A Study On The Innovate Model Of Mutual Guarantees Fund

Along with the deepening of reformation and opening process in our country, the construction of market economy system develops continuously. Lots of middle and small enterprises have been set up and expanded and have been an important part of national economy. The development of middle and small enterprises needs more funds and it is difficult for them to fund by themselves, thus it is necessary to fund from outside. However, because of the problems that the enterprises and the financial system have, the difficulty of external financing emerges increasingly, and has been the primary factors that hinder the development of middle and small enterprises. According to foreign experiences, the key to solve the problems of the middle and small enterprises financing is to build and improve credit guarantee system. After being built for a decade, the credit guarantee system in our country has achieved a primary effect and shows a "one body and two wings" structure. With respect to the study of mutual guarantee, one of the two wings, there have been many organization methods and made some beneficial attempts. However, many problems have still emerged, such as the small fund scale, insufficient profit, excessive government interference and lack of measure to manage risks, which restrict the function of mutual guarantee. In order to solve these problems, a new model, Open-end Mutual Guarantee Fund (OMGF) with multi-subjects, multi-businesses, and ownership and management power separated is designed in the thesis. To ensure the sufficient amount of capital, the OMGF establishes a compound common fund for which is subscribed by a number of individuals. A professional management team under the leadership of fund manager manages the fund, develops multi-businesses to enhance the ability of making profit. The OMGF can achieve self-supplement of capital, perform effective internal reimbursement duty, and stimulate the enthusiasm of middle and small enterprises for subscribing the mutual fund by sharing the profit. Besides, OMGF manages the external risks by establishing risk identification system, credit grading system, three level account systems, running monitoring mechanism, and counter-guarantee, and manage the internal risks by adopting project manager responsibility system, classified guarantee and delegated reimbursement to achieve a sustainable development of the fund. The thesis firstly analyzes the reasons of the difficulty of middle and small enterprises financing and introduces the main methods and limitations of the actual mutual guarantees. Secondly, the thesis expounds the initiation, running and managing mechanism of OMGF. Based on a deep analysis of the actual approach to eliminate the limitations represented, the thesis establishes a synthetically guarantee decision making mechanism based on credit-grade evaluating, risk evaluation of projects and the intensity of counter-guarantees.