中小企业融资担保风险分担模式研究——基于浙江省某市的调研分析

The Research on the Risk-sharing Modes of Medium and Small-sized Enterprises' Financing Guarantee: Based on the Experiences of a Certain Municipality in Zhejiang Province

本文以浙江省某市的中小企业融资担保机构运营现状的调研为基础,以政府、融资担保机构、银行、中小企业、风险投资和公共服务平台六类风险分担主体为风险源,主要考察五方面的风险,并利用贝叶斯网络法在基准模式、干预模式、系统模式的情景下,对中小企业融资担保风险分担机制进行了实证研究。通过三种模式的对比分析和内在机理的剖析,本文认为,中小企业融资担保风险分担机制传统路径的两类模式具有局限性,而由六类参与主体共同构建的系统模式下的风险分担机制绩效最优。

Based on the investigation and survey of the operation status of medium and small-sized enterprises＇ financing guarantee organizations in a certain municipality of Zhejiang province, this paper conducts an empirical study on the risk-sharing mechanism of medium and small-sized enterprises＇ financing guarantees. In the framework of empirical analysis, the paper defines six types of risk-sharing subjects as risk sources, which in-cludes government, financing guarantee organizations, commercial banks, medium and small-sized enterprises,venture capital and public service platform, and focuses five types of financing guarantee risk, and carries on the comparative and internal mechanism analysis among standard mode, intervention mode and systematic mode by using the Bayesian networks. The result of the empirical study shows that, in the comparison of three modes, the former two traditional modes of medium and small-sized enterprises＇ financing guarantee risk-sharing mechanism have relatively greater limitations, and the systematic mode has optimal performance of risk-sharing mechanism.