The Research On Role Gamingand Mode Innovation Of Smes Credit Guarantee

SMEs are an important component of Chinese national economy, contributing over70percent of GDP total volume, and provide huge employment opportunities for our society. Allalong, the financing problems of SMEs are the major issue to be addressed for each economicsectors around the world. As an effective means to alleviate the financing problem for SMEs,credit guarantee has always been a hot spot for theoretical cycle. However, in recent years,incidents and emergencies took place frequently in guarantee industry, institutions continue torun away with capital. Being short of effective means, existing guarantee modes show’s itspassiveness in response to crisis cases such as Joint Guarantee of Shanghai Steel Trade. Thewell-run foreign SME credit guarantee mode stuck in bottleneck in China, has once againaroused a heated discussion in domestic theoretical circles.On the basis of the credit guarantee supporting theory and reviewing relevant conclusionsof previous studies, this paper made a comparative analysis upon the three major types ofcredit guarantees modes, by building game models, and putting forward a conceive ofinnovative business guarantee model, purpose a trial to find a perfecting approach for ourcredit guarantee industry.Article is divided into five chapters in total:The first chapter introduces the origin of Chinese Credit Guarantee System of "One body,Two Wings" institutional features, describes the meaning and purpose of this study, andsumming up the theory of existing research and theory. Literature review describes the causesof SME financing difficulty and utility of credit guarantees mode to alleviate this situation,and explains why game theory is suitable for studying SME Guarantee mode as well.The second chapter, based on actual situation of our country, discourses and analysis thecharacteristics of policy guarantees, mutual guarantee and commercial guarantee modes, andindicates their respective advantages and disadvantages. Based on these analyzes, combined with actual operation, draw approaches for solving the problems lays in these three guaranteemodels, and laid a theoretical foundation for the game analysis next chapter.The third chapter focuses on the analysis of the three major credit guarantee modes. Thepaper establishes two game models based on with and without rent-seeking behavior for policyguarantee, and get results of the drawbacks of disturbing market equity and chances toenhance moral hazard lays in this guarantee model. Suggestions of reshaping rights andliabilities of policy guarantee institution and strength supervision and restriction mechanism.Then, through analysis upon two patterns of single game and repeated games, writer builds upgame models for mutual credit guarantee, draw a conclusion that mutual credit guaranteemodel can play an effective role in SMEs clusters; from the view of risk control, we establish amodel of commercial credit guarantee game mode and perform sensitivity analysis uponinfluencing factors over equilibrium, and by substituting realistic simulation numerical valueof the situation, draw a reasonable range of each factor for the improvement and developmentof commercial guarantee institutions.Chapter IV makes an innovative trail upon commercial guarantee mode on the basis ofthe previous analysis of domestic credit guarantee modes. And then introduces the concept ofinnovative business guarantee mode, specifics its details about the operation method,management and risk control mechanism, while the theoretical analysis support are given too.At last, writer brought up conceive of constructing the credit guarantee system and supportingpolicy environment.The fifth chapter gives a summary over the whole paper, and gives suggestions uponthose four different modes of SME credit guarantee: focus on the promotion of innovativebusiness mode as the main SME credit guarantee mode; In conjunction with effectivegovernment supervision and support, promote mutual guarantee mode among SMEs clusters,and provide technical and policy support, weakening the dominant role of policy guaranteemode, while strength it in selected key industry and region to perfect the credit guaranteesystem of our country; construct and optimize the SME credit information databases, improvecredit guarantee industry self-regulation.