满足以担保为主各参与方利益的中小企业融资新模式

张维; 张旭东

满足以担保为主各参与方利益的中小企业融资新模式

引用本文：张维，张旭东.满足以担保为主各参与方利益的中小企业融资新模式[J].财经理论与实践,2013,(1):2-6

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作者	单位
张维，张旭东	（1.天津财经大学经济学院，天津300222；2.天津大学管理与经济学部，天津300071）

中文摘要:中小企业融资难是目前我国经济发展中遇到的重要难题，其根本原因在于各参与方无法达成统一的协议。基于委托代理理论，把企业、银行、担保公司三方的利益在统一框架下进行分析，研究表明担保公司的担保比例必须设定在某个特定的区间才能同时满足各参与方利益。担保机构目前已经出现的创新——理念创新和产品创新，都对该区间的范围产生一定的影响，增大同时满足各方利益的可能性

中文关键词:中小企业委托代理理论担保比例业务创新

New Financing Mode for Small and Medium Enterprises Coordinating the Interests among the Guarantee Institution Dominated Participants

Abstract:Financing difficulty of small and medium enterprises（SMEs）is an important problem in China's economic development, which is because that the parties involved cannot come to an agreement simultaneously. Based on the agency theory, the interests of enterprises, bank and guarantee companies are considered together in this paper. It shows that the coverage ratio of guarantee companies must be set in a specified interval in order to meet the interests of all parties simultaneously. Innovations, including concept innovation and product innovation, emerging in guarantee companies, have certain impacts to the scope of the interval, and increase the possibility of meeting the interests of all parties at the same time.

keywords:Small and medium enterprises Agency theory Coverage ratio Business innovation

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