Since 1998, the credit guarantee institutions of small and medium-sized enterprises in China have developed rapidly, showing the following trends.
Diversified sources of funds. Small and medium-sized enterprise guarantee funds include government financial funds, enterprise member funds, enterprise mutual funds, private investment and cooperation funds between government financial funds and other sources of funds.
The nature and organizational forms of guarantee institutions are diversified. From the organizational form of guarantee institutions, there are institutions affiliated to government management departments, state-owned joint-stock companies, private joint-stock companies and various fund management companies. From the institutional nature, there are non-profit policy guarantee institutions, profit-making commercial guarantee institutions, and guarantee institutions with mixed operation of policy and commercial guarantee business.
There are obvious signs of diversification of guarantee varieties and multi-functional institutions. Among the guarantee institutions for small and medium-sized enterprises, there are both institutions that simply provide loan guarantees and investment guarantee companies that integrate investment and guarantee functions; Some only provide credit guarantees for enterprises, and some also provide credit guarantees for enterprises and individuals.
At present, the main problems existing in the credit guarantee institutions of small and medium-sized enterprises are: First, the capital contribution is scattered and the scale is too small. Many local governments set up security funds according to counties and districts, and some funds are only a few million; Most corporate mutual funds are small in scale and it is difficult to gain the trust of banks.
Second, there is a single source of funds and a lack of compensation mechanism for funds. In most areas, SME guarantee funds are mainly government financial funds. Only a few areas have private guarantee institutions, and some private guarantee companies are also engaged in SME guarantee business. Most of the local financial security funds are one-off, lacking the fund compensation mechanism; Private capital is mainly private placement, so it is difficult to list in China.
Third, there is a lack of professional teams. Due to the lack of professional guarantee institutions in the past, the guarantee institutions have expanded rapidly in the past two years, and there is a shortage of guarantee professionals. Many local government-funded guarantee institutions are held by government officials and are not familiar with the guarantee business; Due to the lack of professional personnel management and operation, it is difficult for some scattered enterprise mutual funds to carry out guarantee business.
The fourth is the use of guarantee funds. The current Measures for the Administration of Credit Guarantee for Small and Medium-sized Enterprises stipulates that the use of guarantee funds can only be deposited in banks and purchased government bonds. At present, under the condition of low interest rate, the deposit bank ensures the safety of funds, but it cannot realize the appreciation. In fact, because bank deposits can't increase in value, many institutions have adopted various ways to use capital in the capital market, and some even rely on capital operation instead of guarantee business to support their teams.
Fifth, government intervention. Although the guarantee management measures for small and medium-sized enterprises all propose to reduce administrative intervention and implement corporate operation, some local governments think that I have the final say in the money I pay. Therefore, in some areas, there are still problems of leading projects and guarantee companies, and bad debts are caused by decision-making mistakes, which drags down guarantee institutions.
Sixth, the government financial funds can not meet the financing needs of the majority of small and medium-sized enterprises. Due to the large number, wide range and diverse needs of SMEs, the policy guarantee institutions funded by the government alone cannot meet the needs of SMEs. Even in countries with large government investment, such as the United States and Japan, the loan amount of policy guarantee does not exceed 10% of the loan balance of SMEs. Therefore, the guarantee of small and medium-sized enterprises can not only rely on policy guarantee, but also play the role of private capital and commercial guarantee.
Seventh, guarantee institutions lack legal norms. China promulgated the Guarantee Law in 1995, but this law regulates the guarantee behavior rather than the guarantee institution. Since the pilot project of credit guarantee for small and medium-sized enterprises was launched from 65438 to 0998, the State Economic and Trade Commission and the Ministry of Finance have respectively issued management measures on credit guarantee for small and medium-sized enterprises, but the scope of application is narrow and not perfect. At present, there are various forms of guarantee institutions in China, and it is urgent to standardize them by law.
Second, the comparative analysis of typical models
(1) Mode 1: Financial departments at all levels set up the same fund and entrust it to professional institutions for management.
Shanghai adopts the mode that governments at all levels contribute to the establishment of security funds, set up financial budget arrangements, and entrust professional institutions to centralize management. Shanghai SME Guarantee Fund is funded by the municipal, district and county governments with a total investment of 700 million yuan. Among them, the Municipal Finance Bureau contributed 400 million yuan and 20 districts and counties contributed 300 million yuan. At the same time, some districts and counties have also established small financial guarantee funds as a supplement to the guarantee funds to provide guarantees for some small and micro loans. At present, Shanghai Finance Fund is the largest financial guarantee fund for small and medium-sized enterprises in China.
Shanghai Finance Co., Ltd. adopts the following management and operation mechanisms: First, it entrusts a professional guarantee institution to operate and manage the company ... Because the professional guarantee business is still in the primary development stage in China, there is a shortage of guarantee professionals. In order to give full play to the role of professionals and realize the separation of government from enterprise, the Municipal Finance Bureau entrusted China Economic and Technological Investment Guarantee Co., Ltd. Shanghai Branch (hereinafter referred to as "China Insurance Shanghai Branch") to manage and operate the guarantee fund, and the government signed an entrustment management agreement with the professional guarantee company.
The second is to establish a mechanism for investors to share interests and risks. The decision of the guarantee fund is mainly made by the guarantee company. The county government is responsible for providing the credit certificate of the guaranteed enterprise and has the right to recommend and reject the guaranteed project; China Insurance Company Shanghai Branch finally decides whether to guarantee or not. The municipal finance department basically does not participate in the decision-making process of guarantee projects, and is mainly responsible for formulating the management and operation rules of guarantee funds, signing contracts with entrusted guarantee institutions, and realizing the policy objectives of supporting the development of small and medium-sized enterprises by standardizing the fund operation mechanism. The guarantee responsibility is shared by the municipal finance and the district and county finance, which highlights the support of the municipal finance for high-tech enterprises. When the guarantee compensation occurs, the general small and medium-sized enterprises, the municipal finance and the district finance each bear 50% responsibility; For high-tech enterprises, the municipal finance bears 60% of the compensation responsibility, and the district and county finance where the enterprise is located bears 40% of the responsibility. According to the risk ratio of each county and urban area, the guarantee fee income is distributed, and the excess is extracted from the bad debt reserve.
Third, the Municipal Finance Bureau signed an entrustment management agreement with China Insurance Shanghai Branch. The Agreement on Entrusted Management of Credit Guarantee Funds for Small Business Loans in Shanghai clearly stipulates that as the daily management organization of guarantee funds, the main responsibilities of Shanghai Branch of PICC are as follows: Shanghai Branch of PICC is guided by the government's industrial policies and supports the development of small and medium-sized enterprises, not for profit; Operate the guarantee business in strict accordance with the Provisions on the Management of Credit Guarantee for Small Business Loans formulated by Shanghai Finance Bureau and the approved annual work plan, and accept the audit, supervision and inspection of Shanghai Finance Bureau; Responsible for the specific implementation of the capital appreciation distribution, loss compensation, bad debts and bad debts write-off, capital scale change and other plans approved by the Shanghai Municipal Finance Bureau, and accept its audit, supervision and inspection.
Fourth, the guarantee approval procedures are standardized and transparent to prevent government administrative intervention. The approval process of PICC Shanghai Branch's SME guarantee is as follows: Step 1, the enterprise applies for a loan from the bank; The second step is for the bank to review the loan requirements. If the bank intends to lend, but needs a guarantee, it will report to the guarantee company; The third step is to evaluate the reputation of enterprises by districts and counties. Since most small and medium-sized enterprises are county-level enterprises, the competent department of the county-level finance bureau where the enterprise is located is responsible for auditing the tax payment and financial situation of the enterprise, and the county-level finance bureau signs an opinion of recommending or not recommending according to the audit results. The fourth step, the guarantee company comprehensively balances and decides whether to give a guarantee. Step 5, the guarantee company signs a guarantee contract with the loan bank. With the development of guarantee business, the experience of guarantee companies and banks has increased. In order to standardize and simplify the guarantee procedure and facilitate small and medium-sized enterprises, the guarantee procedure has been improved. On the one hand, the audit method of guaranteed projects has changed. From the original financial, guarantee company and bank review to credit guarantee and special credit guarantee. On the other hand, the provisions on counter-guarantee have been relaxed, from less than 500 thousand yuan in the past to less than 2 million yuan. However, some districts and counties require some enterprises to provide counter-guarantee.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.