中小企业融资的三方信贷担保模型研究

在两方信贷担保模型的基础上,构建了一个包括垄断银行、商业性担保机构和中小企业在内的三方信贷模型,探讨了商业担保机构的引入对中小企业融资的影响,并通过信息因子的引入量化分析了担保机构信息量的大小在解决中小企业融资难题中的重要作用。研究结果表明:在信息不完全条件下,商业性担保机构的引入在增加企业受贷金额的同时也增加了企业的逆向选择程度;随着商业性担保机构信息量的增加,企业逆向选择的程度将逐渐减小,而且当担保机构具有企业足够信息时,企业的信贷配给现象会减轻,信贷市场资金配置效率也得到提高。

Study on Three-Park Credit Guarantee Model of SMEs Including Commercial Guarantee Institutions

This paper develops a three-park credit guarantee model including the monopolistic bank,the commercial guarantee institution and the small-medium-sized enterprise on the basis of two-park credit model,and discusses the impacts of the guarantee institutions on the financing of SMEs,and quantitatively analyzes the important role of the commercial guarantee institution's information advantage in solving the financing difficulties of SMEs through bringing in the information factor.The research results show that...