随着我国市场经济结构深化改革，中小企业已经成为国民经济重要支柱，也是推进普惠金融建设、实现共同富裕过程的重点之一。但是一直以来，由于银企之间巨大的信息不对称现象，融资难、融资贵的问题一直制约着中小企业发展。在相关理论研究和实践的基础上，政府性融资担保被认为是解决中小企业融资难题的关键措施，但行业发展三十年来，中小企业融资形势依旧严峻。本研究聚焦政府性融资担保的准公共品属性，基于信息不对称理论、信贷配给理论、公共产品理论和政策工具理论领域现有研究成果，建立经济学理论模型和“政担银企”博弈模型，分析融资担保促进中小企业融资的机制，对比各种供给模式对市场效率的影响，找出最佳供给模式；同时通过文献研究、调研和访谈等方式，对我国融资担保行业发展历程进行梳理，并借鉴美国、德国和日本等国际先进经验，总结我国融资担保现存问题并探索可行的解决措施。经过研究发现，信息不对称下融资担保是解决中小企业融资难题的关键，且需由政府和市场联合供给才能实现社会福利最大化。我国融资担保制度发展至今还存在较多问题，担保体系建设方面，机构定位不清晰，行业发展不协调；政府管理体系方面，部门间职责划分不明确、监管混乱、缺乏完善的资本金补充机制；市场环境建设方面，企业融资渠道过于单一，信用风险评价体系不完善，数字化程度较低。结合理论分析成果和国际经验启示，本研究认为可以从转变发展理念、优化政策支持体系和完善监督管理体系三个方面完善我国政府性融资担保制度，推动担保行业高质量发展，促进中小企业融资难、融资贵问题得到切实解决。
Small and medium-sized enterprises (SMEs) have become an important pillar of the national economy and the one of the keys to promoting inclusive finance and common prosperity. However, the problem of difficult and expensive financing has been a long-standing issue for the development of SMEs due to the significant information asymmetry between banks and enterprises. Government Financing Guarantee (GFG) is considered as the key measure to solve the financing difficulties of SMEs based on relevant theoretical research and practice. The financing situation of SMEs remains severe despite the development of GFG for over 30 years.This study focuses on the quasi-public nature of GFG, based on existing research result in the fields of information asymmetry theory, credit allocation theory, public goods theory and policy tool theory. This study firstly establishes an economic theoretical model and a game model of "government-guarantee-bank-enterprise", to analyze the mechanism of GFG in promoting the financing of SMEs, and to identify the optimal mode by the market efficiency of various supply modes. At the same time, this study sorts out the development process of China‘s GFG with methods such as literature research, investigation and interviews. International experiences in the United States, Germany and Japan are learned to identify the problems and feasible solutions in China‘s Government financing guarantee system. and explores.The study finds that financing guarantee is the key to solving the problem of SME financing, and it needs to be jointly provided by the government and the market to achieve the maximization of social welfare. There are still many problems with the development of China‘s GFG system: unclear institutional positioning, uncoordinated development and other problems in guarantee system construction; problems in government management system like unclear responsibilities of departments, chaotic supervision, and lack of a sound capital supplement mechanism; problems in market environment construction like single financing channels for SMEs, incomplete credit risk evaluation system, and weak digitalization. Based on theoretical analysis and international experience, this study believes that China‘s GFG system can be improved from three aspects: revising development concepts, optimizing policy support systems, and improving supervision and management systems, so as to promote the high-quality development of the guarantee industry and to effectively solve the difficult and expensive problems with SMEs in financing.
