Research On The Influence Factors Of The Effectiveness Of SMEs Financing Guarantee In Jiangsu Province

Financing guarantee can introduce financial living water to small and micro enterprises(SMEs)through the supply of credit,relieving the financing dilemma.However,a mass of financing guarantee companies are forced to close down because of high-risk and low-return characteristics of the industry and unsound guarantee system.Meanwhile,the quality and efficiency loss of SMEs financing guarantee service is increasingly serious.Therefore,improving the effectiveness of SMEs financing guarantee is just to carry out the spirit of the 19 th Congress of the CCP about enhancing the capacity of financial service for the real economy.Financing guarantee in Jiangsu starts earlier and the development is relatively mature,while the short of effectiveness of guarantee still restricts the sustainable development of industry,influencing availability and coverage of SMEs financing.In order to ensure the effective supply of service capacity of financing guarantee companies,it is necessary to analyze the effect factors of effectiveness of guarantee systematically so as to design corresponding countermeasures for promoting financing guarantee service level and increasing availability of SMEs financing continuously.Based on the background,the research about effectiveness of SMEs financing guarantee is carried out which is guided by financing guarantee theory and other related theories and in the method of combining theoretical analysis with empirical research.Firstly,comb the domestic and international research results about financing guarantee,define the concepts related to the effectiveness of SMEs financing guarantee,and then carry out questionnaire survey combining with theory and practice of financing guarantee to analyze status quo of SMEs financing guarantee and the effectiveness in Jiangsu province.Secondly,based on the symbiotic decision-making behavior of participants in financing guarantee and existing research results,carry out the theoretical analysis which include putting forward corresponding research hypothesis from the following aspects: guarantee companies' financial strength and business capability,cooperative attitude of banks,capital credit and management condition of SMEs and government support policy,building theory model about influence factors on the effectiveness of SMEs financing guarantee and establishing the measurement indicators.Furthermore,determine the final scale through an investigation in advance,test the data from formal research empirically with the use of SPSS and AMOS analysis software so as to analyze the influence pathand degree of each subject on the effectiveness of guarantee,and then discuss the real problem that the empirical results reflect.The result shows that cooperative attitude of banks plays a part intermediary role in the positive effects of guarantee companies' financial strength and SMEs capital credit on the effectiveness of guarantee.Due to banks' strong position and aim of profit maximization,government support policy can not improve cooperative attitude of banks obviously but improve the effectiveness of SMEs financing guarantee directly.Meanwhile,business capability of guarantee companies and management condition of SMEs also has significant effects on the effectiveness of guarantee.According to these results,some targeted suggestions are put forward to improve the effectiveness of SMEs financing guarantee through the multi-agents cooperation,such as enhancing guarantee companies' financial strength and business capability,improving cooperative attitude of banks and cooperation mechanism between banks and guarantee companies,improving fiscal and taxation policies and industry regulatory policies and promoting SMEs capital credit and operating performance.