Analysis Of Private Financing Secured The Company's Profit Model

Since 1970's, theory circle posed credit transaction theory, adverse selecting and moral risk theory, credit standing and respectability evaluation, signal transfer, relationship financial theory and etc,... to support security finance in theory.In 1999, for job creation, to prosper economy and to encourage small and medium enterprise to develop, China put in place a series policies to promote SME's credit guaranty system. In recent years, though privately operated bonding company has been developing fast, the difficulty of SME's credit hasn't been solved. Most guaranty facilities have run into situation of low guaranty fee, stopping exploring market, cash flow can not be lasted. Therefore, we need to do more research on security finance's profit pattern to solve the problems mentioned above.We started from national wide credibility system's establishing and developing, incorporate with China's privately operated bonding company's profit pattern and its influence, through nowadays privately operated bonding company's profit pattern to explore the suitable security finance profit pattern, especially for privately operated bonding company. Thesis is dividend into three parts:Part One is introduction. Conclude the question and its significance from national wide credibility system's establishing and developing and security financial development.Part Two is discussion about security finance's system's research situation. It includes the theory's practice and development in ChinaPart Three is conclusion which comes from the comparison between China and developed countries as America, Japan.Part Four is analysis. Conclusion from security finance's profit pattern as:high risk, low outcome. Courses will cause influence as guarantee rate, magnification rate, tax, government allowance, guarantee venture capital funds, guarantee responsibility proportion.Part Five is analysis of the reason which causes security finance's profit pattern as:high risk, low outcome. Including bank, government, small medium enterprise and bonding company themselves.Part Six brings forward the creation of new security finance's profit pattern. We start form the creation of external environment, analysis from credibility system's building, policy's customizing, finance's reformation for enterprise's system. This pattern needs to match security finance's venture and profit, and integrate with financial agent's profit chain to bring out co-profit. This pattern includes putting governmental bonding company and privately operated bonding company separately into different industry. It also includes bank& bonding company working together, re-bonding designing, bonding company's capital expand.