A commercial guarantee company is an institution that operates in accordance with the market mechanism, bears its own risks, is self-disciplined, operates independently and is responsible for its own profits and losses. Commercial guarantee companies are completely different from policy guarantee institutions: policy guarantee institutions should implement relevant national industrial policies, guide and support investment in some industries, and government finance should give appropriate subsidies to their losses; Commercial guarantee companies are responsible for their own profits and losses and risks, and operate in full accordance with the principle of maximizing profits and controlling risks. The loss needs to be made up with its own funds. Therefore, risk control is the key and decisive factor for the survival and development of commercial guarantee institutions.
Risk comes from the uncertainty of things, generally referring to the possibility of loss. The risks faced by commercial guarantee companies are quite different from those faced by banks, insurance companies and venture capital companies. Insurance companies are faced with a large number of insurance customers, and make up for individual large losses by charging a small amount of fees to each customer. According to the theorem of large numbers, the loss probability and premium collection rate are determined, so as to make up for the risk loss and operating cost with premium and realize profit. Under certain conditions, the applied items will be insured, and there is no need to conduct a very strict audit on the insured items. Venture capital companies make up for the investment in multiple projects through the high return of a few projects, and control risks through strict examination of projects on the basis of decimal theorem; Guarantee companies are between insurance companies and venture capital companies, and make up for the great losses of a few projects by charging lower fees for most projects. Because the number of projects underwritten by guarantee companies is limited, the amount and duration of the guaranteed projects are different, the implementation degree of counter-guarantee measures varies widely, and the guaranteed projects are very discrete, so it is impossible to accurately calculate the guarantee rate, so the law of large numbers does not apply. The law of large numbers requires guarantee companies to strictly examine the projects and control the risks within the acceptable range of guarantee institutions.
In addition, in the loan guarantee business generally carried out by domestic guarantee companies, the projects underwritten by guarantee companies are all projects that cannot directly obtain loans from banks. If the mortgage and guarantee conditions of the project are good, they can get loans directly from the bank. There is no need to find a guarantee company to guarantee, and the project bank that the guarantee company does is basically unwilling to do it. Therefore, the risks undertaken by guarantee companies are greater than those undertaken by banks. As can be seen from the above discussion, the guarantee industry is a high-risk industry.
Guarantee risk refers to the possibility that a guarantee institution will suffer losses due to various uncertain factors during the operation of guarantee business. According to the degree of risk, guarantee risk can be divided into systematic guarantee risk and unsystematic guarantee risk. Risks caused by changes in macroeconomic environment, policies and laws are systematic risks, while risks caused by decision-making mistakes of guarantee institutions, changes in corporate credit and illegal operations are non-systematic risks. In the face of various risks in the guarantee business, the following measures can be taken: strategically avoiding and transferring some risks; Disperse and eliminate some risks from the system; Strictly control the risks in operation; Take strong measures to recover funds after compensation occurs.
Strategies to avoid and transfer risks strategically
Strengthen the attention and forward-looking research on national macroeconomic policies and industry laws and regulations, so as to enhance the insight of guarantee institutions on changes in national macroeconomic policies and related laws and regulations and make early preparations. For example, the implementation of this round of national macro-control policies has had a strong tightening effect on the economy, and the changes in the economic environment have created systemic risks, which has led to the operational difficulties of some insurance companies. If we can make a forward-looking study of the changes in national macroeconomic policies, we can take some countermeasures in advance to avoid some systemic risks.
Build a high-quality professional team. The high incidence, discreteness and uncertainty of guarantee risk inevitably require the management and employees of guarantee institutions to have high professional quality. Managers should have certain experience in risk management, and have sufficient cognition and judgment ability on guarantee risk and business environment. Therefore, at the beginning of the establishment of the guarantee company, it is necessary to establish a staff with a high sense of responsibility and professional knowledge in finance, management, law and investment. In this way, we can strategically avoid some risks caused by the low quality of employees.
Participate in the provincial and national re-guarantee system, and spread risks through re-guarantee. At present, China has established a credit re-guarantee system for small and medium-sized enterprises. Participating in the re-guarantee system can share part of the losses when the compensatory risks are converted into actual losses, thus dispersing the risks.
Try to avoid legal risks and do not involve illegal business. Some business types are illegal, but under the temptation of high profits, many institutions have carried out these businesses more or less, with great potential risks. Once the state investigates and deals with such illegal businesses, the institutions that carry out these businesses may face extinction.
Strategies for dispersing and eliminating system risks
Establish a standardized corporate governance structure and decision-making procedures to avoid government intervention risks, managers' moral risks and internal management risks. The following points should be achieved: guarantee institutions should establish standardized corporate governance structure, standardized leadership system and decision-making procedures, and pay attention to controlling potential risks that may arise in guarantee decision-making; Reasonably set up internal institutions, establish a set of scientific rules and management systems, and standardize business operation processes, such as establishing a horizontal balance mechanism of "separation of examination and insurance"; Establish mutual checks and balances between internal organizations, and at the same time have good external constraints and mutual containment mechanisms; Guard against moral hazard, establish the board of supervisors and internal audit institutions, and maintain their authoritative independence; Ensure the transparency of decision-making and the timeliness of information transmission, and strengthen the construction of information feedback system. Through these measures, some potential risks can be eliminated from the system.
For example, a guarantee company in Zhejiang Province has a registered capital of 654.38+0.2 billion, and five shareholders are controlled by a state-owned asset management company. Its internal approval authority is:
The cumulative amount of a single enterprise or project guarantee is more than 6.5438+million, and a single guarantee is more than 5 million, which should be approved by the board of directors;
Same as above, the accumulated amount is more than 5 million but less than 6,543.8+million, and the single amount is more than 6,543.8+million but less than 5 million, which shall be examined and approved by the company's guarantee examination and approval team;
Same as above, the accumulated amount is less than 5 million, and the single amount is less than 1 10,000, which shall be approved by the management team of the company.
From the system to ensure that the guaranteed enterprises, guaranteed industries, guarantee period and guarantee business varieties are effectively dispersed. Diversification of guarantee business can effectively disperse business risks, which should be clearly stipulated in the company system. The term of guarantee business should be divided into long-term, medium-term and short-term, and a certain proportion should be maintained. The guaranteed industries and enterprises should also be dispersed to avoid excessive concentration of risks in a certain industry or enterprise.
You can set some limit values of the ratio according to the specific situation. The following is the ratio stipulated by the guarantee company:
The guarantee balance of a single industry is less than or equal to 25% of the net capital; Single customer guarantee balance ≤ 5% of net capital-10%; The guarantee balance of the top ten customers is less than or equal to 50% of the net capital; Maximum guarantee balance ≤ 10 times net capital; The credit rating of the guaranteed customers is above Grade A ≥65%, and BBB ≤ 35%;
The guarantee balance with a duration greater than 1 year is less than or equal to 40% of the total guarantee balance.
It is stipulated in the system to maintain the liquidity of guarantee institutions and avoid liquidity risks. Liquidity risk refers to the credit payment risk caused by insufficient liquidity when credit guarantee institutions make compensation. The risk mechanism of guarantee business is quite different from the objective and predictable risk of general insurance business, and its occurrence is highly subjective and uncertain. Therefore, guarantee companies should pay attention to the matching of term and amount when handling business to prevent liquidity risks.
Establish industry and enterprise information base. Through purposeful search and search, a large number of information about major industries and enterprises in this region will be accumulated to make basic preparations for the development of guarantee business.
Establish a regular exchange training mechanism for employees. Communication between business personnel of different project teams and different companies can convey some information in time to avoid making the same mistakes. Regular training can improve the basic professional quality of business personnel and lay a solid foundation for business development.
Take the strategy of strictly controlling risks in operation.
Ensure risk sharing. Establish a risk-taking mechanism for loan banks, insurance companies and guarantee institutions. To prevent banks from relaxing the examination of borrowers, we should strengthen the bank's loan responsibility through reasonable guarantee ratio. Guarantee institutions generally bear 70%, and the rest are borne by banks. The proportion of guarantee institutions is 50% in France, 50%-80% in Japan, 50%-80% in Germany, 80% in the United States and 50% in Canada. At present, banks have an absolute advantage in China's financial system, and guarantee companies are at a disadvantage in cooperation with banks. Therefore, in many cases, the guarantee company can only guarantee in full, and the bank is unwilling to share the risks with the guarantee institution. But for some projects recommended by banks, or under certain conditions, banks may be required to share some risks.
Counter-guarantee measures. Under normal circumstances, the guarantee institution requires the insured enterprise to provide counter-guarantee measures. However, if the insured enterprise is of good quality and has sufficient collateral and guarantee measures, it will directly lend to the bank without the guarantee of the guarantee company. Therefore, the counter-guarantee measures of the guarantee institution to the enterprise should not be too strict. Therefore, in practice, the implementation of counter-guarantee measures must adopt a more flexible way. For example, in a small family-owned enterprise, the major shareholders of the enterprise can bear unlimited joint and several liability for the debts of the enterprise. When the property of husband and wife is involved, both husband and wife must sign it.
Legal compliance review. First of all, we must review whether the projects done by enterprises are legal and compliant; Secondly, we should review the legal compliance of counter-guarantee measures; Finally, it is necessary to examine whether the enterprise itself has unclear property rights.
Enterprise review before and during the event. Before underwriting, it is necessary to investigate the financial status, legal person quality (which may directly affect repayment) and operating level of the enterprise. Only by mastering the enterprise situation in detail can the project risk assessment be effectively carried out, thus reducing the guarantee risk. In the process of insurance, it is necessary to carry out continuous follow-up investigation on enterprises, and take timely measures once the situation changes.
Take strong measures to recover funds after compensation occurs.
In a large number of guarantee businesses, some insured enterprises will default, and the guarantee institutions must make compensation at this time. However, after the compensation occurs, the guarantee institution must take strong measures to recover the compensation funds as much as possible. Generally, the measures taken include implementing counter-guarantee measures, negotiating with enterprises, reorganizing enterprises and resorting to legal means.
To sum up, commercial small and medium-sized enterprise guarantee institutions can greatly reduce the risks they bear in their operations by adopting strategies such as avoiding and transferring risks strategically, dispersing and eliminating risks in the system, strictly controlling risks in their operations, and taking effective measures to recover compensation funds after compensation occurs.