信息不对称情况下针对小微企业信用担保理论研究

RESEARCHE ON THE CREDIT GUARANTEE THEORY OF SMALL AND MICRO ENTERPRISESIN THE CASE OF INFORMATION ASYMMETRY

赵小雪

11649038

硕士

金融

杨招军

2018-05-31

2018-7-11

哈尔滨工业大学

深圳

截至 2017 年 7 月底，中国小微企业名录收录的小微企业已达 7328.1 万户。据国家统计局的抽样调查，每户小型企业能带动 7 到 8 人就业，一户个体工商户带动 2.9 人就业，特别是创新型小微企业的大量涌现，成为推动创新发展的活力源泉，为新常态下的结构转换提供了新的动能。由此可见小微企业对促进我国经济进一步发展有着不容忽视的作用。但是，与小微企业的贡献相悖的是，在金融深化改革的今天小微企业却并没有获得与自身贡献相匹配的信贷规模，小微企业仍然面临融资难、融资贵的问题。通过查阅国内外相关文献，深入了解已有的研究成果，以担保理论作为理论研究基础，本文从信息不对称的角度论述信贷配给是造成小微企业贷款难，融资难的主要原因之一，分别在政策性担保公司参与和没有参与的情况下，通过构建模型比较与分析贷款协议中银行期望效用与小微企业的收益，阐述政策性担保公司对小微企业收益与银行期望效用的影响，进而从社会福利的角度探讨信用担保在小微企业融资项目中的作用。本文模型架构的步骤包括三个步骤：选取合理的参数，并对参数的分布做出适当的假设；分别表示出有无政策性担保公司参与时的小微企业收益与银行的期望效用；通过数值模拟发现在有政策性担保公司参与的情况下银行达到其预期期望效用时的贷款利率低于没有担保公司参与时的贷款利率，从而得出政策性担保公司的参与可以使小微企业可获得的贷款总额大幅提高，进而改善小微企业融资难问题的结论，最后得出政府可以通过向政策性担保机构注资成立担保基金缓解小微企业融资难问题等相关政策性建议。

As of the end of July, 2017, the number of small and micro enterprises in China's small and micro enterprises has reached 73.281 million. According to a sample survey by the national bureau of statistics, each small business can generate 7 to 8 jobs, and one self-employed person will bring 2.9 jobs. Especially for innovative small micro enterprises, the impetus of the development of innovative energy source, provides a new structure transformation under the new normal kinetic energy, thus small micro enterprises to promote the further economic development of our country has the role of nots allow to ignore. But, contrary to the contribution of small and micro businesses in providing tax and increasing employment, small and micro businesses that have deepened reform in finance have not received the credit scale matching their own contribution.Through the review of related literature at home and abroad, an in-depth understanding of the existing research results, based on guarantee theory as the theoretical research, this paper from the Angle of asymmetric information, credit rationing small micro enterprise loan is difficult, the main reason of financing difficulties, and by building a model to compare and analysis the policy guarantee companies to participate in and there is no guarantee companies to participate in the project of bank loan and the small micro enterprise's profit and expected utility, comparing the policy guarantee company whether to small micro enterprise and the bank has influenced the expected utility, then from the point of view of social welfare,discussion the role of credit guarantee in small micro enterprise financing project.The steps of the model architecture include three steps: selecting reasonable parameters and making appropriate assumptions about the distribution of parameters. It shows the benefit of small and micro enterprises and the expected utility of Banks with or without policy guarantee companies found through the numerical simulation in the case of policy guarantee company in Banks to meet the expected when the expected utility of loan interest rates lower than there is no guarantee companies involved in lending rates, thus it is concluded that the participation of policy guarantee company can make the small micro enterprise can obtain a large rise in total loans, thus improve the small micro enterprise financing difficult problem conclusion.

小微企业 信息不对称 信贷配给 政策性担保 期望效用

small and micro businesses information asymmetry credit rationing government guarantee expected utility

中文

联合培养

南方科技大学

赵小雪. 信息不对称情况下针对小微企业信用担保理论研究[D]. 深圳. 哈尔滨工业大学,2018.