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The Study Of Chinese Small And Medium-Sized Enterprises' Credit Re-Guarantee System

Posted on:2009-08-01Degree:DoctorType:Dissertation
Country:ChinaCandidate:M QinFull Text:PDF
GTID:1119360272985324Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
The experience of world economy development indicates that small and medium-sized enterprises play an important role in national economy in every country. They are important driving force in the national economy development and technology advancement. They also have created the massive employment opportunity. However, because of weak financial strength, big business risks, insufficient pledges, lacking credit records and information transparency, SMEs' financial difficultly already become a worldwide difficult problem, one of its performance is SMEs having difficulty to obtain sufficient credit from the indirect financing. In order to solve this problem, many countries have introduced credit guarantee system to offer enough credit support for SMEs. This is an apotheosis of combination of market mechanism and macro adjustments and controls. It is also the important means to dissolve financial risks and improve the financing environment. Practice has proved that, on Chinese lending market, the joining of credit guarantee organizations (CGOs) can alleviate the financing difficulty of SMEs to a certain extent. However, the credit guarantee industry in China belongs to Chaoyang industry, there are still many problems in operation. One of the most prominent issue is credit reguarantee system for long-term absence , resulting in the credit guarantee organizations'(CGOs) credit ability insufficiency, the bank cannot trust fully, the credit guarantee leverage effect has not been able to display fully, far from being able to meet the financing needs of SMEs.The article aims at the above question, launches the research on the SMEs' credit reguarantee system,attempts to construct credit reguarantee system which conforms to the Chinese national condition, promotes the credit guarantee profession integral development, and better promotes orderly development in Chinese financial markets. Credit Guarantee has a positive external effects as the quasi-public goods, relying on a single market has the problem of insufficient supply, the Government must carry out the distribution of resources, and play a macro-control function.Credit rationing phenomenon as a balanced long-term presence in the credit market. Credit guarantee can resolve some of the information asymmetry, but adverse selection still exists in the credit guarantee market. Then, the paper described in detail the SMEs' credit reguarantee system construction in Japan, South Korea, the United States and Germany, summarizes their advanced experience, and provides a reference of Chinese current establishment of credit reguarantee system. Then, from the legal environment policy, economic and financial environment and social credit environment, with reality of China, the paper analyses the current credit guarantee's present situation, characteristics and problems, and take a forward-looking about prospect of the credit guarantee system—one trend that is the establishment of credit reguarantee system in each province of China. On the basis of the above content ,this paper construct the SMEs credit reguarantee system taking the province as a unit with Chinese national conditions, including the purpose of the establishment ,functions and operating principles of credit reguarantee system; the establishment principles and organization model; sources , scale and operation of funds to credit reguarantee agencies; management rules, including access , fees, risk control etc. The financial forecast, mainly from the revenue and expenditure and effectiveness in two aspects. Necessary environment construction, mainly to strengthen the legal environment, social service system and building a social credit environment.For the smooth operation of SMEs' credit reguarantee system, the consummation mechanism is the safeguard. So this paper also proposes a system to guarantee the operation mechanism, including scientific pricing mechanism, an effective incentive mechanism, the continued state financial compensation mechanism, a good-efficient security cooperation mechanism and the credit rating mechanism. Only these mechanisms truly established , Chinese SMEs' credit guarantee system can achieve its policy objective and promote the development of China.Pricing mechanism mainly use option pricing theory to provide theoretical guidance in business operation. Incentive mechanism mainly analyses the problem of moral hazard on the credit reguarantee market, and indicates that credit guarantee organizations (CGOs) must be carried out both positive and negative incentives; The national finance compensation mechanism mainly uses the deducted interest to compensate the credit reguarantee organization. The compensation should establish audit mechanism and the replenishment mechanism,to ensure the credit reguarantee organization the sustainable development; Bank—guarantee cooperation mechanism mainly researches ontwo key issues about the current cooperation , including risk-sharing ratio and the largest secured credit amount. The artical points out the factors affecting them and proposes the measures improving the effectiveness of the bank-guarantee cooperation; The rating mechanism proposed is suitable in credit rating on credit guarantee organizations. Then on the way we associates GRAP with AHP, and select samples to examine the target system.Finally, the author of the paper sums up the conclusions and innovations, and points out the future direction of further study.
Keywords/Search Tags:SMEs, credit reguarantee, system, operation mechanism, cooperation between bank and credit guarantee organization, credit rating
PDF Full Text Request
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