Research On The Financing Impact Of Credit Guarantee Fund On Small And Micro Enterprises

The financing difficulties of small and micro enterprises have long restricted the development of my country’s real economy.Giving full play to the government’s credit enhancement role,setting up credit insurance funds to guarantee small and micro enterprises,and solving their financing problems have proved to be a feasible solution in many countries.Taizhou is the birthplace of the private economy,and small and micro enterprises are the main body of private enterprises.Therefore,Taizhou has unique advantages as a small and micro financial reform point.In 2015,Taizhou learned from Taiwan’s experience and established a credit insurance fund.However,whether the establishment of the credit guarantee fund can effectively alleviate the financing problems of small and micro enterprises in Taizhou is still an urgent question to be proved.Specifically,the credit insurance fund provides guarantees for small and micro enterprises.Has the availability of credit for small and micro enterprises increased and their financing costs decreased? If so,how does the credit insurance fund solve the dilemma of "financing difficulties" and "expensive financing" ? Thirdly,is the allocation effect of the credit insurance fund a "icing on the cake" for those small enterprises that are relatively well-off,or is it a "sweet spot" for micro-enterprises? The existing literature does not answer these questions.In fact,most of the solutions given to the financing problems of small and micro enterprises in my country are based on the construction of a multi-level financial system,and less attention is paid to the perspective of government credit enhancement.At present,the research on credit insurance funds mostly stays at the level of system design,and there is no The problem is qualitatively analyzed from the perspective of the enterprise side,and the mechanism of how the credit insurance fund alleviates the financing dilemma of small and micro enterprises has not been explored.Therefore,the research in this paper has certain theoretical and practical significance.After visiting small and micro enterprises in Taizhou and the headquarters of Taizhou Credit Insurance Fund,the author has a preliminary understanding of the current corporate financing situation,and based on this,I designed a questionnaire.The survey lasted several months.A total of 327 questionnaires were distributed and316 valid questionnaires were returned,including 286 small and micro enterprises.The reliability and validity of the questionnaires were good.The Taizhou enterprises surveyed in this survey are mainly in the industrial and wholesale and retail industries.Most of the business owners are 36-65 years old and have a college degree or above.Small and micro enterprises have light assets,the proportion of fixed assets is basically not more than 45%,and the operating life is concentrated in 4-6 years.84%of the enterprises indicated that they have financing needs.At the same time,the proportion of total loans to total assets is only 20%-30%,which reflects the difficulty of financing,and the financing cost of enterprises is mostly 6%-10%,which is relatively high.In order to further understand the influence mechanism of credit insurance funds on the financing constraints of small and micro enterprises,this paper constructs a multivariate ordered Logit model for empirical analysis.The results show that the credit insurance fund plays the role of policy guarantee and credit enhancement,dilutes the information asymmetry between banks and enterprises,diversifies bank risks,significantly improves the credit availability of small and micro enterprises,and the higher the participation of small and micro enterprises,the more obvious the mitigation effect.In addition,the guarantee of the credit guarantee fund also significantly reduces the financing cost of small and micro enterprises,and the higher the proportion of loans guaranteed by the credit guarantee fund in the total loans,the more significant the effect.On this basis,this paper conducts a sub-sample regression and finds that the credit guarantee fund has a positive impact on the financing of small and micro enterprises.In terms of questionnaire recovery and empirical analysis results,this paper puts forward improvement suggestions for sustainable development from the aspects of credit insurance funds,commercial banks,and small and micro enterprises.Credit guarantee funds should actively publicize,improve risk control management,improve information platform sharing mechanisms,simplify procedures to improve efficiency;commercial banks should improve risk management and early warning capabilities,strengthen cooperation with credit guarantee funds,and actively conduct return visits and post-loan investigations;We should actively expand financing channels and establish an image of integrity.