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Design and Exploration on the Model of Credit Guarantee Fund: Experience and Inspiration of Taizhou Small and Micro Business Credit Guarantee Fund |
HE Dexu,ZHANG Xuelan |
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Abstract Credit guarantee fund is an important means for governments in many countries to expand the financing access for small and micro businesses, however, its potential cost matters in that the operation mechanism design is of great importance to the effectiveness of the fund. Based on the successful experiences in Taiwan, Taizhou Small and Micro Businesses Credit Guarantee Fund (TSMBCGF) insists to be government-led, focus on small-micro-business, be risk-sharing and non-profit, which makes it effective in enhancing small-micro-business credit availability. But at the same time, problems such as inadequate incentives to their cooperative banks, interest rates control and connection setback are found to be prominent. For the next phase, focus should be set on smoothing the connection between TSMBCGF and banks, stimulating banks’ intrinsic motives, operating with market-orientation and transparent monitoring mechanism, establishing a small and micro enterprise credit information system as well as an information exchange platform to improve TSMBCGF’s ability to deal with information asymmetry and ensuring the sustainability of the credit guarantee fund.
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Received: 16 October 2015
Published: 15 December 2015
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Corresponding Authors:
HE Dexu
E-mail: hedexu@vip.sina.com
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