The innovation of supply chain financial services can alleviate the plight of SMEs financing difficulties. In the aspect of supply chain finance model, there is a credit guarantee financing model, which is different f...The innovation of supply chain financial services can alleviate the plight of SMEs financing difficulties. In the aspect of supply chain finance model, there is a credit guarantee financing model, which is different from the simple external financing and internal financing mode of supply chain. Based on this, this paper studies the decision-making of supply chain finance under the partial credit guarantee of core enterprises. First of all, the paper constructs a simple supply chain financing model, consisting of a bank, a core enterprise and a retailer. And then, considering the credit guarantee financing model, calculate the expected profit function. Stackelberg game model is used to give the optimal decision of each subject in decentralized system and the optimal decision in centralized system. Finally, in order to make a more specific and detailed study on the profit and decision-making based on the credit guarantee financing model, the important parameters of the model are analyzed. Through the calculation, it is proved that under the credit guarantee of the core enterprise, the retailer has the optimal ordering strategy, and the core enterprise has the best wholesale price. The influences of the partial credit guarantee coefficient and the retailer’s loan coefficient on the supply chain finance decision-making are also studied.展开更多
With the massive and intensive development of the operation mode of rural land in China,the financing problem of the new rural land managers has gradually attracted more attention.The reasonable design of farmland fin...With the massive and intensive development of the operation mode of rural land in China,the financing problem of the new rural land managers has gradually attracted more attention.The reasonable design of farmland financial system is of great importance to promote rural financial resource allocation optimization.This paper chooses two types of measures of local government implicit guarantees which are commonly used in promoting rural land mortgage loan.The measures are establishing guarantee mechanism to provide guaranties to borrowers and purchasing debt assets from financial institutions.The analysis framework is based on the financing ability theory of Holmstrom &Tirole.Research shows that when considering the collateral disposal cost,the two measures both could contribute to expand the coverage of farmland financial service.Meanwhile,local government implicit guarantees also exists some negative effects.The suggestions of the paper are reducing the collateral disposal costs of farmland loan /encouraging the market-oriented guarantee institutions to enter the rural credit market further standardizing the operation of policy guarantee mechanism and making the use range of risk fund and disposal fund clear.展开更多
The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System （GS—the Portuguese Society of Credit Guarantee （SPGM）） as an instrument used in the financing of Small an...The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System （GS—the Portuguese Society of Credit Guarantee （SPGM）） as an instrument used in the financing of Small and edium Enterprises （SMEs）, especially in restructuring Long-Term Debt （LTD） and bank loans. The studyprovides empirical evidence and puts forward an explanatory model of the influence of the mutual creditguarantees on the financing of SMEs. Using data obtained from the MCGS, for the CAE （economic activity） 412（construction of buildings, which is the sector with the greatest number of companies seeking this type of financing） and the SABI database （system for analysis of Iberian financial statements）, a multiple regressionmodel was made, studying the impact that mutual guarantees have in the financial structure of the SMEs. The results obtained show that LTD financing is positively influenced by the guarantees provided by the MCGS to SMEs as it allows greater debt capacity, especially in the medium and long term, for firms that usually cannotobtain this type of financing. The results also suggest that this type of guarantees creates an environment of confidence among all stakeholders involved, showing that both in terms of overall capital structure and in terms of erely financial credit, the response from the explanatory variables in the models was consistent with the beginning xpectations, that the financial gap has been reduced with the contribution of mutual guarantees in the fnancingprocess.展开更多
After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two sur...After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.展开更多
文摘The innovation of supply chain financial services can alleviate the plight of SMEs financing difficulties. In the aspect of supply chain finance model, there is a credit guarantee financing model, which is different from the simple external financing and internal financing mode of supply chain. Based on this, this paper studies the decision-making of supply chain finance under the partial credit guarantee of core enterprises. First of all, the paper constructs a simple supply chain financing model, consisting of a bank, a core enterprise and a retailer. And then, considering the credit guarantee financing model, calculate the expected profit function. Stackelberg game model is used to give the optimal decision of each subject in decentralized system and the optimal decision in centralized system. Finally, in order to make a more specific and detailed study on the profit and decision-making based on the credit guarantee financing model, the important parameters of the model are analyzed. Through the calculation, it is proved that under the credit guarantee of the core enterprise, the retailer has the optimal ordering strategy, and the core enterprise has the best wholesale price. The influences of the partial credit guarantee coefficient and the retailer’s loan coefficient on the supply chain finance decision-making are also studied.
文摘With the massive and intensive development of the operation mode of rural land in China,the financing problem of the new rural land managers has gradually attracted more attention.The reasonable design of farmland financial system is of great importance to promote rural financial resource allocation optimization.This paper chooses two types of measures of local government implicit guarantees which are commonly used in promoting rural land mortgage loan.The measures are establishing guarantee mechanism to provide guaranties to borrowers and purchasing debt assets from financial institutions.The analysis framework is based on the financing ability theory of Holmstrom &Tirole.Research shows that when considering the collateral disposal cost,the two measures both could contribute to expand the coverage of farmland financial service.Meanwhile,local government implicit guarantees also exists some negative effects.The suggestions of the paper are reducing the collateral disposal costs of farmland loan /encouraging the market-oriented guarantee institutions to enter the rural credit market further standardizing the operation of policy guarantee mechanism and making the use range of risk fund and disposal fund clear.
基金“Este artigoéfinanciado por Fundos Nacionais através da FCT-Fundação para a Ciência e a Tecnologia noâmbito do projeto UID/SOC/04020/2013”(This paper is financed by National Funds provided by FCT-Foundation for Science and Technology through project UID/SOC/04020/2013).
文摘The aim of this work is to show the relevance of guarantees provided by the Mutual Credit Guarantee System （GS—the Portuguese Society of Credit Guarantee （SPGM）） as an instrument used in the financing of Small and edium Enterprises （SMEs）, especially in restructuring Long-Term Debt （LTD） and bank loans. The studyprovides empirical evidence and puts forward an explanatory model of the influence of the mutual creditguarantees on the financing of SMEs. Using data obtained from the MCGS, for the CAE （economic activity） 412（construction of buildings, which is the sector with the greatest number of companies seeking this type of financing） and the SABI database （system for analysis of Iberian financial statements）, a multiple regressionmodel was made, studying the impact that mutual guarantees have in the financial structure of the SMEs. The results obtained show that LTD financing is positively influenced by the guarantees provided by the MCGS to SMEs as it allows greater debt capacity, especially in the medium and long term, for firms that usually cannotobtain this type of financing. The results also suggest that this type of guarantees creates an environment of confidence among all stakeholders involved, showing that both in terms of overall capital structure and in terms of erely financial credit, the response from the explanatory variables in the models was consistent with the beginning xpectations, that the financial gap has been reduced with the contribution of mutual guarantees in the fnancingprocess.
文摘After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.
