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SME financing in any country is a problem, especially in developing countries , due to the backwardness of the financial system , SME financing more difficult . Although China has taken a variety of policies to solve the financing problems of SMEs , such as the promotion of the construction of the credit guarantee system , the establishment of the SME board market , to encourage bill financing , has made some achievements , but cause the loan polarization . In addition, domestic banks \transfer tool \I start from the direct and indirect financing advantages and disadvantages of China's financial environment , the crux of the financing of SMEs : information opacity limit the entry of direct financing ; bank itself easier to obtain financial information , but in the whole a special role in the economy , determines the characteristics of risk aversion , the SME financing credit risk is too great , the same time , domestic banks lack the ability to risk-based pricing , combined with the small and medium enterprises can not provide collateral or credit guarantee , the bank refused to loan only . If you can combine direct and indirect financing , SME financing problem can be solved , credit derivative is connected to the direct and indirect financing of the bridge . Credit derivatives in the early 1990s , the development is very rapid . It is the
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