Study Of Sme Credit Guarantee System

The small and medium enterprises (SMES) can bring enormous external economy, but they exist the disproportional financing predicament comparing their economic status in the course of their development. As the financial intermediary arranges in the government's leading, the credit guarantee system of SMES play a very important role in solving the financing problem of SMES. The government who enjoy external economy establishes credit guarantee company, which will increase the strong support on policy for sustainable development of SMES. It is not long that the Chinese credit guarantee system 'developing time, and it is very immature and imperfect. So we have necessary to comb the credit guarantee system in theory, and find out the problems to perfect it. These have a positive meaning to credit guarantee system and the sustainable development of SMES.This paper not only analyses the produced--necessary of credit guarantee system, that is to say the credit guarantee system has the produced--necessary as financial intermediary in financial transaction theory, but also analyses its nature of mixed product and its institutional cost. As a international institutional arrangement in solving the financing of SMES, we have necessary to analyses the experience of the world, especially the experience of advanced country, so that we can absorb and use for reference.There is only more than ten years in the credit guarantee system development of our country. How Chinese credit guarantee system to absorb foreign experience to adapt Chinese situation and serve to Chinese enormous SMES is systemic project, and is not accomplished thing in short term.Though Chinese credit guarantee perfects day by day, at present it is not satisfactory, especially it exists very obvious defects on the mechanism and structure. As its limitations and the fault on its mechanism's design, the credit guarantee system can't play import enough role as serving the SMES's financing. In order to improve the situations, this paper put forward adjusting the proportion of the credit guarantee, mutual guarantee and commercial guarantee, setting up guarantee again and so on to perfect the present guarantee system. And this paper combines the successful experience of some areas in china to provide a mode which is suitable for sustainabledevelopment, i.e. shanghai mode.Combining the practice of credit guarantee system development of china, the paper provides some conclusions: l.As a new institutional arrangement, when its produce exists demand conditions, the credit guarantee system must have rationality. So China should develop and perfect the credit guarantee system of SMES unswervingly. 2. Under the specific national conditions, China should insist on the principal parts of policy guarantee and mutual guarantee. Based on the market, the commercial guarantee should not be the main part of the credit guarantee system.3. In the development of guarantee system, we should understand the limits of guarantee system on solving the financing of SMES, the risks on itself, and institutional cost in macroscopic and microcosmic. So the government's coordination function and other supplementary measures must be taken.