| High-tech small-medium enterprises (SMEs) play a more and more important role in national economy development and they are the backbone of the national innovation capability. However, because of their own lack of funds, SMEs always face the problem of financing. Their development will be seriously hampered by the lack of funds at a critical point. Therefore, we actively seek financial innovation to solve the problem of high-tech SMEs financing difficulties.High-tech SMEs, due to the small scale of production and lack of effective collateral, are difficult to get bank loans. Guarantee services can help them while the guarantee company takes risks of them. After signing the guarantee contract, Guarantee Company evaluates the risks lending high-tech SMEs may default and takes the risks.Offering a guarantee service is equal to sell out a put option. The guarantee company plays the short position which takes the great risks, while they can’t charge expensive guarantee fee. Because the rate of guarantee service is no more than50%of the loan interest rate stipulated by the People’Bank of China. On the other hand, expensive guarantee fee makes a higher cost for High-tech SMEs, which is not expected."Option-for-guarantee swap" can help the guarantee company to get risk compensation. This method connects the guarantee and equity investment. The paper will introduce the mode of "Option-for-guarantee swap ". Using the Black-Scholes option pricing theory to calculate the risk which the guarantee company gets in the guarantee service, we obtain a optimal equity ratio to make the SME and guarantee company to get maximum profit.Through the analysis, the guarantee company takes high risks. The fixed guarantee fee and stock right of option can help it to get proper risk compensation. Particularly, if the fixed guarantee fee declines a lot, the optimal equity ratio will not increase much. So High-tech SMEs can choose this method to reduce the cash payments. |
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