Welcome to free paper download website

Debt market

You are here: Home > Securities financial > Debt market > content

SME credit guarantee system defects in its system of institutional innovation

Author: ChenLiuQin From: www.yourpaper.net Posted: 2007-11-20 20:01:58 Read:
[Abstract]: China's SME credit guarantee system has been initially with the size of the industry, its development and growth of SMEs in China also played a plot
Positive role. On the basis of the analysis of the causes of the defects existing SME credit guarantee system in the structure, operation and function of the triple system defects, we proposed a fundamental way is to keep the system sustainable development of SME credit guarantee system and its system innovation on two levels of the upstream and downstream sectors.

[Keywords]: SMEs; SME credit guarantee system; system innovation

[Abstract]: Our credit guarantee systems for SMEs have formed basic scale and have produced beneficial effects on the SMEs' development, but there are three defects in structure, operation and function of existing guarantee systems for SMEs. We analyze the reasons why the above defaults exist, and point out that the radical way to keep sustainable development of the whole systems ; is such institutional innovations including SMEs credit guarantee system and its upper and down flows.

[Key words]: Small-sized and Medium-sized Enterprises (SMEs) Guarantee Systems for SMEs Institutional Innovation ;

One, the course of development of SME credit guarantee system
According to the State Economic and Trade Commission system to establish SME credit guarantee system is common practice for countries around the world to support the development of small and medium-sized enterprises, as of now, 48% of the world's countries and regions to establish a credit guarantee system for SMEs . Because the national conditions of each country and region, the regional situation is different, so the mode of operation of the SME credit guarantee system are also diverse. From the operation of the main view, both government departments, associations, companies, guarantee funds and specialized banks. From the purpose of the security point of view, both policy support and social mutual aid type or a hybrid of the two. From the the capital works point of view of both funds as a guarantee in advance assurance, but also to prior commitment as guaranteed afterwards compensation. From the effects of the operation of the credit guarantee system for SMEs developed and developing countries different operational effect differences. SME credit guarantee system of the developed countries because of its perfect market system, the financial system of the developed, the establishment and development time for a long time, the effect is obvious, and the development of the countries in the credit system, the market system, financial system, many backward the establishment and development of the SME credit guarantee system for a limited time, so the development of national SME credit guarantee activity lags far behind developed countries, the overall effect is not very significant.
SMEs are an important part of China's national economy is indispensable. China began in 1992 to explore the establishment of a credit guarantee system for SMEs, after the experience of the four stages of development: 1. Explore its infancy (1992). During this period worked in Chongqing and Shanghai private Mutual Guarantee Fund for SMEs. Local commercial guarantee companies began to serve primarily to small and medium enterprises in Guangdong and Sichuan. Bank of Shanghai Yangpu Branch in cooperation with the district government and neighborhood enterprise and the establishment of a guarantee fund. Actively promote phase (1998 onwards). Some cities and counties in Zhejiang, Fujian, Yunnan and Guizhou provinces began to explore the formation of the private sector for services SME Loan Guarantee Fund or center. Shaanxi, Guangdong, Hubei and Beijing began guarantee institutions of science and technology, construction and other professional. Shanghai, Beijing and other places to start experimental work of the government financial departments of the commercial guarantee companies, the commitment of banks in the financial sector and is responsible for recommending SMEs commercial guarantee companies responsible for specific security procedures. Specification pilot phase (1999 onwards). Released on June 14, 1999 in accordance with the requirements of the State Council leaders, the State Economic and Trade Commission in extensively solicit the views of all sectors of society, to wrap around the pilot, and the absorption of the practical experience of Japan, Canada and the United States and other countries on the basis of "on the establishment of SME credit guarantee system for pilot guidance (SETC SMEs [1999] No. 540, hereinafter referred to as "guidance"). Subsequently, the State Economic and Trade Commission efforts around the country to implement the guidance, Henan, Shandong, Ningxia, Jilin, Tianjin government in succession under the pilot guidance of local SME credit guarantee system and the formation of the corresponding institutions. Shenzhen and other credit guarantee, the commercial guarantee, guarantee mutual guarantee institutions complement each other to coordinate the development of a good situation. The system is perfect stage (since 2000). August 24, 2000, the State Council issued "to encourage and promote the development of SMEs in a number of policy advice, decided to accelerate the establishment of a credit guarantee system, establish and improve the access system of guarantee institutions, the funding system, the credit assessment and risk control system, the Harmonized System of the industry self-regulation. Since then, the development of China's SME credit guarantee has begun to enter the system construction, to the formation of the national credit re-guarantee institutions and improve the system construction stage.
According to a survey conducted by the China's People's Bank in March 2003, the end of 2002, China had established 848 guarantee institutions, mainly three types of policies, mutual aid and commercial guarantee institutions. In late 2002, the guarantee funds of guarantee agencies can use the $ 242 billion, of which the registered capital of 184 billion. 2002, a total of 28,717 small and medium enterprises to provide 51,983 loan guarantee services, the cumulative amount of the guarantee of 59.82 billion yuan [1]. 200 SME credit guarantee institutions throughout the country's 30 provinces, autonomous regions and municipalities, City, State, Union, including 18 provinces, autonomous regions and municipalities directly under the Central Government has taken shape in the provinces (autonomous regions) and municipal levels, SME credit guarantee system [2]. It can be said that the guarantee of our country has been the initial formation of the industry scale, and showing three trends: diversification diversified funding sources, the nature of the guarantee institutions and forms of organization, guarantee Variety and institutions multifunctional signs (Lu micro, 2002). The rapid development of the SME credit guarantee system, played an important role in raising the SME credit capacity and solve the problems of its credit gap. However, on the other hand, the overall operation of the guarantee system ineffective. From the operation situation of the more than 200 security institutions into the scope of the pilot in 2001, has raised the guarantee funds of about 100 billion for small and medium-sized enterprises supported by a guarantee of 50 billion to 80 billion yuan, but so far only guarantee Less than $ 10 billion. In 2002, the entire guarantee institutions guarantee total funds and secured loan ratio of less than 1:2.5.
At present, China's SME credit guarantee institutions from the initial three (first, second, three) increased to four building mode. The first way: social set up, open market operations. In this way in the enterprises, the individuals funded mainly the formation of credit guarantee structure. Advantage of clear property rights and responsibilities clear, market-oriented operation, high operating efficiency and profit for the purpose. However, due to the current social credit system is far from perfect, the security risk is too high, while profitability is poor, so the market investors are not enthusiastic, it is difficult to expand the security scale. The second way: the government set up a direct government operation. This way is based on the government budgetary allocation to set up a credit guarantee structure, the advantage of guaranteed funding sources backed by government credit. Guarantee responsible behavior by the government departments often lose the economic characteristics of the administrative overtones and replaced by to exclusive market mechanisms, is contrary to the principle of separating government administration from enterprise management reform. Zhoushan City, Zhejiang Province, for example, in August 1998 in full by the government to fund the establishment of the Credit Guarantee Corporation of Zhoushan City, chairman of the Municipal Party Committee Secretary-General, concurrently, the general manager of the Municipal Finance Bureau, Adjunct guarantee business is completely operated directly by the government, results stuck with 1.2 billion in less than a year after the establishment of the time, not only the loss of the ability to continue to operate, but also result in the loss of state-owned capital. The third way: the government was formed, the open market operation. This way in the main government-funded credit guarantee institutions, market funding, supplemented by the formation of an independent legal personality. The advantage of not only play a "multiplier effect" of government funds, but also spontaneous regulation of the use of market mechanisms, a better allocation of capital resources; both to avoid excessive government intervention, but also to achieve the guarantee structure responsibilities, rights, benefits uniform, to maintain the momentum of sustainable development. The fourth way: hybrid formation, the open market operation. In this way the government and other commercial guarantee companies as the main co-funded credit guarantee structure independent of the Government, the joint venture established by simultaneous absorption of other market players. Its advantages are: the advantages of a combination of policy
 1/5    1 2 3 4 5 Next Last
Please consciously abide by Internet-related policies and regulations.
Tips: Log in to comment, the user name to enter comments directly from your personal space, so that more friends to meet you.

Sponsored Links

Sponsored Links