Research On The System Of Eligible Bank Debtor Itemsources Fostering

Trying for the harmonic development of economy and finance is always the theme of economics research. Under the impetus of economic globalization and liberalization tide, the incoordination between fictitious economy and real economy becomes more serious. Therefore we should foster and develop real economy items, which are the base of financial market, to offer continuable growth of economy. Making small and medium-sized enterprises, which have strategic status and developmental potential, be the principal parts of the fostering system, is not only propitious to enhance deepness and extent of the real economy, and also to form fit circulation and financial stabilizationCurrently, China's SMEs (small and medium-sized enterprises) have played an important role in the growth of the national economy. SMEs can not be substituted by large enterprises, especially in the aspects of promoting market efficiency and economic growth, encouraging technical innovation as well as accelerating international trade and etc. China is characterized by abundant labor force and scarce capital. Therefore, SMEs have both development and reform significance in national economy. However, the financing approaches of Chinese SMEs are limited, and much of the fund comes from banks. Because of the information asymmetry, many potential SMEs are refused out of the door of banks, which do not enjoy the positive benefits of virtual economy development at all. SMEs'indirect financial constraint is one of the factors that prevent their potentials and speed for further development, which is prove both by theories and practice. The Fostering System of High-quality Real Economy Itemsources is a systematic framework which solves the financing problem of small and medium-sized enterprises. It is good to promote coordinated development between fictitious economy and real economy and increase the social welfare.According to Corporation-develop Financing Cycle Theory, the Fostering System of High-quality Real Economy Itemsources can be divided into three classes, which are equity investment itemsources fostering, eligible bank debtor itemsources fostering and listed company itemsources fostering. The hierarchical division of financing system which is based on the corporate lifecycle, is in favor of increasing the market categoricalness, and increase of efficiency of itemsources'financing. The eligible bank debtor itemsources fostering is the only indirect financing mode of the three classes, which has the irreplaceable strategic status. And this is also the primary coverage in this paper.In this paper, the author use the game theory and information economics to analyze the formation mechanism of the eligible bank debtor itemsources deficiency, serving the SMEs credit market information asymmetry as theme. And then the author transforms the angle of view, to bring up a cooperative game analytical framework among banks, government and enterprises under the real economy itemsources fostering system. The analysis of bank-enterprise non-cooperative game model indicate that, SMEs credit financing predicament is the inevitable choice of the banks, which have to maximize their profits and avoid default risk. Under the assumed condition of individual rationality, the game equilibrium is an inevitable result of the market mechanism and participant behavior, which is also a self-realization mechanism. However, the equilibrium point is inefficient, on which the SMEs and banks could not obtain effectiveness both. So it needs the Pareto improvement. Similar conclusions are drawn from the integrative SME credit rating model which is based on the information economics. The phenomenon of SME credit rating can not be automatically adjusted only by market force, and efficient government intervention is needed under the serious market failure. Therefore, the author bring the government, which has public credibility and financial resources, into the SMEs credit market, to create a cooperative game model among banks, government and enterprises under the real economy itemsources fostering system. And the assumed condition of the model converts from individual rationality to collective ration. The result of the game indicates that, regarding the expected net proceeds as a whole, the earnings of the whole alliance can be maximized. And under the leading and controlling of the government, the acts without good faith among the allied members could be reduced, which is.good to increase the social welfare.On the foundation of the foregoing analysis, and the successful experience home and abroad, the author bring up the mentality and suggestion of the eligible bank debtor itemsources fostering financing system under the leading of government. The subjects the author research include the participants and their functions, the scale and characteristic of the financial intermediaries, the operation workflow of the itemsources credits, the transparent management of fiscal charges, and to bring in the insurance mechanism to spread risk. In addition, the author design four kinds of itemsources credits, which are bank-credit rating company cooperative itemsources credit, bank-insurance company cooperative itemsources credit, "N+l" itemsources credit and "N+N" itemsources credit. All of the itemsources credits are designed to decrease the information asymmetry between banks and enterprises. They provide multiplex mechanism of risk controlling and loan loss provision, and also provide the premium and penalty mechanism of the participants. Based on the efficient joint of public finance and commercial finance, the system could provide long-acting financial support to the real economy itemsources.