The Research On High-tech SMEs Loan Guarantee Insurance Pricing

High-tech SMEs have double difficulties in financing problems.On the one hand,High-tech SMEs,characteristic of Start-up light-assets,have greater business risk,compared with the traditional manufacturing companies;On the other hand,the majority of High-tech SMEs' internal control mechanism is imperfect.It's not worth for bank to for their accurate financial information.Balancing the benefits and risks,the bank is less likely to loans to High-tech SMEs.Loan guarantee insurance arises at the historic moment,then small loan guarantee insurance is launched in Ningbo 2009,then a number of places followed and the "thunder,little rain",the main reason is that banks has little willing to cooperate with insurance companies,the insurance companies facing adverse selection and moral risk,risk control of insurance company and the lack of pricing power.Among them,the extensive single rate making is a key factor restricting loans guarantee insurance comprehensive promotion.In this paper,the study of loan guarantee insurance pricing is the real problem,seized the difficulty and pain points,has a certain practical value.Existing credit measurement model is mainly used in SMEs,for High-tech SMEs is less,this paper obtained the loan guarantee insurance related survey data,revised credit measurement model,which provides a research ideas and methods for High-tech SMEs credit guarantee insurance pricing.In this paper,the research ideas and content as follows: the first chapter is introduction.The second chapter for the theoretical part,including the definition characteristics and life cycle,of High-tech SMEs,the definition,elements,characteristics and operation mechanism of loan guarantee insurance,,the theoretical foundation of the pricing model and credit measurement technique.The third chapter to modify credit measurement model: first of all,Reference the field investigation information such as Ningbo small loan guarantee insurance,technology-based loan guarantee insurance pricing basis and SMEs enterprise in Zhejiang province credit rating system and so on,sum up the impact factors of High-tech SMEs credit risk,fixed a credit rating system;Second,the discount factor of High-tech SMEs is optimized.The fourth chapter,using some insurance company credit data of science and technology,test the revised credit measurement model for High-tech SMEs loan guarantee insurance rates set suitable effect.The fifth chapter is summary and Suggestions.Establishing amore perfect pricing model must meet the following two conditions: one is a large number of historical data,with complete and true,another is multiple pricing model with theory support.Therefore,this paper gives the following suggestions.Firstly,improve the "information base" of the historical data of High-tech SMEs;Secondly,build a "treasure house" of the credit system of High-tech SMEs;Thirdly,rich pricing model "think tank" of High-tech SMEs.Using Spot investigation,the empirical analysis,case studies and other research methods,this paper modify credit measurement model,and applied to the High-tech SMEs loan guarantee insurance pricing,in this paper,the measurement model of credit amendments include High-tech SMEs credit risk identification and the reconstruction of the rating system,as well as optimization of High-tech SMEs credit risk discount factor.On the one hand,through High-tech SMEs credit risk identification,this paper found that the influence factors of High-tech SMEs credit risk include financial factors such as financial cash position,and other non-financial factors like management ability,the company's basic situation,science and technology innovation ability,the condition of bank credit.Due to the High-tech SMEs financial is not sound,revised credit scoring system and increase the non-financial factors in proportion.In this paper,the credit risk measurement model High-tech SMEs credit risk discount factor optimization.Select China bond network published "the debt the bond yield curve the yield to maturity on the one-year" as the discount factor,the credit risk premium rate making result makes more accurate.Based on the adjusted credit measurement model,this paper calculates the pure rate of High-tech SMEs loan guarantee insurance ranging from 0.09% to 24.27%.Eliminating A-class and C-class enterprise,the actual pure rate range is 0.34% ~ 7.85%.The comprehensive rate is 1.24 times the pure rate.According to the proportion of holding risk of High-tech SMEs(i.e.,city technology bureau,bank and insurance respectively take 40%,20%.40%)the paper calculates the insurance company comprehensive rate range is 0.04%~ 12.04%,and eliminating A-class and C-class enterprise,the actual adjusted composite rate ranges from 0.17% to 3.89%.B-class(BBB?BB?B take 10%?30%?60% share respectively)High-tech SMEs' average comprehensive rate is 2.65% in Ningbo,their average cost of financing(i.e.,adjusted consolidated rate plus bank lending rate)is about 8.08%,.Therefore,this paper makes the following conclusion: in High-tech SMEs loan guarantee insurance pricing,correction credit measurement model based on survey data in Ningbo has goodapplicable effect and solid theoretical basis.