我国政策性和商业性融资担保效率评价及影响因素研究——基于江苏担保样本的实证分析

Evaluation of the Efficiency of Policy and Commercial Financing Guarantees in China and the Influencing Factors——An Empirical Analysis Based on Guarantee Sample of Jiangsu Province

为评价政策性、商业性融资担保的效率,分析其主要影响因素,本文以江苏省190家融资担保公司为例,基于对融资担保运行机制的理论分析,构建了DEA-Tobit模型,系统评价了我国不同模式下融资担保公司的担保效率,并深入探讨了其宏微观影响因素。研究表明:受规模效率低下的限制,当前面向民营中小企业的融资担保效率有待提升;商业性融资担保公司适合在经济较为发达的地区生存与发展,强化商业银行合作意愿可以有效提升其担保效率;着重加强政策性融资担保公司担保能力是提升其担保效率的关键;良好的法律制度环境为融资担保公司服务中小企业增信提供了有效保障。

In order to evaluate the efficiency of policy and commercial financing guarantees and analyze their main influencing factors,this paper takes 190 financing guarantee companies in Jiangsu Province as an example,constructs a DEA-Tobit model based on the theoretical analysis of the operation mechanism of financing guarantees,systematically evaluates the guarantee efficiency of financing guarantee companies under different models in China,and thoroughly discusses their macro and micro influencing factors.Research shows that:the efficiency of current financing guarantees for private SMEs needs to be improved due to the limitation of inefficient scale;commercial financing guarantee companies are suitable for survival and development in more economically developed regions,and strengthening the willingness of commercial banks to cooperate can effectively improve their guarantee efficiency;focusing on strengthening the guarantee capacity of policy-based financial guarantee companies is the key to enhance their guarantee efficiency;a good legal system environment provides effective guarantee for financial guarantee companies to serve SMEs to increase their credit.