Study On The Operational Mechanism And Efficiency Evaluation Of Credit Guarantee In China

Small and medium-sized enterprises (SMEs) are an important strength to promote national economic development. However, the problem of financial difficulties still is the main bottleneck for SMEs to develop continuously and rapidly. The key reason of it is that the main framework of financial system in China is designed not for SMEs, It has more limitations to resolve financial difficulties of SMEs only to rely on large and medium-sized commercial banks of financial system. It has brought the hope to solve financial difficulties of SMEs with the establishment of credit guarantee operational mechanism. While, credit guarantee as a new industry, the shortcomings of operational mechanism of which have made its’ efficiency lower and can not exert the largest effects. Thus, to study the theory of credit guarantee operational mechanism systematically, construct efficiency index system of credit guarantee operational mechanism and study efficiency evaluation method of credit guarantee operational mechanism is of great theoretical and practical significance to perfect credit guarantee operational mechanism and its operational efficiency and to improve the development of SMEs. The main research of the dissertation is as followed:(1) Study on credit guarantee operational mechanism theory. It contains three aspects in this part:study on contract mechanism, incentive mechanism and risk-sharing mechanism for credit guarantee.Firstly, in order to study on contract mechanism of credit guarantee, it investigates the role of counter-guarantee measure value factor in this part. Credit guarantee rate and counter-guarantee measure value can be as a kind of means to identify the risk type of SMEs only when the expected income of lower risky SME is over zero. At this time, the counter-guarantee measure value provided by the higher risky SME is less than that by the lower risky and the guarantee rate accepted by the higher risky SME is lower than that by the lower risky SME, besides, it has been the critical value of guarantee rate for the two types of SMEs. With default probability of SMEs considered, SMEs may be guaranteed or not be guaranteed by credit guarantee institutions when the reserving expected revenue of SMEs is zero. While, there is a critical value of expected revenue for SMEs when the reserving expected revenue of SMEs is over zero. The credit guarantee institutions should determine the optimal value of credit guarantee rate and counter-guarantee measure value according to the relationship of reserving expected revenue and critical value of expected revenue for SMEsSecondly, for the study on credit guarantee incentive mechanism, the guarantee rate saving has been introduced to be as credit guarantee incentive mechanism. It is with external supervision to increase the incentive intensity and expected revenue of professional credit guarantee institutions, but also to increase the effort level of SME under asymmetric information, which can save agent cost for professional credit guarantee. While, for mutual credit guarantee organizations, with the influencing coefficient of guarantee rate saving among the guaranteed SMEs, that is the competition among SMEs increased, incentive intensity for SMEs is much greater and it is more beneficial for mutual credit guarantee organizations to save agent cost compared with professional credit guarantee institutions.Thirdly, for the study on credit guarantee risk-sharing mechanism, the risk-sharing proportion between credit guarantee institutions and their cooperated banks is raising with the increase of the return rate of safety assets and defaulting payment and the decrease of the loan rate of credit guarantee. There is an inflexion for the credit guarantee amplification with the change of default repayment rate. Meanwhile, the credit guarantee amplification is rising with the increase of recover rate of credit guarantee loan value, counter-guarantee measure value, guarantee rate and credit guarantee loan rate. Under credit guarantee incentive measure and credit guarantee loan for SMEs unchanged, the credit re-guarantee rate is relative to risk-sharing proportion between credit guarantee and cooperated bank, risk-sharing proportion, default rate of SMEs and compensating rate of the state to re-guarantee institution. Credit re-guarantee risk-sharing proportion is relative to recovery rate of credit guarantee default, average default rate of SMEs and credit guarantee rate with the guarantee scale of credit guarantee institution, counter-guarantee measure value and risk-sharing proportion of credit guarantee institution and bank unchanged.(2) Evaluate on the Efficiency of credit guarantee operational mechanism. It contains two aspects in this part:construct efficiency index system of credit guarantee operational mechanism and efficiency evaluation method on credit guarantee operational mechanism. Firstly, based on the research for the theory of credit guarantee operational mechanism above, the significance for efficiency evaluation of credit guarantee operational mechanism is present. Meanwile, the input and output indexes system of credit guarantee operational mechanism is built according to the scientific principle, directing principle, comparability principle, quantitative principle, index easy-acquired principle, concentrated representative principle and practicability principle.Besides, each index in the efficiency index system has been defined.Secondly, in view of the limitations and the shortcoming of cost-benefit method and linear programming model method, it investigates DEA-based PSO efficiency method to evaluate the efficiency of credit guarantee mechanism at the first time, and the efficiency of policy credit guarantee operational mechanism of Liaoning province in China is evaluated with DEA-PSO method. Besides, it compares with DEA-based Charnes-Cooper liner transformation method. The results have showed that DEA-PSO efficiency evaluation method is for according with nature selected evaluation rules, solving through optimization technique to DEA model directly without conversing DEA model and calculating easily and flexibly, which can avoid the effect of subjective factors and the computational results with DEA-PSO method are much closer to the objective reality and more stability.