Research On Revenue And Risk Sharing Of Related Subjects In The Credit Re-guarantee System

Small and medium-sized enterprises(SMEs)play a very important role in the development of China’s economy,but SMEs face serious difficulties of financing.In order to alleviate the financing difficulties of SMEs,credit guarantee and re-guarantee came into being.With the operation of the credit re-guarantee system,various problems have arisen,and the phenomenon of unbalanced revenue and risk sharing is more prominent.This paper is to start in this context,hoping through the research on revenue and risk sharing of related subjects in the credit re-guarantee system,putting forward some relevant suggestions.Promoting the balance between each participator’s revenue and risk in this way.At the same time,it can promote the further development of the re-guarantee system.The main contents of this paper are as following:Firstly,it expounds the theoretical basis of credit re-guarantee and the definition of related concepts.Then,it analyzes the present situation of credit re-guarantee revenue and risk sharing in China.Next,on the basis of the research on the influencing factors of the re-guarantee participator’s revenue,the revenue models of the re-guarantee participators are constructed.The key factors influencing the revenue of each participator are obtained through the analysis of the revenue models.Through the method of changing related variables,the changes of each participator’s revenue with the changes of the key influencing factors is studied respectively.Then,on the basis of the analysis of the revenue models of each participator,the evolutionary game model among bonding companies,re-guarantee companies and cooperative bank is built.In different strategies,their respective cost and benefits are analyzed and the game relationship of the three parties is studied.The conditions promoting the strategies of participators to stable status are given by model solving.Lastly,this paper offers some measures and suggestions for improving the revenue and risk sharing of credit re-guarantee participator according to the previous analysis.The main conclusions of this paper are as following: Firstly,the revenue and risk among the three economic subjects are not equal.There are many factors that can affect participator’s revenue and risk,mainly including credit magnification,credit guarantee funds,bank deposit rates,compensation rate,the value of counter-guarantee assets realized and the risk sharing ratio.Secondly,when other conditions remain unchanged,any participator will choose different strategies with the change of risk sharing ratio.At the same time,each participator has a critical point of the risk sharing,which will affect their choices.In addition,changing some parameters can have an effect on each participator’s choices.Thirdly,some effective measures can be adopted to improve the re-guarantee economic participator’s revenue and risk sharing in a certain degree.These measures include reducing the annual average compensation rate effectively,increasing the ratio of the value of counter-guarantee assets realized accounting for the amount of compensation,the implementation of a reasonable mechanism of risk-sharing,increasing the credit magnification and bank deposit rates appropriately.