Study on Three-Park Credit Guarantee Model of SMEs Including Commercial Guarantee Institutions

This paper develops a three-park credit guarantee model including the monopolistic bank,the commercial guarantee institution and the small-medium-sized enterprise on the basis of two-park credit model,and discusses the impacts of the guarantee institutions on the financing of SMEs,and quantitatively analyzes the important role of the commercial guarantee institution's information advantage in solving the financing difficulties of SMEs through bringing in the information factor.The research results show that,introducing commercial guarantee institutions would increase the credit amount of SMEs and the degree of adverse selection of SMEs under the condition of imperfect information, and there exists negative relationship between information advantage of the commercial guarantee institutions and the degree of adverse selection of SMEs,further more,when the commercial guarantee institution has enough information,the credit rationing of SMEs will be alleviated as well as the allocation of credit resources will be more efficient.