文章基于福州2家融资性担保公司已担保客户作为对象进行归纳分析,将被担保企业分成六类中小企业,比较这六类被担保企业的融资性担保成本,验证信息不对称对中小企业融资性担保的影响,得到了融资性担保市场存在信息不完全对称及逆向选择的结论,并提出了加强关联企业融资性担保监管、融资性担保公司设立增加专业化限制、基于完善的融资性担保评价体系配给担保贷款杠杆的建议。

With customers covered by two Fuzhou guarantee companies as the research object,this pa-per classifies them into six categories of SMEs,and then compare these SMEs in terms of financing guarantee costs in order to verify the influence on SME′s financing guarantee by information asymmetry.It is revealed that on the financing guarantee market there exist incompletely asymmetry of information and adverse selec-tion.And it is then proposed to strengthen regulation on related enterprises financing guarantee,set up and in-crease specialized constraints on financing guarantee companies,and improve financing guarantee evaluation system.

本文研究了上市公司的非正常担保行为的动机和效果。非正常担保是指上市公司超过自身能力范围之外的担保,包括过度担保、违规担保和连续担保。结果表明,资产负债率更高的公司更有可能参与非正常担保。非正常担保带来了显著的负面效果,它导致公司绩效下降、代理成本上升以及公司投资水平降低。本文对上市公司担保行为的监管具有一定的启示。

The paper studies on the motivation and effect of unusual guarantee behaviors of listed companies. Un-usual guarantee refers to the certain guarantee that is beyond the capacity of listed company itself, which consists of over-guarantee,illegal guarantee and constant guarantee. The result indicates that the company with higher asset-liabili-ty ratio is more likely to be involved in unusual guarantee, which brings apparent negative effects. It leads to the de-crease in company performance, reduction in investment level but increase in agency cost. The paper presents revela-tion to the supervision on guarantee behaviors of listed companies.

工程担保信用体系的建立健全是促进工程担保市场健康发展和工程担保制度作用有效发挥的必要条件之一。其中,担保机构的信用评级对于工程担保信用体系的建立至关重要。依据工程担保机构的运行特点和实际情况,构建了工程担保机构信用评价模型,结合三角模糊数和熵权法,对评价指标进行了综合评判。实例结果表明,该方法能对工程担保机构的信用状况做出准确、客观的科学评价,也为担保机构如何提升实力,改善自身信用状况提供了参考。

The establishment of construction guarantees’ credit system is crucial for the healthy development and the effective function of guarantee market. Among them,the guarantee credit rating is essential for the building of the credit system. Based on the operating characteristics and the actual situation of guarantee institutions,a project evaluation model is built combining the triangular fuzzy number and entropy method to treat a comprehensive evaluation assessment indicator. Example of the evaluation results shows that this method can make objective scientific assessment of the credit status of the construction guarantee institutions and can guide the agencies to strengthen their ability and improve their credit.

近年来,我国中小企业信用再担保体系的发展为中小企业融资做出了巨大贡献,但作为贷款风险分散机构,担保机构、再担保机构在与银行合作过程中一直处于弱势地位。我国再担保机构一直致力于完善银保合作机制,加强银保沟通,实现银保风险共担。国外一些再担保体系在银保风险共担方面相对比较成熟,值得我国再担保体系学习和借鉴。本文以再担保机构、担保机构和合作银行为研究对象,运用系统动力学,建立中小企业信用再担保体系动态仿真模型。将江苏省再担保数据,代入模型仿真模拟,研究银保风险共担对信用再担保体系系统模型内主体经济收益的影响,研究结果表明,银行在银保合作中承担一定风险,可以抵御代偿率增加对再担保体系发展的负面影响,在一定程度上能够保证再担保体系的可持续发展,从而保证银行能够获得更为长远的利益。

In recent years, the development of credit re-guarantee system for Medium-Sized Enterprises (SME) has made great contribution for SME finance in China. As loan risk diversification institution , guarantee and re-guarantee institutions are always at weak positions when they are cooperating with banks. The re-guarantee institutions in China are trying to commit to improve the cooperation mechanism of bank-guarantee, strengthening communication and achieving bank-guarantee risk sharing. The re-guarantee system of risk sharing in some foreign countries is relatively mature and worthy to learn. The re-guarantee inst-itutions, guarantee institutions and cooperative banks have been studied, and the dynamic simulated model of credit re-guarantee system for SME has been constructed. Re-guarantee data from Jiangsu Province have been calculated in the simulated model. The important influences of bank-guarantee risk sharing to the benefits from credit re-guarantee system model have been researched

我国的担保行业在实践中为中小企业的发展起到了积极的作用，但是由于现行的担保体系的不尽合理，使得担保模式混乱，难以统一协调开展业务，进行担保基础工作建设。借鉴国际成功经验构建我国担保体系尤为重要。

Guarantee industry have played a positive role for the development of small and medium -sized enterprises .But the current security sys-tem is unreasonable , the guarantee mode confusion made it is difficult to coordinate .It is very important to construct of guarantee system , Learning from international successful experience .