CAJ | 학술논문

　　介绍产业集群内中小企业融资模式创新中的产业链融资、互助担保融资和集合债券融资三种融资模式的概念，并分析这三种融资模式的效率。在产业链融资模式中，银行面对的是整条产业链，使得融资具有质押灵活、手续简便的特点；在互助担保融资中，由于产业集群内企业的高度合作，增强了激励机制的同时降低了代理成本；而集合债券融资模式则由地方政府、银行、地方担保机构和信用增进投资公司等多方参与，确保发债企业能够以较低的成本高效融资。
　　개소산업집군내중소기업융자모식창신중적산업련융자、호조담보융자화집합채권융자삼충융자모식적개념，병분석저삼충융자모식적효솔。재산업련융자모식중，은행면대적시정조산업련，사득융자구유질압령활、수속간편적특점；재호조담보융자중，유우산업집군내기업적고도합작，증강료격려궤제적동시강저료대리성본；이집합채권융자모식칙유지방정부、은행、지방담보궤구화신용증진투자공사등다방삼여，학보발채기업능구이교저적성본고효융자。
This paper introduces the definition of three innovative methods of financing for SMEs in the industrial clusters: industrial chain financing, mutual guarantee financing and collective bond financ-ing, and analyzes the efficiency of these three new financing ways. Under the industrial chain financing pattern, the banks negotiate with an entire industrial chain instead of one single enterprise. In this way, various kinds of hyperthecate media can be used, which makes SEMs borrow money conveniently and quickly. At mutual guarantee financing situation, due to closely cooperation among SMEs in cluster, the incentive mechanism is increased and the deputy cost is reduced. While in collective bond financing condition, local government, banks, local guarantee departments and credit enhancement inventive cor-poration are involved. In system designing, precaution and post control make sure that qualified SMEs can collect capital at lower cost efficiently.