A Study On The Problems About The System Of Small And Medium-sized Enterprises Credit Guarantee In China

The experience of world economic development indicates that a striking contrast between the high position and the low potency of small and medium-sized enterprises (SMEs) requires that the countries all over the world formulate systemic and strategic policies to support the development of SMEs as a whole. Although these policies are made from various angles, the radical stand point is to try to fill in the loan gap for SMEs. In order to solve this problem, many countries have introduced credit guarantee systems to offer enough credit support for SMEs. This is a paragon of the combination of the market mechanism and macro adjustments and controls. It is also an important means to dissolve financial risks and improve the financing environment. Practice has proved that on China's lending market, the joining of credit guarantee organizations (CGOs) can alleviate the financing difficulty of SMEs to a certain extent. However, due to China's especial economic and financial circumstance, higher authoritative legislation for guaranteeing industry administration is absent, and the institutions are also lacking for the development of CGOs. Chinese credit guarantee system still needs to be improved further. So with the development of CGOs' operation, many problems concerning operation mode, capital source and loss share, risk control and outside environment since the earlier design stage lead to CGOs are undertaking an enormous guarantee loss risk, and their operation efficiency is generally low, far from meeting the financing demands of SMEs. In order to solve the problems above, a perspective research on the SMEs credit guarantee system is carried out. And the author tries to find an SMEs credit guarantee system or arrangements that adapt to the situation of China. It will promote persistent development of CGOs and can make credit guarantee for SMEs bring better social and economic benefits, serve the development of SMEs lastingly, and promote the ordered development of China's financial market.Financial difficulties faced by SMEs are the background of the production and development of the credit guarantee system, so the dissertation firstly defines credit guarantee category, reviews the theory of asymmetric information in SMEs credit markets and the theories of loan, guarantee for the enterprises under asymmetric information.Secondly, the research focuses on the microcosmic mechanism that credit guarantee systems solve the failure in SMEs credit markets. Based on a conceptive model for the credit rationing of SMEs under the participation of credit guarantee, this section clarifies that the credit guarantee can improve the signal screening and signaling mechanism in SMEs credit market, and proves theoretically that credit guarantee system can improve SMEs financial efficiency; furthermore, it discusses how to improve the performance of CGOs under asymmetric information.Then the author introduces the current SMEs credit guarantee systems in USA, Japan, Korea, Taiwan and Mainland of China in details. By using comparative research approach this part analyzes the arrangements of credit guarantee systems and summarizes the characteristics and existing problems of the current system in mainland of China.A common law can be gained from SMEs credit guarantee operation of many countries. That is, the government is always the primary motive force in credit guarantee systems. Consequently, the thesis goes on to make a thorough analysis of the positive effects and fiscal cost resulted from the actions of the government with an evidence-prove-theory method. At last, it draws a conclusion on the role orientation and mode choice of the government behaviors.Based on the analysis and researches in the above parts, this thesis suggests altering the development idea of framework and arrangements for Chinese SMEs credit guarantee system. We should constitute a multiplex credit guarantee system in the future, which takes the administrative and the mutual CGOs as the main entities, the commercial CGOs as complements, and can control, disperse and melt the risk. As for the administrative guarantee, the mutual guarantee and the commercial guarantee, different policy, orientation and operation mode are proposed separately.Finally, a successful operation of any system needs the cooperation of perfect institutional environment, so the author discusses the current situation, problems and countermeasures for the institutional environment of Chinese SMEs credit guarantee system from three aspects, including credit reporting system of SMEs, guarantee supervision and management system, laws and regulations system.