创新型中小企业融资担保模式分析及建议

发布时间：2018-08-09 12:47

【摘要】：改革开放以来,我国中小企业数量迅速增加,所创造的经济总量不断增长,在国民经济中占据了越来越重要的位置。对于正处于快速发展中的中小企业而言,融资难已成为阻碍其向前迈进的主要因素,研究和解决中小企业融资难问题迫在眉睫。国内外理论研究表明,中小企业融资难问题追根溯源是由于银行与中小企业之间的信息不对称,导致银行宁愿以较低利率向大型企业提供贷款而不愿以较高利率向中小企业提供贷款。解决信息不对称问题的可行途径是在银行与中小企业之间引入第三方——担保机构,它凭借自身信用和资产为中小企业增信,搭建银行与中小企业之间沟通的桥梁,从而提高中小企业获得贷款的可能性。目前,我国的信用担保机构主要有三种类型,分别是政策性担保机构、商业性担保机构和会员互助式担保机构。三类担保机构有着不同的客户定位和经营模式,为扩展我国中小企业融资渠道发挥着各自的作用。由于中小企业对担保的需求不断增大,我国担保行业也处于高速发展。政府十分重视对担保行业的监管,近年来出台了许多针对融资担保的法律法规,对担保行业的健康发展产生了重要影响。虽然担保机构可以在一定程度上解决银企之间信息不对称,但传统的担保模式存在许多问题,无法满足现代中小企业越来越旺盛的资金需求。中小企业没有足额的抵押品为担保公司提供反担保,担保机构与企业之间的信息不对称,担保机构实力较弱难以获得银行信任,这些都是传统担保模式存在的缺陷。需求创造供给,市场为了满足中小企业的担保需求,开发出一些新型的中小企业融资担保模式。本文介绍和分析了三种创新型担保模式。“桥隧模式”在由企业、银行、担保公司三方参与的融资担保模式基础上,引入了业界投资者作为第四方与企业签订期权合约。该模式通过引入金融衍生工具的方式,在企业出现预期之外的现金流变化而无法按时向银行偿还贷款时,第四方通过股权收购为企业提供现金流,使模式参与四方同时获利。“桥隧模式”存在一定的局限性：可供第四方选择的中小企业数量有限,非标准化交易成本较高。为了突破“桥隧模式”的局限,担保公司开发出另一种适用范围更广的“路衢模式”。这种模式将各种金融资源、各个市场主体以及政府主体间通过四通八达的网络连接起来,为中小企业融资提供有效途径。模式以信托公司为服务平台,将众多中小企业的资金需求打包后以信托债权基金的形式向政府、银行、投资公司等市场主体募集资金。与“桥隧模式”相比,“路衢模式”形成了一个全新的融资担保体系,集中了更多的金融市场资源,形成了标准化的交易方式。为解决担保机构实力弱的问题,国开行提出了“抱团增信”模式,以浙江中小企业发展促进中心有限公司作为服务平台,将多家担保机构捆绑在一起共同评估和审核担保项目。通过这种抱团模式,能够提升各担保机构的信用级别,有效地控制贷款风险,同时也能为贷款偿还提供多层次的保障。三种创新型融资担保模式从不同方面改进了传统融资担保模式的缺陷。针对企业担保品不足,可以减少担保机构对于担保品价值的要求,可行方式是增加企业的信用,即引入其他市场主体为企业增信。解决银企之间、担保机构与企业之间的信息不对称可以利用掌握信息更充分的其他主体来传导信号,例如：通过风险投资机构对企业筛选来判断哪些是发展潜力高、违约率低的企业。而担保机构的担保实力可以通过“抱团增信”的方式得到提升。金融的发展离不开创新,创新型的融资担保模式为解决中小企业融资难、担保难问题提供了参考。在融资担保模式中引入金融衍生工具,能够吸引其他金融市场主体参与到担保贷款体系中,发挥各自优势降低交易成本。适当使用资产证券化能够扩展贷款的资金来源。搭建融资平台,作为信息搜集和传递的节点,帮助企业、银行、担保机构等市场主体之间进行信息交流。特别是要重视政府的作用,中小企业融资作为“准公共品”,需要财政支持才能够政策运转,引入政府为企业增信或者作为资金来源,是构建多样化融资担保模式应该重点考虑的要素。本文首先通过研究我国中小企业融资和担保现状,指出传统融资担保模式存在诸多不足,无法满足中小企业日益增长的融资需求,而解决这一问题的关键是要对担保模式进行创新。接下来介绍了三种较为成功的创新型中小企业融资担保模式,分析创新型融资担保模式的优劣。最后,总结各个模式的创新点,为构建多样化中小企业融资担保模式提出建议。
[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.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4;F276.3

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