The Research Of SME's Finance Difficulty & The Mechanism Of Credit Guarantee

Starting at the point of double equilibrium credit rationing, the essay exposes the basic difficult of small business finance from the ingle of the cost of information. That is the marginal credit cost of the small business based on the specific information structure is more than the big ones, and both of tre bank and enterprise are difficult to break through the endogenetic institutional restrict on. So the method is to introduce the third-party professional credit guarantee institutions to compensate the credit of SMEs and respond the information for loaners and loanees.Through defining the concept and quality of SMEs credit guarantee exactly, the essay surveys its character of function mechanism and the theory difficulty, tries to establish an enterprise choice standard and SMEs credit estimate system based on "soft information" at the comparative angle, and finds the theory foundation for it. Abased on it, we compares the different functions between "medium & small banks opinion" and "credit guarantee opinion", and point out the former can only compensate "credit gap", but not relieve the credit rationing. However, tie latter can change the equilibrium position of the credit rationing, make the part equilibrium converge to the whole through increasing the capacity of collecting and dealing information and decreasing the cost of it.