Study On Perfection Of Legal System Of Government Financing Guarantee Companies For Small And Medium-sized Enterprises In China

Small and medium-sized enterprises are important entities in the market economy and the driving force for national economic and social development.They play an irreplaceable role in solving employment,creating taxes,and promoting technological innovation.Due to the problems of lack of credit,severe shortage of available collateral assets,and insufficient third-party guarantees among small and medium-sized enterprises themselves,as well as the inadequate system for supporting their financing,small and medium-sized enterprises still face the dilemma of "difficult and expensive financing" to this day.The frequent outbreaks of COVID-19 in recent years and the local instability of the international situation have further exacerbated this dilemma.Based on the contribution of small and medium-sized enterprises to the economy and society,the government has an obligation to support them.At present,the Chinese government mainly assists small and medium-sized enterprises in financing through government financing guarantee companies.Government financing guarantee companies are strongly supported by the government through financial funds,implying the intention of using government credit as a guarantee for small and medium-sized enterprises,which can increase credit for small and medium-sized enterprises;Compared to private lending institutions and commercial financing guarantee companies,their rates are lower,which helps to reduce the financing burden on small and medium-sized enterprises;Compared to direct government guarantees,it can effectively reduce the public burden on the government.In recent years,the relevant systems of financing guarantee companies in China have also been continuously improved,and the academic community has done a lot of research work on this.However,compared to some economically developed countries and regions,the establishment of relevant institutional systems for financing guarantee companies in China started relatively late,and many aspects still need to be enriched and improved.For example,although China has issued the "Regulations on the Supervision and Administration of Financing Guarantee Companies",some of its provisions are not yet perfect,hindering the healthy development of financing guarantee companies.This article intends to select some provisions from the Regulations and analyze them using literature research and comparative research methods,in order to provide some reference opinions for the improvement of relevant regulations and make a small contribution to solving the problem of "difficult and expensive financing" for small and medium-sized enterprises in China and even the world.Rectify government financing guarantee companies and expand their sources of funds,strengthen fund classification management.In the Regulation on the Supervision and Administration of Financing Guarantee Companies,the conditions for the establishment of financing guarantee companies and the conditions for the establishment of cross-provincial branches of financing guarantee companies should be adjusted in combination with the operation status of government-based financing guarantee companies for small and medium-sized enterprises,including: what form is more suitable for guarantee companies;Increase registered capital to meet the requirements of serving enterprises related to the real economy and high-tech industry;Detailed qualification restrictions on directors,supervisors and senior managers.In terms of the source of funds and management system of government-owned financing guarantee companies,we should broaden their sources of funds,require the national financing guarantee fund to participate in all provincial-level financing re-guarantee companies as much as possible,and classify and manage the funds of financing guarantee companies serving SMEs.Further expand the scope of guarantors for government financing guarantee companies and provide targeted support.At present,the relevant systems of the guarantors of financing guarantee companies in China have proposed to focus on supporting small and micro enterprises,and the issue of financing guarantee for medium-sized enterprises has formed a "system vacuum".The separate listing of agriculture also does not match the classification method of small and medium-sized enterprises;In some places,there is a problem of excessively reducing the scope of service objects of financing guarantee companies,which creates obstacles for small and medium-sized enterprises to obtain assistance from government financing guarantee companies;It failed to give consideration to fairness and efficiency,unilaterally pursued the inclusive role of financing guarantee,and lacked focus on supporting small and medium-sized enterprises.This paper has responded to the rectification suggestions one by one,filling the "institutional vacuum" of the government financing guarantee of medium-sized enterprises,and put forward the institutional arrangement of applying preferential policies to agriculture,forestry,fishery and animal husbandry at the same time;Prohibit the excessive reduction of the scope of guarantee objects in some places;The key supporting objects of government financing guarantee companies such as start-ups,high-tech enterprises and enterprises facing crisis and disaster are proposed.Government financing guarantee companies should implement a differential rate system and clarify the applicable exceptions to this system.The total cost that SMEs in China need to bear through bank financing is the guarantee rate and loan interest,etc.It is not enough to reduce the financing burden of SMEs simply by reducing the guarantee rate.At the same time,there are still some problems in the current regulations on the guarantee rate of government financing guarantee companies,such as the framework is not flexible enough and the lack of exception provisions;On this basis,the total financing burden of SMEs should be considered as a whole,and banks should be guided to reduce the loan interest rate of SMEs guaranteed by government financing guarantee companies;At the same time,the differential rate framework of financing guarantee should be formulated according to the credit status,relative scale and other factors of small and medium-sized enterprises,and exceptions should be allowed for government financing guarantee companies in central and western regions,local characteristic industries and key industries,and small and medium-sized enterprises suffering from disasters.