創(chuàng)新型中小企業(yè)融資擔保模式分析及建議
發(fā)布時間：2018-08-09 12:47
【摘要】：改革開放以來,我國中小企業(yè)數(shù)量迅速增加,所創(chuàng)造的經(jīng)濟總量不斷增長,在國民經(jīng)濟中占據(jù)了越來越重要的位置。對于正處于快速發(fā)展中的中小企業(yè)而言,融資難已成為阻礙其向前邁進的主要因素,研究和解決中小企業(yè)融資難問題迫在眉睫。 國內外理論研究表明,中小企業(yè)融資難問題追根溯源是由于銀行與中小企業(yè)之間的信息不對稱,導致銀行寧愿以較低利率向大型企業(yè)提供貸款而不愿以較高利率向中小企業(yè)提供貸款。解決信息不對稱問題的可行途徑是在銀行與中小企業(yè)之間引入第三方——擔保機構,它憑借自身信用和資產為中小企業(yè)增信,搭建銀行與中小企業(yè)之間溝通的橋梁,從而提高中小企業(yè)獲得貸款的可能性。目前,我國的信用擔保機構主要有三種類型,分別是政策性擔保機構、商業(yè)性擔保機構和會員互助式擔保機構。三類擔保機構有著不同的客戶定位和經(jīng)營模式,為擴展我國中小企業(yè)融資渠道發(fā)揮著各自的作用。由于中小企業(yè)對擔保的需求不斷增大,我國擔保行業(yè)也處于高速發(fā)展。政府十分重視對擔保行業(yè)的監(jiān)管,近年來出臺了許多針對融資擔保的法律法規(guī),對擔保行業(yè)的健康發(fā)展產生了重要影響。雖然擔保機構可以在一定程度上解決銀企之間信息不對稱,但傳統(tǒng)的擔保模式存在許多問題,無法滿足現(xiàn)代中小企業(yè)越來越旺盛的資金需求。中小企業(yè)沒有足額的抵押品為擔保公司提供反擔保,擔保機構與企業(yè)之間的信息不對稱,擔保機構實力較弱難以獲得銀行信任,這些都是傳統(tǒng)擔保模式存在的缺陷。 需求創(chuàng)造供給,市場為了滿足中小企業(yè)的擔保需求,開發(fā)出一些新型的中小企業(yè)融資擔保模式。本文介紹和分析了三種創(chuàng)新型擔保模式�！皹蛩砟Ｊ健痹谟善髽I(yè)、銀行、擔保公司三方參與的融資擔保模式基礎上,引入了業(yè)界投資者作為第四方與企業(yè)簽訂期權合約。該模式通過引入金融衍生工具的方式,在企業(yè)出現(xiàn)預期之外的現(xiàn)金流變化而無法按時向銀行償還貸款時,第四方通過股權收購為企業(yè)提供現(xiàn)金流,使模式參與四方同時獲利�！皹蛩砟Ｊ健贝嬖谝欢ǖ木窒扌裕嚎晒┑谒姆竭x擇的中小企業(yè)數(shù)量有限,非標準化交易成本較高。為了突破“橋隧模式”的局限,擔保公司開發(fā)出另一種適用范圍更廣的“路衢模式”。這種模式將各種金融資源、各個市場主體以及政府主體間通過四通八達的網(wǎng)絡連接起來,為中小企業(yè)融資提供有效途徑。模式以信托公司為服務平臺,將眾多中小企業(yè)的資金需求打包后以信托債權基金的形式向政府、銀行、投資公司等市場主體募集資金。與“橋隧模式”相比,“路衢模式”形成了一個全新的融資擔保體系,集中了更多的金融市場資源,形成了標準化的交易方式。為解決擔保機構實力弱的問題,國開行提出了“抱團增信”模式,以浙江中小企業(yè)發(fā)展促進中心有限公司作為服務平臺,將多家擔保機構捆綁在一起共同評估和審核擔保項目。通過這種抱團模式,能夠提升各擔保機構的信用級別,有效地控制貸款風險,同時也能為貸款償還提供多層次的保障。三種創(chuàng)新型融資擔保模式從不同方面改進了傳統(tǒng)融資擔保模式的缺陷。針對企業(yè)擔保品不足,可以減少擔保機構對于擔保品價值的要求,可行方式是增加企業(yè)的信用,即引入其他市場主體為企業(yè)增信。解決銀企之間、擔保機構與企業(yè)之間的信息不對稱可以利用掌握信息更充分的其他主體來傳導信號,例如：通過風險投資機構對企業(yè)篩選來判斷哪些是發(fā)展?jié)摿Ω�、違約率低的企業(yè)。而擔保機構的擔保實力可以通過“抱團增信”的方式得到提升。 金融的發(fā)展離不開創(chuàng)新,創(chuàng)新型的融資擔保模式為解決中小企業(yè)融資難、擔保難問題提供了參考。在融資擔保模式中引入金融衍生工具,能夠吸引其他金融市場主體參與到擔保貸款體系中,發(fā)揮各自優(yōu)勢降低交易成本。適當使用資產證券化能夠擴展貸款的資金來源。搭建融資平臺,作為信息搜集和傳遞的節(jié)點,幫助企業(yè)、銀行、擔保機構等市場主體之間進行信息交流。特別是要重視政府的作用,中小企業(yè)融資作為“準公共品”,需要財政支持才能夠政策運轉,引入政府為企業(yè)增信或者作為資金來源,是構建多樣化融資擔保模式應該重點考慮的要素。 本文首先通過研究我國中小企業(yè)融資和擔�，F(xiàn)狀,指出傳統(tǒng)融資擔保模式存在諸多不足,無法滿足中小企業(yè)日益增長的融資需求,而解決這一問題的關鍵是要對擔保模式進行創(chuàng)新。接下來介紹了三種較為成功的創(chuàng)新型中小企業(yè)融資擔保模式,分析創(chuàng)新型融資擔保模式的優(yōu)劣。最后,總結各個模式的創(chuàng)新點,為構建多樣化中小企業(yè)融資擔保模式提出建議。
[Abstract]:Since the reform and opening up, the number of small and medium-sized enterprises in our country has increased rapidly, the total amount of the economy has been increasing, and it occupies a more and more important position in the national economy. For the small and medium-sized enterprises in the rapid development, the difficulty of financing has become the main obstacle that hinders it to move forward. It is hard to study and solve the problem of financing for small and medium-sized enterprises. At the end of the day.
Theoretical research at home and abroad shows that the difficulty of financing for small and medium-sized enterprises is traced to the asymmetry of information between banks and small and medium enterprises, which leads to banks prefer to provide loans with lower interest rates to large enterprises rather than to provide loans to SMEs with higher interest rates. The feasible way to solve information asymmetry is in banks and small and medium-sized enterprises. The third party, guarantee agency is introduced between enterprises. By virtue of its own credit and assets, it adds a letter to small and medium-sized enterprises and builds a bridge of communication between banks and small and medium enterprises, thus improving the possibility of obtaining loans for small and medium-sized enterprises. At present, there are three types of credit guarantee institutions in our country, namely, policy guarantee institutions and commercial guarantee, respectively. The three types of guarantee institutions have different modes of customer orientation and management, which play their respective roles in expanding the financing channels of small and medium enterprises in China. In recent years, many laws and regulations on financing guarantee have been introduced, which have an important impact on the healthy development of the guarantee industry. Although the guarantee agency can solve the information asymmetry between banks and enterprises to a certain extent, there are many problems in the traditional guarantee mode, which can not meet the increasing demand of the small and medium-sized enterprises in modern medium and small enterprises. There is no sufficient collateral for the Guarantee Corporation to provide anti guarantee, information asymmetry between the guarantee agency and the enterprise, and the weak strength of the guarantee institution is difficult to obtain the trust of the bank. These are all defects in the traditional guarantee model.
In order to create supply and supply, in order to meet the guarantee demand of small and medium enterprises, the market has developed some new financing guarantee modes of small and medium-sized enterprises. This paper introduces and analyzes three kinds of innovative guarantee modes. "Bridge and tunnel model" introduces the industry investors as the first one on the basis of the financing support mode involving the three parties of enterprises, banks and Guarantee Corporation. The four parties enter into an option contract with the enterprise. By introducing the financial derivatives, the fourth party provides cash flow for the enterprise through the stock acquisition and makes the model participate in the Quartet at the same time. The "bridge and tunnel model" has some limitations. In order to break through the limitations of the "bridge and tunnel model", the Guarantee Corporation has developed a more widely applicable "road Quzhou mode". This model will connect various financial resources, market subjects and government bodies through a four - to - eight network connection. In order to provide an effective way for small and medium-sized enterprises, the model takes the trust company as the service platform, and packages the capital demand of many small and medium-sized enterprises to raise funds to the government, banks, investment companies and other market subjects in the form of trust debt fund. Compared with the "bridge and tunnel model", "road Quzhou mode" has formed a new financing guarantee. In order to solve the problem of the weak strength of the guarantee agency, the China opening bank has put forward the "trust and trust" model, with the Zhejiang SME Development Promotion Center Limited company as a service platform and bundled together a number of guarantee agencies together to evaluate and review the guarantee projects. Through this model, the credit rating of each guarantee institution can be promoted, the loan risk is effectively controlled, and the loan repayment can be provided with a multi-level guarantee. The three innovative financing guarantee modes have improved the defects of the traditional financing guarantee mode from different aspects. The requirement of the value of the guaranty is to increase the credit of the enterprise, that is to introduce the other market subject to the enterprise, and to solve the information asymmetry between the bank and the enterprise, the information asymmetry between the guarantee institution and the enterprise can be carried out by other subjects with more sufficient information, for example, through the venture capital organization to judge which is to the enterprise. The enterprises with high development potential and low default rate can be promoted by the guarantee strength of guarantee institutions.
The development of finance can not be separated from innovation. The innovative mode of financing guarantee provides a reference for solving the difficulty of financing for small and medium-sized enterprises and the difficulty of guarantee. In the financing guarantee model, the introduction of financial derivatives can attract other financial market participants to participate in the guarantee loan system, play their respective advantages to reduce the transaction costs. Coupon can expand the financing source of the loan, build a financing platform, as a node of information collection and transmission, to help enterprises, banks, guarantee institutions and other market subjects to exchange information. Especially, the role of the government should be paid attention to. The financing of small and medium-sized enterprises is a "quasi public goods", and it needs financial support to be able to operate and introduce the government. For enterprises to increase credit or as a source of funds, it is a key element to construct diversified financing guarantee modes.
This paper first studies the financing and guarantee status of small and medium enterprises in China, and points out that there are many shortcomings in the traditional financing guarantee mode, which can not meet the increasing financing needs of small and medium-sized enterprises, and the key to solve this problem is to innovate the guarantee model. Then three kinds of more successful innovative SMEs financing are introduced. This paper analyzes the advantages and disadvantages of the mode of innovative financing guarantee. Finally, it summarizes the innovation points of each model, and puts forward some suggestions for the construction of the financing guarantee mode of the diversified SMEs.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.4;F276.3
本文編號：2174121
[Abstract]:Since the reform and opening up, the number of small and medium-sized enterprises in our country has increased rapidly, the total amount of the economy has been increasing, and it occupies a more and more important position in the national economy. For the small and medium-sized enterprises in the rapid development, the difficulty of financing has become the main obstacle that hinders it to move forward. It is hard to study and solve the problem of financing for small and medium-sized enterprises. At the end of the day.
Theoretical research at home and abroad shows that the difficulty of financing for small and medium-sized enterprises is traced to the asymmetry of information between banks and small and medium enterprises, which leads to banks prefer to provide loans with lower interest rates to large enterprises rather than to provide loans to SMEs with higher interest rates. The feasible way to solve information asymmetry is in banks and small and medium-sized enterprises. The third party, guarantee agency is introduced between enterprises. By virtue of its own credit and assets, it adds a letter to small and medium-sized enterprises and builds a bridge of communication between banks and small and medium enterprises, thus improving the possibility of obtaining loans for small and medium-sized enterprises. At present, there are three types of credit guarantee institutions in our country, namely, policy guarantee institutions and commercial guarantee, respectively. The three types of guarantee institutions have different modes of customer orientation and management, which play their respective roles in expanding the financing channels of small and medium enterprises in China. In recent years, many laws and regulations on financing guarantee have been introduced, which have an important impact on the healthy development of the guarantee industry. Although the guarantee agency can solve the information asymmetry between banks and enterprises to a certain extent, there are many problems in the traditional guarantee mode, which can not meet the increasing demand of the small and medium-sized enterprises in modern medium and small enterprises. There is no sufficient collateral for the Guarantee Corporation to provide anti guarantee, information asymmetry between the guarantee agency and the enterprise, and the weak strength of the guarantee institution is difficult to obtain the trust of the bank. These are all defects in the traditional guarantee model.
In order to create supply and supply, in order to meet the guarantee demand of small and medium enterprises, the market has developed some new financing guarantee modes of small and medium-sized enterprises. This paper introduces and analyzes three kinds of innovative guarantee modes. "Bridge and tunnel model" introduces the industry investors as the first one on the basis of the financing support mode involving the three parties of enterprises, banks and Guarantee Corporation. The four parties enter into an option contract with the enterprise. By introducing the financial derivatives, the fourth party provides cash flow for the enterprise through the stock acquisition and makes the model participate in the Quartet at the same time. The "bridge and tunnel model" has some limitations. In order to break through the limitations of the "bridge and tunnel model", the Guarantee Corporation has developed a more widely applicable "road Quzhou mode". This model will connect various financial resources, market subjects and government bodies through a four - to - eight network connection. In order to provide an effective way for small and medium-sized enterprises, the model takes the trust company as the service platform, and packages the capital demand of many small and medium-sized enterprises to raise funds to the government, banks, investment companies and other market subjects in the form of trust debt fund. Compared with the "bridge and tunnel model", "road Quzhou mode" has formed a new financing guarantee. In order to solve the problem of the weak strength of the guarantee agency, the China opening bank has put forward the "trust and trust" model, with the Zhejiang SME Development Promotion Center Limited company as a service platform and bundled together a number of guarantee agencies together to evaluate and review the guarantee projects. Through this model, the credit rating of each guarantee institution can be promoted, the loan risk is effectively controlled, and the loan repayment can be provided with a multi-level guarantee. The three innovative financing guarantee modes have improved the defects of the traditional financing guarantee mode from different aspects. The requirement of the value of the guaranty is to increase the credit of the enterprise, that is to introduce the other market subject to the enterprise, and to solve the information asymmetry between the bank and the enterprise, the information asymmetry between the guarantee institution and the enterprise can be carried out by other subjects with more sufficient information, for example, through the venture capital organization to judge which is to the enterprise. The enterprises with high development potential and low default rate can be promoted by the guarantee strength of guarantee institutions.
The development of finance can not be separated from innovation. The innovative mode of financing guarantee provides a reference for solving the difficulty of financing for small and medium-sized enterprises and the difficulty of guarantee. In the financing guarantee model, the introduction of financial derivatives can attract other financial market participants to participate in the guarantee loan system, play their respective advantages to reduce the transaction costs. Coupon can expand the financing source of the loan, build a financing platform, as a node of information collection and transmission, to help enterprises, banks, guarantee institutions and other market subjects to exchange information. Especially, the role of the government should be paid attention to. The financing of small and medium-sized enterprises is a "quasi public goods", and it needs financial support to be able to operate and introduce the government. For enterprises to increase credit or as a source of funds, it is a key element to construct diversified financing guarantee modes.
This paper first studies the financing and guarantee status of small and medium enterprises in China, and points out that there are many shortcomings in the traditional financing guarantee mode, which can not meet the increasing financing needs of small and medium-sized enterprises, and the key to solve this problem is to innovate the guarantee model. Then three kinds of more successful innovative SMEs financing are introduced. This paper analyzes the advantages and disadvantages of the mode of innovative financing guarantee. Finally, it summarizes the innovation points of each model, and puts forward some suggestions for the construction of the financing guarantee mode of the diversified SMEs.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.4;F276.3
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