| The Small and Medium-sized Enterprise(SMSE) is an importantmotivator of rapid development of Chinese economy which plays apositive role in providing employment, increasing national income andbalancing regional development. The expansion of SMSE needs thesupport of capital, however, raising capital risk has been the bottleneck inthe process because of tightening credit from banks caused by higherrisks. The scientific way to solve the problem is to strengthen financingrisks management and achieve effective financing risk-sharing. Therefore,this thesis treats SMSE as the subject, and studies SMSE’s difficulties infinancing from the risk-sharing angle.Based on research achievements of international financing theoriesand risk-sharing, this thesis firstly introduces China national SMSE’sdivision standards and financing risks, then defines financing risk-sharingand the main participants in financing risk-sharing. After the introductionof operation mechanism of government compensatory financingrisk-sharing model, the third chapter explains the influences ofgovernment compensation on SMSE’s financing risk-sharing bymathematical models on behalf of banks, guarantee institutions andSMSE, and studies precautionary measures in financing risks with theinvolvement of government.Due to the property of SMSE, non-public products, the government can’t be the body of SMSE financing risk-sharing for long. Throughfinancial innovation, SMSE and banking institutions should play the mainbody roles in financing risk-sharing. At the beginning of Chapter4, theoperation mechanism of SMSE credit community is introduced in details.Afterwards, I analyze the risk-sharing situation and the financingrisk-sharing contracts of the SMSE inside and outside the CreditCommunity in different risk attitude combinations on the basis ofmathematical models. As a conclusion, by comparison of two kinds ofrisk-sharing contracts, this thesis provides some references for SMSE toexplore new financing risk-sharing channels. |
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