Small and Medium-sized Enterprises have an irreplaceable role in China’s economic development,but due to their own problems such as small scale of financial guarantee assets and lack of credit base,there is currently a poor access to loan financing for SMEs.Internationally,guarantee intermediaries are usually used to balance the risk and return relationship between commercial banks and SMEs.After years of development,the ways and modes for SMEs to obtain bank loans through financing guarantees have been established in China,and the operation of the guarantee mechanism has eased the difficulties of SME financing to a certain extent,however,nowadays,the difficulties of SME financing have not been completely solved.The issue of strengthening credit guarantees and facilitating financing for SMEs is particularly important,and it is a common policy direction for all countries to support their development and enhance market efficiency.In this regard,this paper investigates the guarantee financing of SMEs in China,summarizes the literature and provides an analysis path for SME guarantee financing in terms of the rationality of the operating mechanism of guarantee institutions,the matching of risks and returns of banks,and the constraints of enterprises’ own scale.Then,we use the public data of the companies listed on the science and technology innovation board to empirically analyze the influencing factors of SMEs in financing guarantee,and explore the ability and demand factors of their financing guarantee.The following conclusions are obtained from the study:First,the problems that restrict the financing guarantee of SMEs in China mainly include the lack of collateral by enterprises themselves,the high information cost of financial institutions,and the insufficient business capacity of guarantee institutions.Secondly,among the factors influencing the financing guarantee of SMEs,enterprise guaranteeable value and enterprise size have a more obvious positive effect on enterprise guarantee financing loans;debt paying ability,cash flow level,operating ability and operating efficiency are positively related to the scale of secured financing of enterprises.The study will provide more targeted support for the perfect operation mechanism of financing guarantee and the financing method of SMEs to solve the problem of loan financing for SMEs. |