CAJ | 학술논문

根据期权的“价值发现”功能挖掘融资担保项目的扩张期权特性，通过合理的担保契约设计，既兼顾那些相对风险较低的中小企业不愿稀释股权的意愿，又保护担保机构为那些相对风险较高但又具有高成长性的中小企业提供担保的积极性，因而可重塑一个从传统融资担保模式向“担保换期权”模式跨越的渐进模式，从而更加高效地促进中小企业融资。
근거기권적“개치발현”공능알굴융자담보항목적확장기권특성，통과합리적담보계약설계，기겸고나사상대풍험교저적중소기업불원희석고권적의원，우보호담보궤구위나사상대풍험교고단우구유고성장성적중소기업제공담보적적겁성，인이가중소일개종전통융자담보모식향“담보환기권”모식과월적점진모식，종이경가고효지촉진중소기업융자。
This paper analyses the expansion option features of the financing guarantee project .It remodels a gradual profit pattern of financing guarantee from the traditional “guarantee in the option” pattern, by designing reasonable guarantee contracts which not only consider low risk small and medium-sized enterprises ( SMEs') reluctant of stock dilution , but also ensure the guarantee agencies'enthusiasm to provide guarantee for high risk SMEs but having high growth , so as to effectively promote financing more for SMEs.