole path through the pad 22 , the bonding wire 32 , the output end , the bonding wire 36 to the pad 26 are all taken into consideration when determining the operating frequency of the smps . as described previously , the bonding wire 36 and the bonding wire 32 may be bound between a pad and a lead frame . in an embodiment , the bonding wire 36 and the bonding wire 32 are connected to the capacitor c 1 via a common pin on the lead frame after being connected to the same lead frame . in another embodiment , the bonding wire 36 and the bonding wire 32 are respectively connected to a first pin and a second pin , and then the first pin and the second pin are electrically connected to the capacitor c 1 via an external pcb ( printed circuit board ). although in the above embodiments , only one single bonding wire is used to embody each of the bonding wires 32 and 36 respectively , multiple bonding wires may also be employed to embody the bonding wire 32 / 36 so that the electrical properties provided by the bonding wires may be precisely controlled . in general description , the independent bonding wires 32 and 36 separate from each other may be defined as a first bonding wire and a second bonding wire according to the aforesaid embodiments of the present invention . while the present invention has been described by the way of example and in terms of the preferred embodiments , it is to be understood that the invention need not to be limited to the disclosed embodiments . on the contrary , it is intended to cover various modifications and similar arrangements included within the spirit and scope of the appended claims , the scope of which should be accorded the broadest interpretation so as to encompass all such modifications and similar structures .