Research On Credit Rating Of Credit Guarantee Agency For Small And Medium-sized Enterprises

Small and Medium-sized enterprises(SMEs) play a very important role ineconomic and social fields, such as promoting employment, increasing fiscal revenue,improving technology innovation, meeting the demand of market and maintainingstability of society. But owing to endowment shortage and influence by externalenvironment factors, financing dilemma restricts SMEs’ survival and development.The state has promulgated some relevant policies and measures to alleviate SMEs’"credit rationing" problem. The pilot and establishment of credit guarantee system forSMEs is one of the effective measures. Credit guarantee agencies for SMEs are themost important parts of the system. In recent years, the number of credit guaranteeagency for SMEs was growing rapidly in China, but some problems, such as operatingunnormally, lacking regulation and risk compensation mechanism, developingunsustainably, become noticeable gradually, which hinder the healthy growth offinancing guarantee industry. With the development of the re-guarantee pilot,financing guarantee industry for SMEs need to be regulated, credit rating research forSMES has important theoretical and practical value.First, this paper reviews recent literatures of Credit guarantee agency and Creditrating. Then based on definitions and theories of Credit guarantee agency for SMEsand Credit rating, the sources of risk and elements of credit rating about creditguarantee agency for SMEs are analyzed. Specific indexes of the credit rating aboutcredit guarantee agency for SMEs are determined primarily, and the credit rating indexsystem is established finally by the Delphi Method and Analytic Hierarchy Process. Itis found that risk and compensation factor and business situation factor decide thecredit grade of credit guarantee agency for SMEs to the most extent, among which theindexes reflecting directly or indirectly the business risk play the most important role.Indicators of the credit rating index system are scored mainly by the improved EfficacyCoefficient Method. Finally, the constructed credit rating index system is used to ratethe samples. The results show that the overall credit status of credit guarantee agenciesfor SMEs is good, but there is still a large space to improve; the overall credit status ofcredit guarantee agencies for SMEs obtaining re-guarantee qualification is obviouslybetter than the credit guarantee agencies for SMEs without re-guarantee qualification;the overall credit status of political credit guarantee agencies for SMEs is significantlybetter than commercial credit guarantee agencies for SMEs; the overall credit status ofthe eastern region’s credit guarantee agencies for SMEs is much better than the central region’s credit guarantee agencies for SMEs.