引入担保机构破解中小企业融资难:基于期权策略的机制设计

A Solution to SMEs Financing Difficulty by the Introduction of Guarantee Institutions:Mechanism Design Based on Option Strategy

中小企业融资难是当前亟待解决的问题。文章认为引入政策性担保机构是解决中小企业融资难问题的有效方法。文章首先构建了政策性担保、银行和中小企业的三方理论模型,并创新性地通过期权组合策略来解决风险收益匹配问题,同时利用数值模拟方法,从情景分析和盈亏平衡点测算等方面对政策性担保机构为中小企业贷款提供担保进行了可行性分析。结果表明:在大多数情况下,政策性担保机构对中小企业贷款提供担保是可行的;此外,文章还发现:在担保行业市场化的条件下,中小企业的融资成本相比现行约束条件下的情形有了显著降低。文章认为:在加快推进担保行业市场化导向的基础上,基于期权组合机制下的政策性担保机构对中小企业贷款提供担保是解决中小企业融资难问题的可行方法。

SMEs financing difficulty is a problem that needs to be solved urgently.This paper points out that the introduction of policy-related guarantee institutions is an efficient solution to SMEs financing difficulty.It firstly builds a three-party theoretical model connected with policy-related guarantee institutions,commercial banks and SMEs,and creatively copes with the matching of risks and revenues through options combination strategy.Then it employs numerical simulation methods to analyze the feasibility of the guarantee of SMEs loans by policy-related guarantee institutions in the aspects like scenario analysis and breakeven calculation.It arrives at the following conclusion that in most cases,it is feasible that policy-related guarantee institutions provide the guarantee of SMEs loans.In addition,it also shows that under marketized guarantee industry,SMEs financing costs significantly decrease compared with current constraints.It argues that based on the accelerated advance of marketization orientation in guarantee industry,the guarantee of SMEs loans by policy-related guarantee institutions under options combination mechanism is a solution to SMEs financing difficulty.