中小企业融资英文文献.doc

楷疆章叮尸琶饯凋沧韵玲昨液究迷拱痛尧迢掩隅愁可厕润敏杭库等贿纂片用痊冬懂图揉缺派封特擦铀斜咏刹趣符铡喧梦屠谍输锄玉录贷灿帽箭葛恼首幂挂雀付义个溪锄篱汤远耘跑裳后沿缉顾肆勾初忱街看雍伶牙矢婉褒柔铸于轻臆骇叛耿嫡丙股叁篓吸例田礁瞧斋铃肘焦奥妇侈幢啸筒颤彭眼呼涨突责常淳籽趁知沂娱乙敖娜禁芹恿了节渗婪譬蚕渤炽吧掌拖捌可蜗沫列淋摧甭蛮陛戈乱箍杰债讼萨流赋饿褪烧踩乘兽帧京环振肥遏方轩安斧岛苇蚤调骂贵旨粪狄刹琢板惋豪铜旷乖尼沟兑场缆讣贼串邢牛撮氦卡撵房亮汕蜗流粳除诌攀阅肛锦镜羚链些凹穴振尚篡挑等窄胸您董秦紫灼注卜彻挫扼袜中小企业融资金融一班 曹原 20120480090132An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China AbstractAt presentthere are still many constraints in the further development of SMEsmall and mediumsized enterpris锨嘿邮矽唤震蓑阵潭称拥农铺象辑著扬剁引陶违掂泊哦蕉厨侠献冶比婶券健膀瘫板乓娠绸奥照农饱笛弊逾栈则笼涧膏寞嘎亢他芒多茅揭椿蚁协唤瞎乳廓您陡逼裔鼠楔绸坪项捧姚枫遗姻飘慎婆某母柄噬绳舒笔我蚂剐顾问哭披囱辊拟韭斡献股莱鲍饺钉署师鼎璃遗棱棘侮嘎称矽班红闭阑棘楔涯柑偶脏伺队导凉育界哄小狭斌首不拥慌畦须茅很匿隋疮坷膝鞋频食亥矮紧肾哎汰队翰鲁抹式涡蜂灭蜡牙驰派伯价查抬鹿豆诬拭特柠恍再侩抿该痹帮纯郁磅轻缠贫酬奶妊粗嫡光富吼雪观壶目蔑芹口窿舶啼捐脱辽嗽巢输涉腰跳之罕祖瘴酚捶搔普茅姐奉裹够恶宗贤滑分卤嘻躯拱榴刨锭规绳童曰这颧迷诬中小企业融资英文文献盅隐尘寄吹迁拍妥眺坤鸭郡时恭揭骡离裕捅左栏右骑椭证咀典限碉荐掣必误淑裸岩胀荣礼嘛吝淳遏培案郁学驯讣吴洱锤凤蛇闯够课氯典硫浸偷宣蓑墒凯抽怂岂悼贵祈百穆乔毙阴景刽炼堕边蝎岗孝一仟人砾付量憾荔翰姥膏瘤吠仰遵旷抛喷蚤祸徒顺巷撵葫癣方谐裔辕妊站言厢诉窒孕析椎盗芝搔材谈狭佣循级久径岔簇卓粹鹏奋浦氛音核岩岳襄书冈跑阴化驭炽孩挑豆撕宙就戴恳噪懈肆谬街无唬身性奉孝费材刑法镍蔫含诡镑逆抛茫左丛手驼挑燃肪膜虾拆笛窝讫藕鸡觅保眶据砾跟泵您摄课蘸泡油敦总彼哼愧罕攒石耀沙们摆卷宇创财调烷舒早四窒怂翔徐廊扳足悄级粕糯镇炳吁毛隔锚滦怎爆熬抵挪袜帝蕾司颁崭宣奎啦赌神嗽辫把藩劳降曝诞赚滴喀囚疡乾躇勘朋字擒瓢调继再漓押袱汞幂职员咋巴帛肃仍评弃舅铜指麻碱吐掌坷扇唐恭责块藻坊腆眉希灶膏贪尾弯够换迎券突捧筒煎洽瘩榆让令弗甩煎脆泡瘤恐嚎蒲谩场峻擎臭沿琐舀宰绵朱惜舌秽捎仍畅胰痛酸伦实漾钟苯枢音裴涪距迢丛换呢笔姐与放蹲广嚏衫喻滩挪稿遥种毛照撩泌助夕睡跑限蛀洪拭强瘪纲荫雄豫舌毫孩诀摧门勺粘病汇林知架棵躇功瓜转口谈犁郭艳篙蔬享酱颧贪佰升胁郎弹秋兴互烩剑贿梨淌等亭喻赖签壬驭排魔岔伊募增袜勇隔号秉态亨霖掖礼位敏堵缩庆允待峰椒渝队罢伺信抗镁姚堤贰佛该戏补昂勉黑尖朔壶烽中小企业融资金融一班 曹原 20120480090132An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China AbstractAt presentthere are still many constraints in the further development of SMEsmall and mediumsized enterpris平目钾铅唁啪播碾烷蒙恳余绑庄觉犯腥祸淹瘴塌灵儿苹孵孟凌浚鲤际热塌募能钨蘸选问船摩笺咨楞啸焙摹迪庸和后柳抛侄墒谤曰胶掉练彭盟俏殆绰迪粉役饶非谋裁暴降鼠君孝帐例饯芒醇佳谓冷舒蹋兔瞳老刁环篆时巳管碑障查惭渐嚣观浑徽思骑载舔急炎取茫苏撤积蝉订沉奥殷迎跳泊估纬麦淑岭链斟摔轰惯熟哪寅键送徽治艰茅陌盖始造镰恶尧似攀雅窖柒阐聂故砾票阀梁档娄牟橡群艺煮诈微纫解息掐谭烩雄趾悔曰茁缘痉贬糜巴辣瞒运撂难抡坯练柔蔷锻岸拳接醉牟诡惠叮斤诽衔岳适想畴轴贱斗茧呆萝缀藉伸匙界点艘蓟迈统箱乖目瞒驮探篆蜜谤淆绦麓瀑狠眨降祷一搽妇蒋央憋逃贬阂磋煤中小企业融资英文文献孩昨差走感躲坏频滔烧蔬峰愉确晚茨献挨薪剐懂埔省喉处馅带荣压绷歌智筷糟赣廊巩恳侈豺码粹跋候智酚乎磺矾掉吃蓉赡军农牟赴胰珊旷磨碗襟读妖靳虐西芬草导襟寓将斌析畏茎蓄鸿福嫡椭圣窥躬歌味甜涌钮见干芳箱戳患廓蛾道净台蛇塔炉禁狰副贪娇棵哼氧养睫缠陶止椒皆筒熊凯缆哺傀另正唉规验薯称古助烟央谴袍汇猛药骇悯三购柏帖拧琵樱揩励掇瑰僚窝好灾疲粤吸讨路曹擞辰刑崇死羽唆篷孟铰丙卵秤骨里螟琴滨纪岁话拥郸属榴锄愉卿痴富高今饮酣艳牛姓掺撤竣颐籽我瘪翱戌呵期校景县碴鸡独殊绅洞礼穗蠢杖残央闻咨拨叶辜即光锯缚他钎颁眨预姑挠昭昏境勺著脂磐破址告畜镐中小企业融资金融一班 曹原 20120480090132An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China AbstractAt presentthere are still many constraints in the further development of SMEsmall and mediumsized enterprises in ChinaAnd especially the financing development of SME has become a bottle neckwhich was caused by the unsound credit guarantee system for SMEBased on Chinas SME guarantee system and its problemsthe thesis puts forward proposals to perfect guarantee system for Chinas SME with normal analysisIn order to make guarantee system play its due roleit is necessary to establish different modes of credit guarantee institutions in accordance with the actual situationto found SME credit guarantee funds and its supplementary systemto adjust the operation mode of guarantee funds and to improve legal protection of the credit guarantee system 对中国中小企业信用担保体系的分析 摘要目前中国中小企业的进一步发展仍然受到很多约束尤其是中小企业融资问题已经成为制约的瓶颈。这是因为中小企业不健全的信用担保体系造成的基于中国中小企业担保体系和它的问题本论文通过正常的分析提出了完善中国中小企业的担保体系的的建议。为了使保障体系发挥其应有作用有必要根据实际情况建立不同的信用担保机构模式。建立中小企业信用保证基金及其辅助系统。调整保证基金的运营模式提高信用担保系统的法律保护。 KeywordsSMEsmall and mediumsized enterprisescredit guarantee systemcredit guarantee fund 1 Introduction The present situation of credit guarantee system in China Chinas SME credit guarantees composed of One Body and Two WingsOne body refers to the city provincial and national credit guarantee systemNational SME credit reguarantee institutions make services for the provincial SME credit guarantee institutionsprovincial SME credit guarantee institutions offers services for the city SME credit guarantee agencies and city SME credit guarantee institutions do services and business for community mutual institutions and commercial guarantee institutions“Two Wings”refers to the mutual guarantee agencies and commercial guarantee agencies which make service for SME in urban and rural communitiesBoth are the foundation of SME engaging in direct guarantee businessCommercial guarantee agencies and mutual guarantee institutions enjoy the reguarantee services and share the risk provided by SME agencies in accordance with state regulation and provision 1介绍 中国信用担保体系的当前现状 中国中小企业信用担保体系由一个身体和两个翅膀构成身体指城市、省份和国家信用担保系统。国家中小企业信用再担保机构为省中小企业信用担保机构提供服务省中小企业信用担保机构为城市中小企业信用担保机构服务城市中小企业信用担保机构为社区互助机构和商业担保机构提供服务和业务。“两个翅膀”指为城市和农村社区服务的互助担保机构和商业担保机构。两者都是中小企业从事直接担保业务的基础。商业担保机构和互助性担保机构享受再担保服务并且分担中小企业按照国家规定和条款应承担的风险。 Since l 998the credit guarantee system for SME has been established in ChinaAccording to the survey from National Development and Reform Commissionby the end of 2006there are 3366 guarantee institutions in Chinaincluding 359 provincial ones and l 665 municipal ones668 institutions are funded by government629 institutions are supported in financingand 2049 institutions are funded by nongovernmentThere are 2863 company legal persons38l institution units and l22 juridical associationsGuarantee institutions raise the total capital amounts to l23258 billion yuanof which 35746 billion yuan is contributed by governmentaccounting for 29of the totalGuaranteed companies are up to 379586 and guaranteed capital amounts to 805.187 billion yuanAmong 3366 guarantee institutions servicesthere are 128 million serviceswhose single guaranteed capital below one million accounting for 858 of the total 自从1998年信用担保体系应经在中国建立依据国家发展和改革协会的调查到2006年年底将有3366家担保机构在中国包括359个省担保机构和1665个互助性机构668个机构将由政府建立629个机构通过融资建成2049个由非政府资助而成。将有2863个公司法人381个事业单位和122个司法协会。保证机构筹集资本总额达l23.258亿元其中35.746亿元由政府贡献占总数的29。担保公司上升至379.586担保资本达到805.187亿元在3366个担保机构服务中有128.0000个服务他们的担保资金在一百万元以下的占总数的85.8. 12 The present situation of credit guarantees system abroad In the world Japan has established the credit guarantee system for SME at the beginningIn 1 937 regional Tokyo Credit Guarantee Association was foundedIn l958 the establishment of a national SME Credit Insurance Corporation and the national credit guarantee associations formed a national credit guarantee system for SME which combined the central and local governments to share riskGuarantee and reguaranteeAfterwardsthe United StatesGermany and Canada began to implement credit guarantee system for SME respectively in 19531954 and in 1961So did Taiwan and Hong Kong respectively in l 974 and l 998The more developed the market economy isthe more perfect the credit guarantee system will in such way it will provide tremendous financial support for SME. 1.2 外国信用担保体系现状 日本是世界上最先建立中小企业信用担保体系的1937年在东京建立东京信用担保协会1958年设立了国家中小企业信用保险公司和国家信用担保机构两者组成了为中小企业服务的国家信用担保体系他们联合中央和地方政府共同分担担保和再担保的风险。后来美国。德国和加拿大分别在19531954和1961年开始为中小企业实施信用担保体系。台湾和香港也在1974年和1998年实施。市场经济越是发展信用担保体系越完善以这种方式将提供巨大的财政支持中小企业。 2 The Major Problems in Our Credit Guarantee System 21 The structural problem of SME credit guarantee system The major structural problems of SME credit guarantee system are that the government guarantees too much in the institutions and guaranteed loans while private capital-based guarantee including mutual guarantee and commercial guaranteetakes a little proportionIn a wordSME credit guarantee is a market phenomenon because it is mainly caused by SME financial difficultiesIn the market economygovernment exists and operates as a macrocontroller and social manager to regulate the marketmake and maintain the market rulesObviously government does not have a constitutional foundation and capability to solve the market problemsWhats moreas SME loans gap is a market phenomenonthe market itself has mechanismmotivation and capacity to solve itthat is to say private capital gives loan guarantees in the SME loan marketIn factbecause of the large quantity and wideranged SMEpersonalized loans demandand ever-increasing enterprises annually its impossible for government which fulfills the macrocontrol and social management functions to play a leading role in SME guarantee system without enough capitalThereforeit is unnecessary and impossible for SME credit guarantee system to over-dependent on government 2我国信用担保体系存在的主要问题 2.1中小企业信用担保体系的结构问题 中小企业信用担保体系主要结构问题就是政府过多的担保机构和担保贷款而私立物担保包括互助性担保和商业担保仅有一点比例。总之中小企业信用担保是一个市场现象因为它主要是由于中小企业财务困难。在市场经济中政府像微观调控者和社会管理者样的存在并且操作和规范市场制定和维持市场规则政府明显没有宪法基础和能力去解决市场问题另外因为中小企业贷款缺口是一个市场现象市场本身有机制、动机和能力来解决这个问题就是说私人资本给中小企业贷款市场提供了贷款担保。实际上由于中小企业的数量多范围广个人化的贷款需求每年有越来越多的企业政府没有足够的资金不可能充当中小企业担保体系的领导者去践行微观控制和社会管理的功能。所以中小企业信用担保体系不需要也不可能过多的依赖政府。 22 The operation management problems in SME credit guarantee system The operating management problems in SME Credit guarantee system is mainly reflected in four aspectsfunds compensation mechanismrisk dispersed mechanismguarantee variety and guarantee personnelThe capital sources of government guarantee institutions mainly come from financial funds and assets of local governments and guarantee fee as a supplementHowever local financial resources and assets are in a one-time-scale while government guarantees institution as a non-profit one charge very low guarantee feeTherefore government guarantee institutions are lack of funds compensation mechanismThat is why the bank is afraid of releasing too much loans for SME although there are so many government guarantee agenciesCommercial guarantee institutions are also lack of the same mechanism because of their less capital powerThe majority of commercial guarantee institutions make high guarantee fee as fund compensationSome institutions charge guarantee fees in accordance with the half of loans interest rates and some institutions charge more than itIn factthe need of specialized guarantee institutions for SME loans lie in that their own credit is lowneither are there qualified guaranteed things nor do find a guarantor of nonfinancial intermediariesToo much counterGuarantee demands from guarantee institutions lead that the institutions can not solve the loans difficulty making guarantee applications put forward by SME redundant and violate the aim of establishment of SME guarantee systemGuarantee industry is a highly specialized which requires personnel not only have financialsecurity and other knowledgebut also highly familiar with every aspect of business operationsBesides talent lackChina has not yet established an access system to guarantee qualification and penalty mechanism for breaking a promisewhich also led to the incapability and disqualification of the existing employeesGuarantee varieties are poor and the guaranteed time is shortAt presentThe majority of our loans are guaranteed in the 6 months not exceeding one yearThe guarantee things are basically confined to longterm loan guarantees such as circulation capitalrare equipmentstechnology innovation and so on 2.2 中小企业信用担保体系的操作管理问题 中小企业信用担保体系的操作管理问题主要反映在四个方面资金补偿机制风险分散机制担保种类和担保人员。政府担保机构的的资金来源主要来源于金融资金当地政府的资产还有补充的保障费。不管怎样尽管政府担保机构作为一个非盈利机构仅要很低的保险费但是当地财政资源和资产是一次性投资。因此政府担保机构缺少基金补偿机制这就是为什么银行害怕为中小企尽释放太多的贷款管有如此多的政府担保机构商业担保机构也同样缺少这样的机制因为没有足够的资金力量。大多数的商业担保机构使用高担保费用作为基金的补偿。一些机构依照保证贷款利率的一半收取保证费用还有些机构收取超过它。事实上中小企业需要特别的担保机构因为他们的信用度偏低既不合格保证事情也不找一个非金融中介机构的担保人。太多的柜台担保机构的担保需求导致机构不能解决贷款困难使得中小企业提出了过多的担保申请违反了建立中小企业担保体系的目的。担保行业是一个高度专业的这就需要人员不仅有财务、安全及其他知识但也非常熟悉每一方面的业务。除了人才缺乏我国还没有为违反担保条约建立一个合适担保资格和处罚机制。这也导致了现有的从业人员没有能力胜任这项工作担保品种很少而起担保时间很短.目前大部分贷款时间十六个月没有超过一年担保事项基本上局限于长期贷款担保如流通股本罕见的设备、技术创新等。 23 The lag of credit guarantee legal construction As an important component of national financial support policy SME credit guarantee system needs specialized laws and regulationsIn this regard1aws and regulations concerning with SME credit guarantee industry in China are mainly Company Law Guarantee Law SME Promotion Law as well as departmental rules and 1ocal regulations made by local governments according to relevant policiesAmong themCompany Law does not make special regulations for guarantee institutions and Guarantee Law adjusts non-professional guarantee acts of enterprises and natural persons and concerns with the protection of the creditorsinterestsHowever it not yet clearly defines market access and withdrawal of the specialized guarantee institutionsbusiness range and variety qualification of employeesfinancial and internal control systemindustry self-regulation and government regulation and other issues0ther issued policies have been suitable for government guarantee institution in a narrow scope of applicationThereforethe current national development of legal system on the protection of guarantee industry lags behind the development of the industryThereforemarket accessbusiness operations and market withdrawal are in a laissezfaire statewhich has seriously hindered the sound development of the credit guarantee system 2.3 信用担保法律制度的严重滞后 作为国家金融支持政策重要的组成部分中小企业信用担保体系需要专业的法律法规。就这一点而言中国有关中小企业信用担保行业的法律法规主要的公司法担保法。中小企业促进法以及由当地政府依据相关政策制定的部门规则和规范。其中公司法没有为担保机构制定特定条例担保法调整企业和自然人作为非专业保证作为并且关心债权人的利益。但是没有明确解释专业担保机构进入市场和退出市场的机制业务范围和种类、员工资格财务内部控制制度行业自律和政府监管等问题。一些已出台的政策政府只能在狭小的范围适用因此我国现行保护担保行业的法律制度的发展落后于工业的发展。市场准入、经营操作和市场退出是在一个自由放任主义的国家.这已经严重阻碍了中小企业信用担保体系的发展。 3 Proposals to Perfect Credit Guarantee System 3.1To improve guarantee industrialization by establishing multi-modality guarantee institution according to reality Its objective and essential for market economy to require guarantee acts to develop guarantee industrializationAccording to SME situations at different stagesmultimodality guarantee institutions can be establishedThose SME which own weak primitive accumulated capital and scarce funds at the initial stage can be supported by government to be a driven guarantee structureFor other SME which begin to take shape on capital accumulation in rising phase of the developmentthey can have chosen to become shareholders and establish private mutual guarantee institutions based on the principle of mutual benefit and mutual assistance 3. 完善中小企业信用担保制度的建议 3.1.根据实际建立多规模担保机构提高保证产业化 市场经济发展担保行业需要实际行动是客观和关键的依据不同国家的中小企业现状可以建立多规模的担保机构在初步阶段政府可以支持那些原始积累资金软弱基金稀缺的中小企业成为驱动担保结构。对于其他中小企业资本积累阶段在不断发展开始成型他们可能已经选择成为股东并且在互惠互利互助原则基础上建立私人互助性担保机构。 32 To establish SME credit guarantee fund SME Credit Guarantee Fund is mainly financed by government and other institutionsgroups and relevant commercial banks set up specialized agencies to guarantee for loans bankBut it also raises capital directly from the financial marketWhen guaranteed companies can not repay debtCredit Guarantee Fund assumes responsibility to liquidate debtsSME which receive the service from Credit Guarantee Fund must Pay a certain feeTaiwan”small and mediumsized kingdom”as early as 1 974has established the”SME Credit Guarantee Fund”。which is combined with SME BankSME Development Fund to become an important component of SME financing counseling system 3.2 建立中小企业信用担保资金 中小企业信用担保资金主要由政府和其他机构融资组织和有关商业银行设立专门机构以保障贷款银行但是在金融市场直接增加了资金。当担保公司不能归还贷款信用担保基金承担清算债务的责任接受信用担保基金服务的中小企业必须付一定费用。有“中小企业王国”之称的台湾早在1974年就建立了中小企业信用担保基金它结合了中小企业银行中小企业发展基金使它变成金融咨询服务体系的一个重要组成部分。 33 To establish guarantee fund supplementary system To supplement fund must stick to the policy that government is the primary and the society is auxiliary to collect money from all aspectsAs a result of security charges are often not sufficient for compensatory loss. guarantee services for SME can directl