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.

互助担保融资具有独特的“互助、互督、互保”内在运行机制。中小企业区域性、集群性发展为互助担保融资创设良好的运行环境。针对集群经济下中小企业互助担保融资资金规模小和风险防范能力弱的主要发展瓶颈，在中小企业互助担保融资现有三种模式的基础上，提出了由政府、担保机构、银行和诚信中小企业共同出资的“四位一体”的中小企业互助担保基金新模式构想。

Mutual guarantee financing has a unique mechanism of “mutual aid,mutual supervision,and mutual guarantee”.With the regional development and cluster of small and medium-sized enterprises,good environment is created for mutual guarantee financing.As far as mutual guarantee financing of small and medium-sized enterprises is concerned,there exists the bottleneck of small scale capital and low risk prevention capacity.Based on three mutual guarantee financing modes of small and medium-sized enterprises,the paper puts forward the new mutual guarantee financing mode funded by government,guarantee institutions,banks and small and medium-sized enterprises.

根据期权的"价值发现"功能挖掘融资担保项目的扩张期权特性,通过合理的担保契约设计,既兼顾那些相对风险较低的中小企业不愿稀释股权的意愿,又保护担保机构为那些相对风险较高但又具有高成长性的中小企业提供担保的积极性,因而可重塑一个从传统融资担保模式向"担保换期权"模式跨越的渐进模式,从而更加高效地促进中小企业融资。

This paper analyses the expansion option features of the financing guarantee project .It remodels a gradual profit pattern of financing guarantee from the traditional “guarantee in the option” pattern, by designing reasonable guarantee contracts which not only consider low risk small and medium-sized enterprises ( SMEs'') reluctant of stock dilution , but also ensure the guarantee agencies''enthusiasm to provide guarantee for high risk SMEs but having high growth , so as to effectively promote financing more for SMEs.

介绍产业集群内中小企业融资模式创新中的产业链融资、互助担保融资和集合债券融资三种融资模式的概念，并分析这三种融资模式的效率。在产业链融资模式中，银行面对的是整条产业链，使得融资具有质押灵活、手续简便的特点；在互助担保融资中，由于产业集群内企业的高度合作，增强了激励机制的同时降低了代理成本；而集合债券融资模式则由地方政府、银行、地方担保机构和信用增进投资公司等多方参与，确保发债企业能够以较低的成本高效融资。

This paper introduces the definition of three innovative methods of financing for SMEs in the industrial clusters: industrial chain financing, mutual guarantee financing and collective bond financ-ing, and analyzes the efficiency of these three new financing ways. Under the industrial chain financing pattern, the banks negotiate with an entire industrial chain instead of one single enterprise. In this way, various kinds of hyperthecate media can be used, which makes SEMs borrow money conveniently and quickly. At mutual guarantee financing situation, due to closely cooperation among SMEs in cluster, the incentive mechanism is increased and the deputy cost is reduced. While in collective bond financing condition, local government, banks, local guarantee departments and credit enhancement inventive cor-poration are involved. In system designing, precaution and post control make sure that qualified SMEs can collect capital at lower cost efficiently.

为建立有效的融资融券担保制度以保证交易顺利进行，我国相关立法引入“信托”概念，借助信托原理及框架构建融资融券担保法律关系，但学界对此提出诸多理论质疑。对此，笔者另辟蹊径，提出“信托构造”的分析视角，认为现行制度是立法者借用信托原理规范融资融券担保的一种制度抽象，具有合理性和现实意义。通过对“信托构造”本质的重点分析，全面解读现行规定，化解学理纷争，驱散法律迷思。以期在尊重和正视现行立法的基础上，进一步完善我国融资融券担保制度，真正实现“信托”在融资融券交易中的实践应用价值。

To establish an effective margin guarantee system and a well-aligned trading market ,Chinaˊs rele-vant laws and regulations has introduced a concept of “trust” with the help of the principle and construc-tion of “trust” .However ,the educational circles raised many theoretical questions against it .This article poses a new perspective of the “trust structure” ,which regards the current system as an abstract system of the principle of trust system in margin guaranteeing ,and which is reasonable and of practical significance . Besides ,in order to resolve the theoretical disputes and legal conflicts ,this article analyzes the essence of“trust structure” and explains the current regulations comprehensively .On the basis of respecting the cur-rent legislations ,we can finally optimize the margin guarantee system and realize the practical value of the“trust structure” .