【作者】 徐明；

【导师】 鲍静海；

【作者基本信息】 河北大学 ， 金融学， 2013， 硕士

【摘要】 在当前我国经济结构调整与发展的关键阶段，科技型中小企业作为国内产业可持续发展的重要组成部分将发挥越来越重要的作用。企业从创建到发展都会面临各种各样的困境和挑战，尤其是以高新技术为支点的科技型中小企业也不例外。除了要接受技术劳动力成本的上涨，市场竞争，不断提高盈利增长点以及规范化运营的困境，还要寻求合理的融资方式。但是科技型中小企业由于信用度不高，稳定性差等因素仍然制约了其融资能力。而企业的信用风险是影响其信贷融资可获得性的重要因素，所以对科技型中小企业信用风险分担机制的分析就显得尤为重要。本文以C—D生产函数为基础结合委托代理模型，对科技型中小企业信用风险分担原理进行了详细的解释和深入的分析。通过模型证明了银保合作多机构参与下的风险分担模式对提高科技型中小企业信用风险分担效率的适用性。通过对科技型中小企业信用风险的界定以及风险特征分析，并且归纳总结了信用风险相关理论研究脉络，同时分析了信用风险分担原理及科技型中小企业信用风险分担各个参与者的合作现状。将政府部门作为单独变量引入商业银行与风险分担机构间的委托代理模型，分析了政府对科技型中小企业信用风险分担的影响，以及各个部门间相互协作问题进行了全面的解释。通过信用风险分担过程中各个机构之间的委托代理关系可以清晰地解释科技型中小企业信用风险分担的原理，从而对各个参与者（银行和担保公司、保险公司、政府部门）的信用风险分担契约进行了针对性研究，并且将企业预期违约率作为风险分担的准入条件来增加信用风险确定性。为建立以政府为指导，商业银行为核心、相互合作、风险共担、的科技型中小企业融资保障机制提供借鉴。更多还原

【Abstract】 In the current critical stage of China’s economic structural adjustment and development,science and technology SMEs as an important part of sustainable development of thedomestic industry will play an increasingly important role. Enterprises from creation todevelopment will face a variety of difficulties and challenges, especially in high-tech as thefulcrum of technology-based SMEs are no exception. In addition to skilled labor costs, marketcompetition, and continuously improve the plight of profit growth and standardizedoperations, but also to seek a reasonable means of financing. High-tech SMEs credit is nothigh, poor stability factors still restrict its financing capacity. Credit risk affect the availabilityof credit facilities an important factor, so tech SMEs credit risk-sharing mechanisms isparticularly important.In this paper, based on c-d production function based on principal-agent model, to smalland mid-sized enterprise financing risk sharing mechanism were studied and the system isdiscussed. In reviewing the research venation of credit risk sharing theory and developmentway, on the basis of combined with the feature of technology-based small and medium-sizedenterprises, analyzes the credit risk sharing principle, and the function of each participatinginstitution. The principal-agent model from a single task to multi-task principal-agent modeland introduces the government department of science and technology small andmedium-sized enterprise credit risk sharing question has carried on the comprehensiveinterpretation, on risk sharing each link, between the enterprise and the related financialinstitutions often information is asymmetric. Using the principal-agent relationship betweencan clearly explained the process of science and technology small and medium-sizedenterprise credit risk sharing and the function of the relevant participants. This paper applythe principal-agent relationship of credit risk sharing in the field of science and technologysmall and medium-sized enterprise financing, to contain a number of different risk preferenceinvestors (Banks and guarantee companies, insurance companies, government departments)credit risk sharing contract of targeted research, and analyzes the different risk preferences ofinvestors in the process of risk allocation function. To set up a more participation, cooperation,and risk-sharing. Revenue sharing financing guarantee mechanism.更多还原