| It is well known that SMEs play an important role in the economic and social development. Whether in employment, GDP growth, export or in paid taxes, the share of SMEs is absolutely large, However, the question of financing difficulties of SMEs is long-standing, which receives the general concern of all sectors of society, and the construction of credit guarantee institutions for SMEs is one of effective measures to solve the problem of financing difficulties of SMEs. In theory, the development of credit guarantee institutions face the issue of two dimensions. To study this "two dimensions" problem will help explain a variety of phenomena in the development of credit guarantee institutions, and straighten out a sustainable commercial operation pathway for credit guarantee institutions.What is most studied by theorists is about the risk diversification issue of security agencies which is related to the key issue to survive for security organization, but the effective functioning of security agencies is not involved in this question of risk spreading. In chapter 3, combined with mathematical models and dynamic game analysis methods, we study the credit enhancement mechanism, the risk spreading mechanism and the cost-sharing mechanism of guarantee institutions from the perspective of the information asymmetry, and discuss the relationship among the three mechanisms. We consider that the three mechanisms can not be completely separated although they being relatively independent, and they are both distinct and interrelated, being an organic unity of the operation around the security agencies functioning, survival, development under the conditions of imperfect information. When a contract of guarantee spreads the risk properly at a lower cost, the security agencies will obtain a larger income, and improve its capability of credit enhancement for insured corporate. After that, it is in turn conducive to develop broad range of security activities for the security agencies, to enhance the space for risk diversification, promoting the formation of a more favorable cost-sharing mechanism, and thus induce a positive feedback mechanism, and jointly promote the health development of the security agencies. The content of chapter 3 is also about basic theory analysis on operating mechanism of credit guarantee institutions. whether in the end is there a role for the construction of credit guarantee institutions to SMEs and thus to economic development, and how much is this role, which involves the additionality problem of guarantee schemes (agencies). The controversial research for foreign scholars on the credit guarantee schemes started very early, and some believed that the additionality is clear, some believed that the additionality is not obvious, and some perceived that the additionality has a negative impact,which still do not make the same conclusion, while the domestic research in this area is still in its early stages. In chapter 4, taking zhejiang province as an example, by conducting a questionnaire survey and statistical analysis on small and medium enterprises and credit guarantee institutions in zhejiang province, we estimated the financial additionality of credit guarantee as 51.9±7.0% with 95% confidence using a two-stage process, and using the classic panel regression method, found that credit guarantees have an economic additionality, that is,which the proportion of credit guarantee loans in total loans is increased by one percentage point will make each unit of lending output increase by 2.09 percentage points. It is also an empirical research attached to the credit enhancement result of credit guarantee agencies.Risk is a key factor of affecting the operational efficiency of credit guarantee agencies, and its source is multifaceted. Then, what is the overall risk level of affecting the operational efficiency of credit guarantee institutions? What are the relative importance of factors? In chapter 5,we conduct a questionnaire survey through the credit guarantee institutions in zhejiang province, intermediary agencies, government departments and experts, and by using 21 factors such as the business cycle fluctuation, direct government intervention, technical innovation shock to constitute a evaluation system, by using analytic hierarchy process (AHP) and principal component analysis approach, we find out a series of weight coefficients for the evaluation system, then validate the correctness of the core assumption-the risk factors from the guarantee institutions themselves being the most important ones affecting the operational efficiency of these agencies,and conduct an overall assessment on the risk level of affacting the current operational efficiency of the security agencies. The results show that:If we use the parameters [13579] to scale the level of risk, of which 9 indicates the risk being very high, then the overall risk assessment value being 6.96 means that the overall risk level of affecting the operational efficiency of the security sectors in zhejiang province is relatively high at present. Which the greatest weight five factors of affecting the operational efficiency of credit guarantee institutions are from the management level of guarantee agencies being not high, internal control system being not perfect, and the lack of professionals, as well as from the credit system being not perfect, consultations and evaluations and other intermediary institutions being not perfect in the legal system. These factors are closely related to the capacity of dispersing the credit risk from insuranced companies. Further analysis of the innovation pathes dispersing the insured corporate credit risk, the 7 inspirations effectively dispersing the credit risk by the insuranced company are got.The content of chapter 5 is also an empirical researche on the risk spreading situation of credit guarantee institutions.We can see from the previous study that credit guarantee institutions are demanded urgently for the development of SMEs, and the additionality of guarantees is very significant, but their relatively high operating risk lead to their risk and benefits not matching, how to break this state? In chapter 6, on the basis of summarizing and comparing a few new security models in zhejiang province, we put forward the transformation effect theory, and explicitly analyzed the impact on operating performance of guarantee agencies after the nature of the guarantee contract, secured loan duration and size, guarantee product feature, using approach of fiscal funds, risk characteristics and other factors have been transformed in the new patterns of guarantee models such as Qiao Sui model, industry guarantee, organizing a group of guarantee institutions to increase credit and Lu Qu model. Through the new model compared with the traditional mode, the running transformation effect is found.The paper considers that they are the keys to improve the operating performance of guarantee agencies to combine the government's public credibility with the creative force of guarantee agencies by innovating operating models, to strively improve the security agencies' market positions and enhance their initiatives, to continuously reduce the degree of information asymmetry,to continuously improve the guarantee agencies'viability. The content of chapter 6 is about the summarized and refined for the practice and experience of credit guarantee institutions, but also a theoretical research on the running transformation effects.How is the operating efficiency of different types of credit guarantee agencies,and what are the main factors influencing the efficiency, and how is the running transformation effect, which are important issues related to the credit guarantee institutions for sustainable development. Domestic research literature in this area is very little. In chapter 7, firstly,taking 306 SME credit guarantee institutions of zhejiang province as the object of studying, we empirically analyse the influence orientation and extent of the operating efficiency of policy, commercial, mutual aid types of guarantee agencies made by the reality capital size, the main business share, the human resources,the number of cooperative banks, the proportion of risk taken by guarantee institutions,the proportion of small and medium-sized in all guaranted objects and other factors, and discuss the differences in operating efficiency of these three types of guarantee agencies, and empiricaly analyse the running transformation effect of security agencies. The results showed that:operating efficiencies of policy, commercial, mutual aid and other types of security agencies are significantly different, and their influencing factors are not the same; the operating mode of policy guarantee agencies is relatively mature; guarantee agencies are still in the primary stage of development in the whole, and the guarantee business needs innovation; the overall risk of guarantee agencies is under control. Secondly, by using DEA to analyse the efficiency of security agencies, we find that OTE, PTE, SE of the policy, commercial, mutual guarantee institutions are significantly different whether in different outputs or under the same outputs. Thirdly, by combining the expert questionnaire survey and typical case analysis of policy-oriented, commercial and mutual aid of guarantee agencies,we confirm that the operational transformation effect of a security agency does exist, and the efficiency of three representatives of various guarantee organizations are significantly different.
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