Can Policy Guarantee Solve the"Financing Difficulties"of SMEs?-A Discussion through a Quasi-Natural Experiment Based on the Re-guarantee Cooperation of the National Financing Guarantee Fund
In order to direct financial resources toward small and medium-sized enterprises(SMEs)and other inclusive sectors,the National Financing Guarantee Fund was established in 2018 and has since engaged in re-guarantee cooperation.Based on this quasi-natural experiment,this paper uses provincial loan data from 2016 to 2021 to empirically test the effect of policy guarantee on SME financing.The results show that the re-guarantee cooperation increases the loan amount of SMEs,but this policy effect is not sustainable in the long run;that in terms of mechanism,the risk sharing,information advantage,and government financial support are effective channels for policy guarantee to increase the SME loans;and that the financing effect of re-guarantee cooperation mainly occurs in the areas with high levels of financial development and insufficient competition in the banking sector.The above conclusions confirm the financing effect of China's policy guarantee on SMEs,and provide evidence for the positive effect of the business of National Financing Guarantee Fund.Moreover,the conclusions have important policy implications for the improvement of the policy guarantee system for SMEs.
policy guaranteeSME financingrisk sharinginformation advantagegovernment financial support
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