| As the basic power of the national economy,small and medium-sized enterprises,which constitute the main body of the market economy,promote social stability.However,there are many obstacles of SMEs.Financing difficulty is the biggest constraint of SMEs.Since the implementation of the policy-based financing guarantee in 1993,it has been a outstanding contribution to the financing of SMEs.But,the problem of financing is still difficult for the majority of SMEs in China.In view of the important status of SMEs and its financing difficulties,it is essential to analyze the policy-based financing guarantee for SMEs.Policy-based guarantee is an effective way to ease the financing difficulties of SMEs.In view of this,the paper first combs its theoretical origin and practical basis,and recognize the important position of it.Then we analyze the current situation of China’s policy financing guarantee of SMEs,to present the reality of it.This paper focuses on the practical effect of policy guarantee for SMEs in China.We use PSM and DID to matching the factor of firms and commercial banks.Based on the samples of listed companies in China Growth Enterprises Market from 2007 to 2014,the paper evaluates the practical effectiveness of policy-based guarantees to SMEs.The empirical results show that,the SMEs credit availability enhances obviously in lag time,which indicates the credit gap supplemented effectively by policy guarantees;the ex-post performance of program participants which resulted in moral hazard is deteriorated in the whole period,which reveals the potential crisis of policy guarantee;credit rationing of commercial banks participating in the policy guarantee,has been reduced.This paper carefully examines the system of China’s SMEs policy guarantee system.From the perspective of governance,according to the practical problems,this paper gives a series of effective improvement measures,in system optimization,supervision and risk control,and support policies.Based on the government support for SMEs financing,we further explore the practical effect of policy guarantee.This is a useful exploration of the comprehensive and effective promotion of SMEs financing services,is also a development of financing reform. |
