The Research On Rating Study Of Credit Guarantee Agencies To SMEs

SMEs are important portion for constituting the nation’s economy. However, the difficulty in financing for SMEs has become an important socio-economic issue. The appearance of guarantee agencies mitigates the problem, but there are still many problems arising during the development of guarantee agencies such as weak risk control、 illegal operation, the high-risk business which make the risk of guarantee agencies aggregate sharply. Meanwhile the lack of supervision and the national monetary tightening policy also caused the guarantee companies’problem to be early exposed which then evolved into the windstorm for the guarantee company and resulted in local financial turmoil. Only through alleviating the asymmetric information of Guarantee Agency, the link of guarantee agencies can be cleared to solute SMEs’financing difficulties. This paper is proposed to rate guarantee agencies.This paper contends that rating guarantee agencies is a good way to solve the asymmetric information of guarantee agencies, Clarifying the credit rating of guarantee agencies can reduce the information blind for investors、 banks and regulators,alleviate the information asymmetry and clear funding pathway. This study starts from the research and practice on guarantee agencies rating abroad and domestic, combines with China’s current conditions, establishes the double rating system for guarantee institutions and build rating agencies for Guarantee Agency, and according to the running problems and characteristics of guarantee company in China, uses a variety of methods comprehensively to build a set of three sub-index system with our characteristics including the system of financial indicators, non-financial indicators system and restrictive index system. The SME credit guarantee institutions evaluation index system uses the Analytic Hierarchy Process (AHP) to determine the index weight and raise the index criterion, uses default rating transfer based on VAR principle to estimate the risk value, constructs the relevant rating model, and proves the feasibility of the model through case studies. The paper enriches the study on guarantee agencies’rating and raises a rating structure system and a rating model. It is an integrated innovation on the basis of the current study. This rating system can give a the credit rating of guarantee agencies more accurately, solve the asymmetric information of the guarantee company, and comb the relationships of Guarantee Agency and the bank, improve service capabilities of SMEs.