EFFECT AND CHALLENGE OF CREDIT GUARANTEE PLAN IN FINANCING OF SMALL ENTERPRISES

作者：Yijie Wang, Ji Luo · 发表于：The Singapore Economic Review · 年份：2025 · DOI：10.1142/s0217590825490116 · 被引用次数：24 · 研究领域：FinTech, Crowdfunding, Digital Finance、Corporate Insolvency and Governance、Working Capital and Financial Performance

This study empirically examines the practical benefits and challenges faced by small enterprises when financing through credit guarantee plans. The results indicate that these plans effectively broaden financing channels for small enterprises and reduce their financing costs. The involvement of guarantee institutions has alleviated financial institutions’ concerns regarding credit risks, enabling small enterprises to secure more funding support and attain more favorable loan interest rates. However, the study also uncovers notable challenges. Specifically, information asymmetry remains a significant obstacle to effective credit risk assessment, thereby constraining the full potential of credit guarantee plans. Furthermore, dynamic changes across different industries and regions necessitate that policymakers adopt more detailed and tailored strategies. To optimize the effectiveness of credit guarantee plans, this study underscores the urgency of addressing information asymmetry and suggests enhancing data collection and disclosure mechanisms to mitigate it. Simultaneously, policymakers should develop differentiated policies that cater to the specific needs of different industries and regions, ensuring that small enterprises can fully harness the benefits of these financing plans. By implementing these strategies, a more dynamic and adaptable small enterprise sector can be fostered, ultimately promoting innovation, economic growth and prosperity.