The Research On Supervision Evaluation Index System For Financing Guarantee Agencies

As an effective supplement to the national financial system,guarantee plays an important role in making up for the lack of enterprise credit.Due to its low entry threshold,complex shareholder background and a long-term lack of legal operation norms and scientific evaluation standards,the development of guarantee agencies is uneven.In March 2010,seven ministries,including the China Banking Regulatory Commission,the Ministry of Finance,Ministry of Industry and the National Development and Reform Commission and so on,jointly issued Interim Measures for the Financing Guarantee Companies Management(hereinafter referred to as Measures),the credit guarantee agencies engaged in financing guarantee business are separated from others,and regulated to hold licenses,which marks the financing guarantee agencies are formally brought into standardized supervision.In August 2017,the State Council announced Regulations on the Supervision and Administration of Financing Guarantee Agencies(hereinafter referred to as Regulations),regulating financing guarantee agencies,for the first time,in terms of supervision management,access conditions,business operation,risk management,punishment and exit mechanism etc.Measures and Regulations belong to the programmatic documents,but the relevant detailed implementing regulations have not been issued and unified standards of supervision evaluation are lacked.At the same time,relevant professional studies are few and some evaluation systems led by local governments have different emphases.There are also some deficiencies in the design of models and indexes.Under such background,constructing a unified,scientific and reasonable index system as an important reference for business supervision,performance evaluation and policy support,will help regulators to implement supervision evaluation and classification management,and also help to guide the financing guarantee agencies provide better service to policies,small and medium-sized enterprises,give full play to the financial effect.Therefore,it is of great theoretical value and practical significance to discuss the construction of the supervision evaluation index system for financing guarantee agencies.This paper combined theoretical analysis and empirical analysis.Firstly,it briefly discussed the concept and relevant theories of financing guarantee,analyzed the concept and the importance of supervision on financing guarantee agencies,put forward the connotation,general requirements and basic principles of the supervision evaluation index system.Then this paper mainly discusses the development of financing guarantee industry and current situation of supervision evaluation index system construction at home and abroad,sums up foreign experience and domestic problems,and analyzes influencing endogenous variables and exogenous variables as independent variables to build the supervision evaluation index system while taking evaluation results as the dependent variable,which is the main idea to construct the theoretical model of the evaluation index.In the framework of overall conception,combined with the previous discussion,this paper proposed the principle of selecting indexes,screened indexes by policy analysis and field interviews,made clear selected indexes and corresponding meaning,including four first-level indexes of compliance,resources,capabilities and benefits and 16 second-level indexes of compliance,size of net assets,capital adequacy ratio,underwriting capacity and social benefits etc.,and determined the weights of the indexes by analytic hierarchy process.Finally,this paper adopted case analysis to test the validity of the index system and it was found that the evaluation result derived by the index system was consistent with the industry's perceptual knowledge of the agency and its credit rating,which demonstrated that the evaluation index system has certain reasonability and operability.The possible contribution of this paper is to build an evaluation index system for the financing guarantee supervision department,to evaluate the financing guarantee agencies with standard methods,to make the evaluation results consistent and comparable,and to improve the industry transparency and industry differentiation.However,due to the limitation of research ability,the ununified and imperfect practical supervision evaluation index system,incomplete database,qualitative indexes lack objective facts and data support;In addition,the final result of supervision evaluation is only a score,which needs regulators to make corresponding rules according to regulatory objectives and policy preferences to apply this evaluation index system.This paper suggests to refine Measures and Regulations in the future,formulate Supervision Evaluation Methods for Financing Guarantee Agencies in the process of strengthening industry supervision,and try to take the supervision evaluation index system constructed in this paper as the evaluation methods,evaluate regularly,accumulate data,iterate constantly,and gradually improve the index system,so as to serve the supervision more effectively.