The Research on High-Tech SMEs Loan Guarantee Insurance Pricing-Evidence on Credit Measurement Model

High-tech SMEs have double difficulties in financing problems. On the one hand, High-tech SMEs, characteristic of Start-up light-assets, have greater business risk, compared with the traditional manufacturing companies; On the other hand, the majority of High-tech SMEs' internal control mechanism is imperfect. It's not worth for bank to for their accurate financial information. Balancing the benefits and risks, the bank is less likely to loans to High-tech SMEs. Ningbo has witnessed the pilot of Small loan guarantee insurance in 2009, however, it has not been a comprehensive promotion. At the root of this, the method of pricing loan guarantee insurance is too single, merely based on experience and lack of scientific and rational theory support. We convert the topic about guarantee insurance pricing to the issue of credit default rates. First of all, based on the summary of historical research, deeply talking with the leader of loan guarantee insurance, considering of High-tech SMEs' characteristic, such as high innovation, high risk, high proportion of intangible assets, we build a suitable credit rating system for High-tech SMEs. What's more, based on the grade according to the credit rating system, using credit measurement model, we price the rate which follows different risk of High-tech SMEs. It shows the risk heterogeneity of High-tech SMEs. Finally, from the aspect of historical data, credit system and the pricing model, we make some suggestions to improving High-tech SMEs Loan guarantee insurance pricing.