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社会资本从事高风险的中小企业融资担保业务的困境在于风险和收益的不对称性,完全由市场供给融资担保服务将导致有效供给不足,加上中小企业发展溢出的正外部效应,政府财政普遍选择介入中小企业信用担保发展。本文通过比较研究发现:单从弥补中小企业融资担保收益和风险不对等的角度看,财政资金提供担保基金、对担保机构进行风险补贴、建立再担保风险补偿基金等三类方式的资金杠杆效率相仿;但对再担保进行支持,在建立融资担保服务市场竞争机制、商业担保机构享受规模经济和范围经济的同时提高了担保机构的信用水平和风险控制能力,增进了整个担保体系的效率,故对中小企业再担保进行支持是财政介入中小企业信用担保发展的最优选择。
Social capital to engage in high-risk SMEs financing guarantee business is the plight of the risks and benefits of asymmetry, completely provided by the market financing guarantee services will lead to an effective supply deficit, coupled with the development of SME positive external effects, the general choice of government finance Intervene in the development of SME credit guarantee. This article through the comparative study found that: just to make up for SME financing guarantee income and risk of non-equivalent point of view, the financial funds to provide security funds, the risk of subsidized institutions to provide security, the establishment of re-guarantee risk compensation funds and other three types of financial leverage efficiency similar ; However, in order to support the re-guarantee, the establishment of a competition mechanism in the financing guarantee service market and the enhancement of the credit guarantee and credit risk control capability of commercial guarantee agencies while enjoying the economies of scale and scope have enhanced the efficiency of the entire guarantee system. SME re-guarantee to support the financial intervention in SME credit guarantee the optimal choice.