| An Institutional Innovation about Guarantee Alliance in the Guaranty Industry for SMEs＇ Financing： A Case Study |
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| 作者姓名： | Hongjiang Zhao Xuehua Chen |
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| 作者单位： | [1]University of Electronic Science and Technology of China, Chengdu 610054, Sichuan, China [2]Southwestern University of Finance and Economics, Chengdu 610074, Sichuan, China |
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| 基金项目： | The author thanks Junfu Zhang, Haizhi Wang, Thomas A. Rhee and other participants for their valuable comments and suggestions at the 17th conference of Academy of entrepreneurial Finance at Pasadena, CA on April 19-21,2006. |
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| 摘 要： | To mitigate SMEs＇ financial distress, related innovation is encouraged. In recent years an institutional innovation called Guarantee Alliance （GA） appears in Southwestern Sichuan Province of China which comes to change the original guaranty market structure and benefit SMEs＇ getting bank loan. Utilizing a case study approach and taking GA as a case, this paper aims to contribute to entrepreneurial finance literature by describing the GA and examining the process of innovation of GA. Through a detailed examination of the process, we identify a number of factors which contribute to its success.
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