Study On The Efficiency Of The Credit Guarantee For The SMEs:a Research Based On The Definition Of The Quasi-public Goods

As an important part of China's national economy, the Small and Medium-sized Enterprises(SMEs) play a significant role in promoting economic development, increasing employment and maintaining a stable society. SMEs' development, however, has been badly restricted by the difficulty of financing, especially from banks. Under these circumstances,an important credit instrument------the Credit Guarantee for Small andMedium-sized Enterprise project supported by national social science fund has been established by Chinese government for resolving the difficulty of SMEs' debt financing.Based on the theory of information economics, this thesis finds that the information asymmetry is the main cause for the degeneration of the credit market of SMEs, and proposes that the credit guarantee can adjust the information asymmetry and promote the accomplishment of credit deal between the banks and SMEs. From the view of the public economics, the credit guarantee project is quasi-public goods with positive externalities. Our analysis provides theoretical background for the foundation of the government-funded institutions of the credit guarantee. Finally, under the definition of quasi-public goods, from the perspective of the welfare economics, with the pareto efficiency as a criterion and the potential pareto improvement as the analytical tools, we analyze the supply body, cost compensation and the pricing of the credit guarantee goods as well as other related issues.