| The experience of countries and regions development in the world shows that the Small and Medium-sized Enterprises (SMEs) plays a decisive role in the national economy, especially that since 1960s and 1970s, more and more countries had recognized the contribution of SMEs to the economic growth, employment promotion and technological progress. In a sense, the activity of the SMEs in a region often shows the economic vitality of this region. As a result, the countries and regions in the world all place varying degrees of emphasis on the development of SMEs, and do everything possible to provide policy support for the development of SMEs. Since the reform and opening up, China has also gradually thought highly of the important role of SMEs in the national economy and with the issue of Law of the People's Republic of China on Promotion of Small and Medium-sized Enterprises in 2003 as a symbol, China's support on SMEs has entered a brand new phase. The foremost issue faced by the operation of SMEs is the shortage of funds, while SMEs generally have the innate defects of small sizes, management deficiencies, financial irregularities and insufficient collateral security and so on, and this causes difficulty in connecting with the requirements of fund providers, so the financing difficulty of SMEs has always been a worldwide problem. To solve this problem, many countries and regions in the world have introduced the financing guarantee system for the SMEs, so as to provide a communication bridge for the connection of fund providers and SMEs. Since 1990s, it has also started to emerge SMEs financing guarantee institutions in China to provide guarantee service for SMEs to obtain bank loans. The practice has proved that after the involvement of guarantee institutions, the range of products provided to SMEs by the bank enlarged, the financing costs of SMEs were in downtrend, and the quality of SME financial services gradually improved. Therefore, the SMEs financing guarantee mechanism has contributed to alleviating the financing difficulty of SMEs and has generated relatively good social benefits. However, with the continuous development of SMEs financing guarantee institutions, they gradually revealed many problems such as the operation mode unable to meet the objective law, the risk control not in place, irrational allocation of losses and regulatory absence, and this led to disordered development of SMEs financing guarantee industry, with the guarantee system brewing greater risks. This had certain impacts on the security of the entire financial system, and some persons even fundamentally questioned the necessity of the existence of financing guarantee. Therefore, it has great practical significance to the reform and development of China's guarantee industry to study SMEs financing guarantee, demonstrate whether the guarantee can promote the SMEs financing or not, and improve the SMEs financing guarantee system to make it better serve the SMEs on the premise of controllable risks.This paper starts from studying the basic issues of the SMEs financing guarantee system to conduct the international comparison of SMEs financing guarantee, thus to explore the reference significance to China; and starting from the asymmetric information theory and the theory of economics of scale, it proposes the theoretical basis for improving China's SMEs financing guarantee system, and points out the general plan for the cooperation between China's SMEs financing guarantee institutions and banks and the direction of monitoring SMEs financing guarantee institutions. The policy recommendations focus on building the SMEs financing guarantee system in line with the objective law of development, establishing the relationship of equal cooperation and risk sharing with banks, effective monitoring and other aspects, and this is the realistic issue to be solved in this paper. The paper attempts to analyze and judge the SMEs financing guarantee situation in China through paying attention to the different development environment for China's SMEs during the transformation period from other countries, expecting to find China's unique development path of China's SMEs financing guarantee.The paper is divided into four parts except the introduction, having a total of eight chapters. The first part which is composed of Chapterâ…¡discusses the basic theory of SMEs financing guarantee, and it solves the issue of whether the SMEs financing guarantee is essential or not. The second part consisting of Chapter III and Chapter V studies the realistic issues of SMEs financing guarantee, including the comparison of international situation, experience reference, the historical evolution of China's SMEs financing guarantee system and the basic judgment on China's SMEs financing guarantee situation. The third part which is comprised of Chapterâ…¤-â…¦discusses the improvement of the theoretical framework of SME financing guarantee system, factor analysis and policy recommendations. The fourth part which refers to Chapter VIII is the conclusion of the paper.Chapterâ… is the introduction, and it mainly introduces the reasons for topic selection, study background, literature review, research methods and main innovation points and other contents.Chapterâ…¡studies the institutional background and basic theory of SMEs financing guarantee. Based on defining the scope of SMEs and discussing the SMEs financing situation, it analyzes the institutional background of SMEs financing guarantee generation and development. Then it introduces the concept of financing guarantee, and based on the asymmetric information theory and equilibrium theory and the theory of credit rationing, explains the role of financing guarantee mechanism in improving SMEs financing efficiency under certain conditions, and leads to the solutions to new problems brought by the involvement of financing guarantee institutions.Chapterâ…¢conducts the international comparison. It introduces the overview of SMEs financing guarantee in the world and the SMEs financing guarantee situations in United States, Japan, Canada and South Korea and other representative countries, summarizes the characteristics of the SMEs financing guarantee systems in relatively successful countries and regions, and finds out the contents worth referred by the design and improvement of China's SMEs financing guarantee system. The comparison and reference allow us to see the role of SMEs financing guarantee in promoting SMEs development, and at the meantime, they also remind us that the improvement of SMEs financing guarantee system does not have ready-made or uniform patterns, but shall act in accordance with the specific national condition of a country.Chapterâ…¤analyzes and judges the SMEs financing guarantee situation in China. It firstly reviews the progress of the system, and divides the development of China's SMEs financing guarantee into four stages. It analyzes the characteristics and causes of China's SMEs financing guarantee system, and emphasizes the problems existing in the SMEs financing guarantee system, financing guarantee institutions, the cooperation between guarantee and banks as well as the financing guarantee monitoring and other fields, thereby drawing out the necessity and urgency of improving China's SMEs financing guarantee system.Chapter V puts forward the theoretical basis and framework for improving the SME financing guarantee system in China. According to the subject of resource allocation, this chapter divides the SMEs financing guarantee model into policy-based model and commercial model, and although these two kinds have many differences, both of them need sustainable development. In particular, the policy-based financing guarantee should not only adhere to the non-competitive principle but should also pursue effectiveness and grasp the degree of earnings. Both of the two kinds serve SMEs of different security and policy fit in accordance with their own targets, and regardless of the type of guarantee institutions, they should be subsidized correspondingly by the policy as long as they are engaged in policy-based guarantee business. Meanwhile, from the perspective of the theory of economics of scale, it discusses what kind of market structure China's SMEs financing guarantee industry should have and what problems there exist in current market structure, and it points out that to improve the market structure of China's SMEs financing guarantee industry needs to conform to the objective laws of industrial development and increase the market concentration and product differentiation.Chapter VI focuses on discussing the mechanism for cooperation between SMEs financing guarantee institutions and banks. This chapter firstly analyzes the unequal relationship between financing guarantee institutions and banks and the causes, and then explains the relationship between the guarantee magnification as well as sharing proportion and the guarantee scale, especially pointing out the determinants of guarantee magnification and sharing proportion as well as the differences with the optimal condition in reality. It concludes that during the cooperation between financing guarantee institutions and banks, it should not only have banks'monitoring mechanism for guarantee institutions, but also cannot ignore guarantee institutions' investigation into the risks of banks. Particularly, it should take banks'dutiful review and supervision on loans into account during the institutional design. We can find from analyzing the SMEs financing guarantee system that the regulatory absence has always been the hindrance for the health development of financing guarantee industry, and the financing guarantee institutions almost meet all characteristics of the need for external regulators. The game model between guarantee institutions and regulatory authorities also shows that their optimal strategy mix is (regulation, qualification), and the regulatory experience of the international guarantee industry also provides us with reference from another perspective. Based on the above analysis, Chapterâ…¦plans the design principles for China's SMEs financing guarantee regulation, and they are risk-based, functional regulation, unified supervision, firewall monitoring and transparency regulation. Besides, it also proposes the means that can be used to monitor SMEs financing guarantee institutions.As the conclusion, Chapterâ…§summarizes and concludes the measures to improve China's SMEs financing guarantee system from three aspects, i.e. to construct industry system suitable for the development laws of SMEs financing guarantee, to establish the cooperation relationship of mutual equality and restraint between guarantee institutions and banks and to design the regulatory framework adapting to the development of China's SMEs financing guarantee.Compared with researches in the similar field in China, this paper tries to find out some innovation points in the research perspectives, analytical methods, research findings and policy recommendations, mainly being reflected in the following aspects:1. According to the subject of resource allocation, this paper divides the SMEs financing guarantee model into policy-based model and commercial model to study. Influenced by regulatory documents, existing domestic researches divide the SMEs financing guarantee model into policy-based model, commercial model and mutual model, but they seldomly involve the reasons for classification or have no systematic elaboration, while the SMEs financing guarantee at abroad is generally provided in policy-based model only. This paper firstly demonstrates the rationality and necessity of the existence of two kinds of guarantee models in China, then discusses the operating principles for policy-based financing guarantee, and analyzes the SMEs that are suitable for two kinds of guarantee models to serve respectively. At last, it concludes that all types of guarantee institutions must adhere to the sustainable development, and puts forward that guarantee institutions should be subsidized correspondingly by the policy as long as they are engaged in policy-based guarantee business.2. This paper studies what kind of market structure China's SMEs financing guarantee industry should have with the theory of economics-of scale. It creatively proposes that the market structure of China's SMEs financing guarantee industry being inconsistent with the objective law of industrial development is the reason for its inefficient operation. To improve the market structure of guarantee industry, it needs to starts from the industrial policy to increase its market concentration and product differentiation, thus to develop the guarantee institutions that can bring economics of scale and professional expertise into full play.3. This paper uses the cost-benefit analysis to take the banks'risk monitoring cost for guarantee institutions as the endogenous variable to study the mechanism for cooperation between the two. It builds the expected return model of banks and guarantee institutions, and using mathematical methods, analyzes the impacts of banks'risk monitoring cost for guarantee institutions on guarantee magnification and sharing proportion. It concludes that the banks to bear part of the loan risk can improve the guarantee ability of guarantee institutions and bring more businesses to the banks, thereby increasing their earnings.4. This paper plans the institutional framework of China's SMEs financing guarantee regulation. From the perspective of the theory of public interest monitoring as well as the game between guarantee institutions and regulatory authorities, it demonstrates that the guarantee industry needs regulation, and systematically puts forward the five principles for China's SMEs financing guarantee regulation, i.e. the principles of risk-based, functional regulation, unified supervision, firewall monitoring and transparency regulation. This is the part of highest innovative value in the paper, and it has certain significance of theoretical discussion and practical guidance.Of course, due to the limitation of author's knowledge, the research in this paper still has some deficient elements. For one thing, the paper did not fully consider the characteristics of China's financial system. Our country has not yet completed the Interest rates liberalization and exist high degree of monopoly in financial market. For another, the ideas and measures proposed by the paper did not have enough theoretical basis, and the feasibility of measures is not ideal. Obviously, how to make up the shortcomings above may be the direction of further researches.
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