Research On Risk Pricing And Control Of Credit Guarantee Of Small And Middle-Sized Enterprise

Small and Middle-Sized Enterprise holds an important impect on Chinese economic and society development, and it contributes to national economic developing with a persisting, accelerating and healthy mode. It is urgent to realize its persisting development that construct a perfect Credit Guarantee System of Small and Middle-Sized Enterprise.It is pretty urgent to resolve the risk pricing and control of Credit Guarantee of Small and Middle-Sized Enterprise, which points to Chinese Credit Guarantee Professional of Small and Middle-Sized Enterprise persisting development. This paper contributes to research on the risk pricing and control of Credit Guarantee, and it will be offered to theoretical reference to accelerating Construction to Chinese Credit Guarantee System of Small and Middle-Sized Enterprise, holding an effective impect on Small and Middle-Sized Enterprise, which possesses very important theoretical and practical emphasis.This paper is written along the line of the risk of Credit Guarantee of Small and Middle-Sized Enterprise. Based on the deep approachment to the risk emergence of Credit Guarantee of Small and Middle-Sized Enterprise, it gradually contributes to the item of the risk pricing and control of Credit Guarantee. The main contributions of the paper consist of:(1) It discusses the anti-direction choose and consciousness risk based on information non-perfectness from the Information Economics, on which it analysizes on the anti-direction choose and consciousness risk based on information non-perfectness in the finance field. By constructing the Mathematical model, it offers the theory on how the anti-direction choose and consciousness risk based on information non-perfectness lead to the emergence and partial balance of commercial bank capital refinedly supply. By constructing the inner and outer information non-perfectness model, it deeply approaches to the thoery how the inner and outer information non-perfectness of Small and Middle-Sized Enterprise lead to the emergence of guarantee risk, which deepens the risk theory of Credit Guarantee.(2) It derives to the Black-Scholes Options Pricing Model from emphasizing on finance, based on mid-risk viewpoint, and obtains the model pricing character, on which it offers the futures pricing formula. It constructs a general dynamic equation for the futures options pricing, and offers the risk pricing differential equation for Credit Guarantee according to the given futures options definition of Credit Guarantee. Deriving to the price relation between Europe futures call-in options and pay-off options, on which, it contributes to obtaining the Europe character theory of the risk pricing for Credit Guarantee, and it firstly proves the scientific theory of the Black-Scholes Options Pricing Model for the risk pricing for Credit Guarantee, which develops and deepens the risk pricing theory and method of Credit Guarantee.(3) Pointing to the one-period pricing defect, combining the merit of debt delay in guarantee practice, it constructs the guarantee pricing model based on debt one-period delay, gives its-pricing method. On the basis of debt one-period delay, it constructs the guarantee pricing model based on debt muti-period delay, and gives its pricing method. Pointing to the merit of guarantee investment, compound setting between debt with stocks, similar to the prior to stocks mode, it contributes to the guarantee compound pricing model based on debt delay, and gives its pricing method, it also gives the relative analysis of practical examples and checking, which further deepens the risk pricing theory and method of Credit Guarantee.(4) From the risk outer management viewpiont, it analysizes on the risk of Credit Guarantee, on which it constructs the risk outer management mechanism of Credit Guarantee of Small and Middle-Sized Enterprise. It also offers the approaches to constructing the outer running environment of Credit Guarantee Companies and realizing the Credit Guarantee risk outer dispersing, transfering and remunerating, and constructing the outer supervising and society service system for Small and Middle-Sized Enterprise. On which, by constructing the mathematical model, it deeply analysizes on the risk sharing between the commercial banks and Credit Guarantee Companies, and outer remunerating from government finance, moreover it offers the A. R. T. mechanism application to guarantee risk outer transfering.(5) From the risk inner controlling viewpiont, it constructs the risk inner controlling mechanism of Credit Guarantee of Small and Middle-Sized Enterprise. For the guarantee risk appreciation, it constructs the Small and Middle-Sized Enterprise Trust Appreciation System. For the guarantee risk pre-controlling, it constructs Credit Guarantee Risk Pre-controlling System. It also offers the approaches to realizing Credit Guarantee Companies scientifically running. For the guarantee risk inner dispersing, it offers the risk inner dispersing mechanism based on guarantee investment, For the guarantee risk inner transfering, it offers the risk inner transfering mechanism based on anti-guarantee. For the guarantee risk inner remunerating, it offers the risk inner remunerating mechanism based on the risk self-deposit.