International Comparison On SMEs Credit Guarantee System And Enlightenment For China

The credit guarantee is one kind of credit intermediary activity, which can facilitate the transaction to carry on smoothly by alleviating information asymmetries for both sides during the transactions, and promoting credit for one side. Credit guarantee system for small and medium-sized enterprises has more than 100 years history in the western nations, thus has mature experience. However, we started the experiment site work of credit guarantee system in 1998, up to now, we have made huge progress, and also exposed some problems.This article has compared four kinds of typical patterns of credit guarantee system with each other in the developed countries, and compared these four kinds of patterns with other two kinds of typical patterns in the developing nations. Finally, in view of the problems of the credit guarantee system in China, the article has pointed the enlightenment.Firstly, taking the transaction cost theory as the instruction, the article has made thorough elaboration in credit cost for guarantee and non- guarantee credit disposition, and hold that the credit transaction appended guarantee is economical, only when the creditor saves more cost on monitoring, execution and so on through the guarantee than increased cost on transaction in order to maintain the tripartite relations, and then has elaborated the credit guarantee function derivative trails on the basis of above analysis. Secondly, it has done comparative research on the typical credit guarantee systems overseas in the principle - agent framework, including the comparison on the on principal-agent relations and the corresponding incentive parameters between guarantee agencies and government ; guarantee agencies and SMEs; guarantee agencies and the bank in four kinds of typical patterns of credit guarantee system in the developed countries, and the comparison between the mature patterns and several immature patterns, and then it has analyzed the reasons which led to the differences between these two patterns from the perspective of the incentive mechanism. Thus, it summarized the advantages of different models of the guarantee system and the protection needed to maximize the efficiency of the guarantee system. Finally, it proposed some recommendations to improve our credit guarantee mechanism.