Systematic Obstacles To The SMEs' Credit Guarantee And Corresponding Innovation

The small and medium sized enterprises(SMEs) plays an indispensable role in the development of the national economy. However, the difficulty in absorbing external fund has presented an obstacle to their growth. Therefore, how to solve the problem effectively attracts the author's attention. Based on the theory of information asymmetry, this paper arrives at the conclusion that the credit ration system practised by financial organizations under information asymmetry contributes to the SMEs' outer fund gap, and debt finance gap in particular. Constructing CGIs (Credit Guarantee Institution) can fully exert CGIs' functions of signal transmitting, risk shifting and risk dispersing, enhance the SMEs' credit grade and achieve the goal to fill in the gap caused by credit ration system. In the light of this analysis, the paper, with the help of comparative analysis method, compares the international CGIs, reveals their general characteristics, and puts forward that it is a complicated and continual systematic project to perfect our credit guarantee system. The defects in our credit guarantee system hinders it from sustainable development. In conclusion, only by perfecting the system, blazing new trails, and establish credit guarantee system suitable to our current situation can the CGIs of SMEs progress smoothly and correspondingly, and the SMEs expand steadily.