The Study On Promoting The Development Of Commercial Credit Guarantee For Small And Medium-sized Enterprises In China

Because small and medium-sized enterprises(SMES)have become the indispensable part of our country's economic system,improving the level of development has a significant impact to the economic health and the welfare of the people.The economic development of all countries in the world has shows that small and medium-sized enterprises play an important role in absorbing employment,technological innovation,promoting the coordinated development of regional economy and maintaining vitality.After nearly 40 years of development,the small and medium-sized enterprises had begun to take shape,since the reform and opening in 1978.Our country's economic development cannot leave the support of small and medium-sized enterprises,but dueing to the small and medium-sized enterprises lack credit standing and the shortage of fixed assets the limitation of congenital conditions,so it is difficult to get loans from banks.The credit guarantee was born in 1992 in our country.Our country's first professional credit guarantee company-economic and technological investment guarantee company was established in 1993,which is stated by the council approved the establishment of the first policy credit guarantee agencies.Since 1999,the government's support for policy credit guarantees had increased,and the prophase policy credit guarantees had greatly alleviated the financing difficulties of small and medium-sized enterprises.However,the development of small and medium-sized enterprises predicament began to highlight again in recent years,and after analysised I found that the main reason for the financing difficulty is still hinder its development.First of all,based on relevant literature at home and abroad,I made a collation of the main characteristics of commercial credit guarantee.And starting from these characteristics,taking the information asymmetry theory and transaction cost theory as the foundation,through establishing mathematical model and econometric model,using the comparative method,the following conclusions are drawn.First,credit guarantee can effectively help small and medium-sized enterprises to get out of financing difficulties,and reduce the financing costs of smes.Second,although the policy of credit guarantee,commercial credit guarantee and mutual guarantee can help ease the financing difficulties of SMEs,and financing of small and medium-sized enterprises to reduce transaction costs,but the effect is not the same,by comparing and analyzing,the function of the three credit guarantee modes is as follows: credit guarantee,policy credit business guarantee and mutual guarantee.Therefore,the author believes that we should promote the development of commercial credit,and the credit guarantee business in small and medium-sized enterprise credit guarantee system's main body status,and put commercial credit guarantee in the main position of SME credit guarantee system.Secondly,first of all,the author made a brief review of the development of commercial credit guarantee in China,and the problems of commercial guarantee are analyzed from the two parts of the inside and outside of the commercial guarantee institution,through the analysis of the historical development of the opportunities in the commercial credit guarantee,it is considered that policy based credit guarantee has great defects in actual operation,such as opportunism,the problem is serious,and subject to administrative intervention of adverse selection,it is difficult to meet the needs of social development,which providing a space for development of commercial credit guarantee.In addition,because of the endogenous development mechanism of commercial credit guarantee,it can rely less on government finances,and it can rely on the market forces to achieve self sustainable development,it can better meet the needs of the market.Thirdly,I take Han hua Guarantee Corporation as an example of commercial credit guarantee in the actual operation of the operating characteristics,and I verified the commercial credit guarantee can effectively alleviate the information asymmetry and reduce transaction cost of financing of small and medium-sized enterprises.Finally,in order to improve the possible problems in the development of commercial credit guaranteeThe possible problems in the development of commercial credit guarantee,I put out some suggessions,such as clear from the credit guarantee business scope of services,improve the commercial credit guarantee mode,establish a sound credit system.puts forward concrete suggestions and supervision in five aspects to improve the relevant laws and regulations,strengthen the supervision of the government and Industry associations.In conclusion,the author believes that promoting the development of the commercial credit guarantee outweigh the disadvantages,on the one hand,contribute to the development of SME credit guarantee industry in China;on the other hand,it can better to service for small and medium-sized enterprises,alleviate the problem of financing small and medium enterprises.The innovation of this paper is to combine theory with actual case of the current small and medium-sized enterprise credit guarantee made a comparison system comprehensive analysis,by constructing the mathematical model and relevant economic model,using the comparative method to the role of policy credit guarantee and commercial credit guarantee and mutual guarantee in detail,and on the results of the study,I belived that we should promote the development of small and medium-sized enterprise business guarantee,and the commercial credit guarantee should be put on the principal position of small and medium-sized enterprises credit guarantee system.