Research On Promotion Of The Operating Efficiency Of The Policy Financing Guarantee For Small And Medium-sized Enterprises

As the main force of China's economic development,small-and-medium-sized enterprises(SMEs)is affecting the future economic prospects in China.However,the long-standing financing problems of SMEs have not been effectively solved.Throughout the experiment of the support policies of the-small-and-medium-sized enterprises in other countries,it has been found that he policy financing guarantee is the most effective.After rapid development Since 1999 to 2008,policy financing guarantee is difficult to keep up with the increasingly changing financing needs of small-and-medium-sized enterprise due to the deterioration of the international economic situation.It's urgent to promote the operating efficiency of policy guarantee on SMEs in our country.In view of this,starting from theory of the SMES policy financing guarantee,the successful experience of policy financing guarantee in other countries has been combed in this paper.To add,combining with the specific operating code of the policy financing guarantee of SMEs in China,the development situation of small-and-medium-sized enterprises has been clarified,and based of which the financing efficiency of the policy financing guarantee of SMEs from the aspects of input and output.In this paper,data envelopment analysis(DEA)has been used to measure operating efficiency of policy financing guarantee of SMEs,with the help of the data of 47 policy financing guarantee institutions in 9 provinces,after reasonable indicators of cast and output had been selected.On this basis,the related hypothesis----the factors such as institutions,internal ecological,external ecological----of policy financing guarantee of SMEs has been put forward,and then Tobit model has been used to test the factors which effect the operating efficiency of policy financing guarantee of SMEs.Eventually,according to the empirical results and the current development situation in China,the strategies to improve the efficiency of policy financing guarantee of SMEs have been proposed in the paper.The research results showed that the operating efficiency of policy financing guarantee of SMEs in China is low,but it is still slightly higher than that of the commercial financing guarantee business,but the efficiency value has a large gap among provinces.The operating efficiency of policy financing guarantee of SMEs could be influenced by the financing guarantee business scale,transaction cost,the distribution of interest and risk,the loanamount of the banks,and the local industrial layout as well as service measures.Therefore,the operating efficiency of policy financing guarantee of SMEs should be promoted by the scale and professionalization of the guarantee institutions,the unification of the platform,the standardization of the enterprises,the diversification of lending institutions,the optimization of operation,the generalization of the external environment.