产业链与金融契约的协同机制研究——基于信用保证基金视角

Research on the Collaborative Mechanism of Industrial Chain and Financial Contract

产业整合需要金融体系与企业信用的创造性提升,信用保证基金作为金融契约的创新工具,可发挥金融创新中信用创造与信用风险转移的作用。通过不完全信息静态博弈证明,信用保证效能最大化需产业链上下游企业的共同参与,理论上可得到上下游企业共同参与产业的唯一贝叶斯纳什均衡。同时,信用保证形式的金融契约能巩固产业链上企业的合作关系,实现"政银企"共赢局面;通过契约质量的提升,中小企业既获得发展资金,又在产业链中占据有利位置。分析国内产业链主要类型及存在问题,结合数理模型设计并改良产业链类型,从公共部门与私人部门两端发力释放市场活力能更好提升协同机制的金融服务效能。

Industrial integration needs the creative enhancement of financial system and enterprise credit. Credit guarantee fund, as an innovative tool of financial contract, can play a role in credit creation and credit risk transfer in financial innovation. Through the static game of incomplete information,it is proved that the maximization of credit guarantee efficiency requires the joint participation of upstream and downstream enterprises in the industrial chain,and the unique Bayesian Nash equilibrium of the joint participation of upstream and downstream enterprises in the industry can be theoretically obtained. At the same time, the financial contract in the form of credit guarantee can consolidate the cooperative relationship between enterprises in the industrial chain and realize the win-win situation of "government, enterprise and banks". Through the improvement of the quality of contracts, small and medium-sized enterprises obtain the development funds and occupy a favorable position in the industrial chain. Analyze the main types and existing problems of domestic industrial chain,design and improve the industrial chain type with mathematical model,release the market vitality from the public and private sectors to better improve the financial services efficiency of the collaborative mechanism.