Corpotare Governance Structure Study On The Credit Guarantee Fund In Industry Chain Finance

SMEs are undertaking to provide employment,enhance economic vitality and promote market competition task in developed and developing countries.It is also an important force to promote a country's economic growth.However,due to the irrational governance structure,inefficient financial records,lack of collateral and other chronic disease,SMEs always have annoying,difficult,and expensive financing problems.There are many private SMEs at Yangtze River Delta in China.And after the 2007 financial crisis and the 2011 corporate credit crisis,this region's SMEs' external financing problem is particularly prominent.Due to the structural characteristics and information superiority in industry chain,Credit Guarantee Fund can provide credit guarantees when SMEs are lack of collateral,partial remission of their difficulties in financing difficulties.The key to Credit Guarantee Fund's effect is on scientific and effective management structure of its company.Firstly,from old theory and practice,the essay determine to use the organization of Mutual Fund in Credit Guarantee Fund at this region.Secondly,based on the characteristics of the status quo of the organizational form of fund governance and mutual funds,the essay specifically constructed corporate governance framework of Credit Guarantee Fund in industry chain finance,and using Game Model to design incentive contract.Finally,from the effectiveness of corporate governance perspective,the essay use short panel data of Yangtze River Delta region's corporate governance structure Fixed Effects Model analysis to prove the feasibility of the governance structure.Through theoretical study and empirical analysis,the essay concludes:(1)Construction is necessary to learn the advantages of US mutual funds and Taiwan SME Credit Guarantee Fund,and Yangtze River Delta should have featured the corporate governance structure of the fund industry chain finance credit guarantee fund;(2)The Government Property Development Investment Fund shoulb be absolute controlling shareholder of the Credit Guarantee Fund in the early stage,and then gradually reduce holdings,ultimately achieve market-oriented operation;(3)In the imperfect development of China's independent director system,corporate governance structure of Credit Guarantee Fund should appropriately increase the Board of Supervisors' size;(4)China should develop the mutual funds through financial Credit Guarantee Fund.Finally,on the basis of these studies,we propose to further develop and improve the credit guarantee fund construction and corporate governance structure of China's mainland policy recommendations.Possible innovation of this paper is:(1)topic innovation,unlike domestic research on corporate governance,the paper studies the existing corporate governance structure in Credit Guarantee Fund;(2)research perspective innovation,from how to be effective corporate governance and promote Credit Guarantee Fund's angle,this essay's empirical research on corporate governance structure of the Yangtze River Delta area of corporate governance analysis analogy to the Credit Guarantee Fund.