Research For Operation Mechanism Of Small Loan Companies Based On Evolutionary Game In Multigroup

The financing difficulty for small and micro businesses is a worldwide difficult problem.In order to preferably solve it,in 2008,the Guiding Ideas on the Experimental Units of the.Small Loan Companies was published in our country,and the small loan companies officially got on the financial stage of our country.According to the Guiding Ideas,small loan companies refer to the companies that do not absorb deposits and operate small loan businessess.In order to promote the development of the small loan companies,a series of local version rules and regulations have been published in all provinces of our country according to the requirements of the Guiding Ideas so as to relieve the problems of the financing difficulties and expensive financing for small and micro businesses.While the relevantly unified operation mechanism has not been formed,especially for aspects of loan patterns,guarantee mechanism,interest rate pricing,classification of risks,and government subsidies etc.,there are different situations in all provinces,and the good and bad are intermingled for the management,causing the chaos of the development for the small loan companies,even disorders frequently appear.The study on the operation mechanism on small loan companies can be helpful for standardizing the industrial development order,preferably giving play to the small loan companies'roles on supporting the small and weak businesses and preferably compensating for the formal finance gaps.Many achievements have been gained by scholars at home and abroad in the research field of small loan companies.If they are synthesized,they can be summarized as the study on the issue of the operation mechanism of the small loan companies,but as a whole there are less documents of the study on the operation mechanism of the small loan companies.Most of the study is on the issue of the single field of the small loan companies,such as the interest rates,guarantee and operation targets etc.The operation mechanism belongs to a study of comprehensiveness and integrality.Factors of each side need to be considered and analyzed so as to obtain a set of feasible operation pattern and management mechanism.At present,there are rather mature databases of small loan companies at abroad,and the method of empirical analysis is mostly applied for carrying out the research.There are Abstract not enough data on domestic small loan companies,and the industry data of few institutions such as People's Bank of China is insufficient for supporting the empirical analysis.Therefore domestic scholars gradually carry out the researches on small loan companies through modeling.Among the researches,the utilization of the evolutionary game on the study for small loan companies has become a new trend.The theory of evolutionary game develops from the theory with the foundation of bounded rationality,possesses the real stability and rather strong predictive ability,and is a very good research method.The theory of multi-group evolutionary game is utilized by this article,and the study on the issue of the operation mechanism for small loan companies is carried out.Firstly,through the study on the n-dimensional differential equation and its stability,the evolutionary stabilization strategy for multi-group evolutionary game and the means of expression for the replicator dynamics equation are given,and the stability judgment methods for the multi-group evolutionary stabilization strategy are certified.On this basis,the model of the evolutionary game of the two groups of small and micro businesses and small loan companies has been established.The evolutionary game of the two groups of small loan companies and government is finally expanded to the evolutionary game model of the three groups of small and micro businesses,small loan companies,and government.Through the analysis on the evolutionary stabilization strategies and their parameter influence mechanisms for the three different models,they are synthesized and the conclusion on the operation mechanism of small loan companies is gained,and the corresponding policy suggestions are proposed.The conclusion reveals that the small loan companies should operate the guaranteed loan rather than the loan on credit that is being advocated now.The small loan companies should formulate the admittance criteria for small and micro businesses,i.e.utilizing the indexes of the success rate,subsidy rate,guaranteed loan interest rate,and guarantee rate etc.to divide the small and micro businesses into quality clients,ordinary clients and clients that should be rejected.The small loan companies should adopt the balance guarantee mechanism rather than the full amount guarantee mechanism being adopted now.For the quality clients and ordinary clients,the different balance guarantee mechanism should be adopted,and the concept of optimal guarantee rate is put forward.When the interest rate pricing is carried out by the small loan companies,the interest margins for the loan on credit and guaranteed loan should be enlarged.The policy financing guarantee companies should be established by the government to lower the guarantee costs for the small and micro businesses,improve the availability for the financing of the small and micro businesses,and reduce the risk exposures faced by small loan companies.The risk subsidy should be provided by the government to the small loan companies,the subsidy rate should be increased as far as possible,and the excitation effect of the government subsidies should be bigger than the costs.