信用保證的制度設(shè)計(jì)與交易成本研究
發(fā)布時(shí)間：2018-09-01 06:01
【摘要】：目前,世界各國普遍采用信用保證制度來解決中小企業(yè)融資困境的問題,特別是中小企業(yè)融資市場(chǎng)失靈的問題。過去多數(shù)的研究從微觀角度,針對(duì)信用保證機(jī)構(gòu)的營運(yùn)特性、營運(yùn)績(jī)效或風(fēng)險(xiǎn)進(jìn)行分析；宏觀的角度則從政府產(chǎn)業(yè)或銀行信貸政策等探討,一些跨國的研究則以各國制度功能或特征表現(xiàn)作出說明和比較,雖然大部份的結(jié)論也說明政府介入的必要性及信保制度的特定效益,但也常出現(xiàn)正反兩面的意見,對(duì)于信用保證制度為何或如何解決中小企業(yè)融資問題缺乏整體性的理論架構(gòu)及分析工具。 本文先以制度經(jīng)濟(jì)學(xué)的交易成本觀點(diǎn),針對(duì)中小企業(yè)融資問題的市場(chǎng)失靈現(xiàn)象,分別從信息不對(duì)稱、壟斷、外部性及公共財(cái)?shù)冉嵌冗M(jìn)行完整深入的分析,從中歸納出與交易成本的關(guān)聯(lián)性,并以“交易成本是制度運(yùn)作的成本”為核心思想,從制度理論中探討制度的定義及其中的構(gòu)成要素并和相關(guān)的交易成本作為聯(lián)結(jié),形成一個(gè)制度要素與交易成本分析表,作為檢視世界各國及美國、中國大陸和臺(tái)灣等信用保證制度的分析框架。其次,透過制度變遷理論分析各種制度安排的背景因素,以了解其發(fā)展的時(shí)空背景和影響性。 研究結(jié)果發(fā)現(xiàn),在制度安排分析方面,以“法令明定交易對(duì)象”和“政府主導(dǎo)”是世界各國信保制度普遍的安排要素,前者有助于參與者降低市場(chǎng)交易成本；后者則有助于降低銀行等金融機(jī)構(gòu)的高度壟斷性問題,同時(shí)也解決“信用保證”公共財(cái)供給不足的問題。此外,政府進(jìn)行政策統(tǒng)合和資源分配將有效降低政治交易成本。至于其它的信保制度設(shè)計(jì)要素對(duì)于解決交易成本問題,因各國環(huán)境及政策不同,不易判斷其優(yōu)劣,這也說明了制度的設(shè)計(jì)需有整體性的思考。 在個(gè)案研究中,美國和臺(tái)灣的信保制度因針對(duì)小企業(yè)融資市場(chǎng)的交易成本問題有較多的制度安排,因此較能有效降低市場(chǎng)失靈問題,中國大陸的個(gè)案則顯示制度安排不足。從制度變遷的觀點(diǎn)來看,前兩者的制度安排與經(jīng)濟(jì)危急的環(huán)境有關(guān),而最后者則因從功能補(bǔ)足為思考出發(fā)點(diǎn),故僅重視監(jiān)管的安排。 本文所發(fā)展的分析架構(gòu)工具能協(xié)助快速檢視現(xiàn)行信保制度的全貌,也可明確掌握該制度的缺失和各因素之間的關(guān)聯(lián)性,以作為制度檢討或修正時(shí)綜合考慮的依據(jù)。而透過制度變遷的分析,可以解釋說明誘發(fā)各國信保制度的時(shí)空背景,以降低不當(dāng)模擬的偏誤。 本文主要包括下列內(nèi)容：對(duì)中小企業(yè)的融資問題進(jìn)行理論及實(shí)務(wù)上的梳理,并歸納為四個(gè)交易成本的因素。針對(duì)制度理論的制度定義進(jìn)行深刻的探討,并和交易成本理論相結(jié)合。對(duì)于過去信保制度的諸多研究進(jìn)行前述理論的分類及說明。發(fā)展出檢視信保制度的工具框架。針對(duì)美國中國大陸及臺(tái)灣三個(gè)信保制度個(gè)案進(jìn)行檢視,除詳細(xì)說明其各自的特性也比較其間的差異。最后給出結(jié)論和建議。
[Abstract]:At present, credit guarantee system is widely used in the world to solve the financing dilemma of SMEs, especially the failure of SME financing market. In the past, most studies have analyzed the operating characteristics, operating performance or risks of credit guarantee agencies from a micro perspective, while from a macro perspective, they have been discussed from the perspective of government industry or bank credit policies. Some transnational studies illustrate and compare the functions or characteristics of national institutions. Although most of the conclusions also illustrate the necessity of government intervention and the specific benefits of the information and insurance system, there are often positive and negative views. There is a lack of comprehensive theoretical framework and analytical tools for how or how to solve the financing problems of SMEs in the credit guarantee system. Based on the view of transaction cost of institutional economics, this paper analyzes the market failure of SMEs' financing problems from the angles of information asymmetry, monopoly, externality and public finance respectively. This paper sums up the relationship between transaction cost and transaction cost, and takes "transaction cost is the cost of institutional operation" as the core idea, discusses the definition of institution and its constituent elements from institutional theory, and links it with relevant transaction cost. To form an analysis table of system elements and transaction costs, which can be used as an analytical framework to examine credit guarantee systems such as the United States, mainland China and Taiwan. Secondly, the background factors of various institutional arrangements are analyzed through institutional change theory to understand the space-time background and influence of their development. The research results show that in the analysis of institutional arrangements, "decree clearly defined trading object" and "government-led" are the common elements of arrangement in the world, the former helps participants to reduce transaction costs in the market. The latter will help reduce the high monopoly problem of financial institutions such as banks and solve the problem of "credit guarantee" shortage of public goods. In addition, government policy integration and resource allocation will effectively reduce the cost of political transactions. As for the other design elements of the system, it is difficult to judge the merits and demerits of different countries because of their different environments and policies, which also shows that the design of the system should be considered as a whole. In the case study, the United States and Taiwan have more institutional arrangements to deal with the transaction costs in the small business financing market, so they can effectively reduce the market failure, while the Chinese mainland cases show that the institutional arrangements are insufficient. From the point of view of institutional change, the institutional arrangements of the former two are related to the critical economic environment, while the latter only attaches importance to the arrangement of supervision because of the function complement as the starting point. The analytical framework tools developed in this paper can help to quickly examine the full picture of the current information and insurance system, and can also clearly grasp the deficiencies of the system and the correlation between the various factors, so as to serve as the basis for comprehensive consideration in the review or revision of the system. Through the analysis of institutional changes, it can be explained that the space-time background of the inducement of the trust and insurance system in various countries can be explained to reduce the bias of improper simulation. This paper mainly includes the following contents: the financing problem of small and medium-sized enterprises is analyzed theoretically and practically, and it is summarized into four factors of transaction cost. The institutional definition of institutional theory is deeply discussed and combined with transaction cost theory. For the past many studies of information and insurance system for the above-mentioned theoretical classification and explanation. To develop a framework for examining the information and insurance system. In this paper, three cases of China and Taiwan are examined, and the differences between them are compared in detail. Finally, the conclusions and recommendations are given.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F830.5
本文編號(hào)：2216329
[Abstract]:At present, credit guarantee system is widely used in the world to solve the financing dilemma of SMEs, especially the failure of SME financing market. In the past, most studies have analyzed the operating characteristics, operating performance or risks of credit guarantee agencies from a micro perspective, while from a macro perspective, they have been discussed from the perspective of government industry or bank credit policies. Some transnational studies illustrate and compare the functions or characteristics of national institutions. Although most of the conclusions also illustrate the necessity of government intervention and the specific benefits of the information and insurance system, there are often positive and negative views. There is a lack of comprehensive theoretical framework and analytical tools for how or how to solve the financing problems of SMEs in the credit guarantee system. Based on the view of transaction cost of institutional economics, this paper analyzes the market failure of SMEs' financing problems from the angles of information asymmetry, monopoly, externality and public finance respectively. This paper sums up the relationship between transaction cost and transaction cost, and takes "transaction cost is the cost of institutional operation" as the core idea, discusses the definition of institution and its constituent elements from institutional theory, and links it with relevant transaction cost. To form an analysis table of system elements and transaction costs, which can be used as an analytical framework to examine credit guarantee systems such as the United States, mainland China and Taiwan. Secondly, the background factors of various institutional arrangements are analyzed through institutional change theory to understand the space-time background and influence of their development. The research results show that in the analysis of institutional arrangements, "decree clearly defined trading object" and "government-led" are the common elements of arrangement in the world, the former helps participants to reduce transaction costs in the market. The latter will help reduce the high monopoly problem of financial institutions such as banks and solve the problem of "credit guarantee" shortage of public goods. In addition, government policy integration and resource allocation will effectively reduce the cost of political transactions. As for the other design elements of the system, it is difficult to judge the merits and demerits of different countries because of their different environments and policies, which also shows that the design of the system should be considered as a whole. In the case study, the United States and Taiwan have more institutional arrangements to deal with the transaction costs in the small business financing market, so they can effectively reduce the market failure, while the Chinese mainland cases show that the institutional arrangements are insufficient. From the point of view of institutional change, the institutional arrangements of the former two are related to the critical economic environment, while the latter only attaches importance to the arrangement of supervision because of the function complement as the starting point. The analytical framework tools developed in this paper can help to quickly examine the full picture of the current information and insurance system, and can also clearly grasp the deficiencies of the system and the correlation between the various factors, so as to serve as the basis for comprehensive consideration in the review or revision of the system. Through the analysis of institutional changes, it can be explained that the space-time background of the inducement of the trust and insurance system in various countries can be explained to reduce the bias of improper simulation. This paper mainly includes the following contents: the financing problem of small and medium-sized enterprises is analyzed theoretically and practically, and it is summarized into four factors of transaction cost. The institutional definition of institutional theory is deeply discussed and combined with transaction cost theory. For the past many studies of information and insurance system for the above-mentioned theoretical classification and explanation. To develop a framework for examining the information and insurance system. In this paper, three cases of China and Taiwan are examined, and the differences between them are compared in detail. Finally, the conclusions and recommendations are given.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F830.5
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