Policy guarantee is a credit guarantee system for small and medium-sized enterprises promoted by China State Economic and Trade Commission, with government policy guarantee as the main body and specialized commercial guarantee and mutual assistance guarantee as the two wings.
Extended data
There are several forms of policy guarantee. ?
The first is pure policy guarantee, which implements market-oriented operation in the form of national undertakings or enterprises. At present, this form is adopted by the SME guarantee center.
The second is simple cooperation. For example, the cooperation between commercial guarantee companies or mutual guarantee companies and policy guarantee companies, such as joint guarantee, cross-guarantee, re-guarantee and counter-guarantee.
The third is entrustment. For example, export credit funds are entrusted to private guarantee companies for management, and government funds are handed over to private guarantee companies for operation. This is a principal-agent relationship.
The fourth is investment. The government invests in private guarantee companies in the form of preferred shares. Because the preferred stock method has three advantages:
First, give priority to dividends to ensure the appreciation of state-owned assets;
Second, the priority liquidation in bankruptcy liquidation also ensures the preservation and appreciation of state-owned assets.
Third, this priority was obtained on the condition of giving up administrative control, so as to reduce administrative intervention in private guarantee companies. This is very important. In fact, for private guarantee companies, it is not only for the safety of their own property, but also for the safety of state-owned assets to give 5% of their income to the profits of preferred shares as operating costs. It should be the future development trend for government policy guarantee funds to invest in private guarantee companies in the form of preferred shares.
Baidu Encyclopedia-Policy Guarantee