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Research on Institituonal Design and Tansaction Costs of Credit Guarantee

Author: LinJianCheng
Tutor: ZhangCheng
School: Nankai University
Keywords: credit grarantee institution transaction cost institutionalchange
CLC: F830.5
Type: PhD thesis
Year: 2013
Downloads: 33
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The credit guarantee (CG) mechanism is generally used as the important policy and program to solve the financial problems of SMEs around the world. The main purpose is to solve the problems of the SME financing market failure. Past, the majority of research from the microscopic point of credit guarantee agencies are operating characteristics, performance or risk analysis; macropoint of view from government property and bank credit policy. Some multinational studies were designed to examine national institutions function or characteristic performance. Although most conclusions illustrate the need for government intervention and institution specific benefits, but often the pros and cons of opinions were also issued. Why or how that credit guarantee institution solves the financial problems of SMEs lacks integrity theoretical framework and analysis tools.This article firstly explores the transaction costs associate with SME financing market failure phenomenon, respectively, from the information asymmetry, monopoly, externalities and public goods with a completely and in-depth analysis from institutional economics perspective."transaction cost is the cost of the operation of the institution" is as the core idea to explore the definition of constituent elements of the institution and as links related to transaction costs. An analytical framework of an institutional elements and transaction cost analysis table is developed and used as view the credit guarantee instititions in the world and the United States, China mainland and Taiwan. Secondly, through institutional change theory analysis of the background factors of the various institutional arrangements to understand their background and the impact of the development of space-time.The results found in the analysis of institutional arrangements, the "act stipulates. the transaction object" and "government-led" are common arrangements in the world CGs, the former helps participants reduce market transaction costs; latter helps to reduce the highly monopoly of banks and other financial institutions, also solve the problem of inadequate supply of public goods of credit guarantee. In addition, the government policy integration and resource allocation will reduce political transaction costs. As for the other institutional elements for solving transaction costs, the difficulty to judge the pros and cons is true since of the different national environment policy.In the case studies, the CGs in the United States and Taiwan because of the more institutional arrangements, are more effective to reduce market failures, the China mainland shows a lack of institutional arrangements. From the point of view of institutional change, the former two’s institutional arrangements were initialed under economic crisis, and the last settled due from a functional complement as the start thinking point, so the only emphasis on regulatory arrangements.Analytical framework tools assist to view of existing CGs, also clearly grasp the correlation between these elements of the institition. Through the analysis of institutional change, can induce the factors of space-time background to different countries CGs, help reduce improper analogy bias.This article consists of the following elements:First, the financing problems of SMEs on the theory and practice of carding, and grouped into four factors of transaction costs.Second, profound of institution definition for institutional theory and transaction cost theory.Third, the classification and description of researchs for the past CGs with the foregoing theory.Fourth, the development of the tools framework examines the CGs.Fifth, views the cases of the institutional arrangement of CGs in America, China mainland and Taiwan, also compares the differences between them, in addition to the detailed description of their respective characteristics.Sixth, and finally give conclusions and recommendations.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Credit
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