小微企业集群融资外部增信机制研究

Research on Small-and-micro Enterprises Cluster Financing Credit Enhancement Mechanism

小微企业集群融资的外部增信涉及到政府信用、第三方增信企业的增信实力、金融机构集群融资创新能力等客观因素影响。本文以小微企业集群融资链为突破口,分析除小微企业集群之外的节点企业(机构),包括地方政府、第三方增信企业以及授信机构的外部增信机制。一是地方政府的外部增信应强调在小微企业集群与授信机构的博弈支付矩阵中寻求小微企业集群选择守信的违约成本约束,并基于违约成本约束构建地方政府的外部增信模式;二是第三方增信企业的外部增信应强调建立基于最优增信费率约束的合作机制,以实现小微企业集群与第三方增信企业的双方利益最大化;第三授信机构的外部增信应突出强调风险可控的融资创新,通过创新基础性增信与开展资产证券化增信方式实现自身利益最大化。

The external credit enhancement of small-and-micro enterprise cluster financing affected by some objective factors,including government credit,third party credit enhancement enterprises strength,financial institutions cluster financing innovation ability,and so on. With small-and-micro enterprises cluster financing chain as a breakthrough,the paper analyses external credit enhancement mechanism of financing chain node enterprises（ Institutions）,including local government,third party credit enhancement enterprises and credit institution,except for Small-and-micro enterprise cluster. First,local government external credit enhancement should emphasizes setting default cost constraint,which coming from the game payment matrix of small-and-micro enterprises cluster and credit institution. Second,third party credit enhancement enterprises should emphasizes establishing the cooperation mechanism based on optimal credit enhancement rate,small-and-micro enterprises cluster and third party credit enhancement enterprises,realizing both sides Maximum benefit. Third,credit institution external credit enhancement should emphasizes risk-controllable financing innovation,maximizing their own interest through innovating basic credit enhancement and asset backed securitization credit enhancement.