中小企业信用担保市场低效率的原因及对策

信用担保市场低效率主要表现在信用担保市场逆向选择及由此引致的信用担保配给。信用担保机构与中小企业之间的信息不对称导致信用担保市场的逆向选择和信用担保配给，逆向选择是导致市场失灵的诱因之一，道德风险及信用担保外部性导致信用担保供给不足。文章以市场失灵和供求失衡为基本框架分析了中小企业信用担保市场低效率的原因。缓解企业与信用担保机构之间信息不对称程度、健全担保机构的风险补偿机制等措施有助于完善信用担保市场的功能。

Study on Efficiency of SME Credit Guarantee in China

Credit guarantee is an effective way to solve the financing bottleneck for SME,but information asymmetry beteewen SMEs and credit guarantee institutions resualts in adverse selection and credit retioning.Akerlof proved that Pareto-Improvement can not be achieved because of adverse selection by his model about second-hand car market.Adverse selection reduces the efficiency of credit guarantee.It is very important to study the mechanism of adverse selection of credit guarantee and to give measures on how to p...