Research On The Restricting Factors And The Cracking Strategy Of Credit Guarantee To Support The P2P Network Financing Of SMEs

The rise of Internet finance has alleviated the financing problems of small and micro enterprises(SMEs).Seeking P2 P network financing has become the preferred way for SMEs financing.In order to expand the business and attract investors,P2 P lending platforms innovative business model and improve the risk control system continuously,and many P2 P network lending platforms seek to cooperate with third-party credit guarantee institutions.First,this paper demonstrates the necessity of credit guarantee in theory for SMEs P2 P network financing.For SMEs,credit guarantee institutions can enhance it's credit.For P2 P lending platforms,to cooperate with credit guarantee institutions can disperse the risk of SMEs financing and increase the volume of business.For credit guarantee institution itself,to carry out P2 P network financing business can achieve business model innovation.Second,based on the domestic and foreign research,this paper analyze the development status and the existence constraints of credit guarantee institutions to support SMEs P2 P network financing by collecting information and interviewing guarantee institutions practitioners.The existence constraints include the moral hazard of SMEs financing,the dispute of the P2 P lending platforms guarantee model,and the cooperation of the P2 P lending platforms and the credit guarantee institutions is not close enough.Finally,by establishing the game model,it is proved that the credit guarantee can prevent the moral hazard of SMEs,and analyzes the influence of the guarantee institutions involved to the participants and the conditions of the cooperation between the guarantee institutions and the P2 P network lending platforms.Through the study found that: the involvement of credit guarantee institutions can enhance the will of the P2 P network lending platform to publish SMEs financing information.At the same time,the choice of quality cooperation object is the key about whether the credit guarantee institutions and the P2 P network lending platforms have a good development or not.As the client,SMEs should also pay attention to their credit construction and improve their credit level.The study also found that only the size of the secured loan in a certain range or the appropriate guarantee rate can ensure that credit guarantee institutions do not occur insolvent situation.However,the guarantee rate is subject to national control and the scope is fixed.Therefore,control the scale of loans become a key issue,that is,P2 P network financing should be small scattered mainly for SMEs.In order to prevent the insolvency of the guarantee institutions,the government can grant appropriate subsidy to the guarantee institutions.Based on the analysis of the research results,this paper puts forward the strategies of perfecting credit guarantee to support SMEs P2 P network financing.These strategies include a platform to strengthen cooperation with credit guarantee institutions,credit guarantee institutions to establish an effective P2 P network financing guarantee mechanism and the government to increase policy support.