Mid-sized and small businesses often have few resources with an unsteady foundation. Therefore, they tend to encounter more risks and challenges in operation and management, relative to large corporations. As a result, most countries have policies to help the development of mid-sized and small businesses. One of them is the credit guarantee system, providing these businesses one of the basic financing mechanisms. The credit guarantee system in Taiwan is still immature. This study examines credit guarantee systems across countries. First, it summarizes the characteristics of various credit guarantee organizations, their funding sources, their cooperative relationship with banks, the strategies in controlling risks, and the operating mechanisms. Next, it compares the weaknesses and advantages between the guarantee system in Taiwan and other countries. Finally, based on the experience of other countries, it provides suggestions for improving the system in Taiwan, and hopes to enhance its functions in order to provide better and more efficient financing services for the mid-sized and small businesses.

Small and Medium Enterprises (SMEs) in Taiwan play an important role in the economic system, but compared to other listed or larger companies, SMEs are more difficult in obtaining fund, and this is the reason why Small and Medium Enterprises Credit Guarantee Fund (SME Credit Guarantee Fund) sets up. The purpose of this study is to discuss the guaranteed risk of the SME Credit Guarantee Fund, including the estimate of the ex-ante probability of default and the hypothesis test of the ex-post recovery rate. The sample data, which are divided into twenty three industries, are established for the estimation of the market value for all kinds of industries, using the Moody's KMV Private Firm Model as the basic theory to estimate the company¡¦s probability of default and revising the default point to fit the features among different economic periods in Taiwan. This research uses the Chi-square homogeneity test to test how characteristic variables of companies affect the recovery rate. The study finds that the default point of the original definition of KMV may underestimate SME¡¦s probability of default in Taiwan, and there is lower estimated probability of default at good times rather than that at bad times. The recovery rate shows a right-skewed distribution, and the results also indicate that the how many banks the companies transact with, whether the directors and supervisors of the companies are joint and several guarantee, how old the companies are and how long the responsible officers are in business, have significantly affected the recovery rate.

SME Credit Guarantee Fund established for the express purpose is to supply SME credit guarantee with the potential for development but lack the Collateral. It was financial institutions and credit financing. This study was based on a combination of market-based risk neutral evaluation model and insurance actuarial Principle assess the SME Credit Guarantee Fund to ensure that the current main business of insurance rates, According to the estimate and to the SME Credit Guarantee Fund and commercial banks to be charged with considerable risk of price compensation. In the management of business credit guarantees default risk. Bank of samples by the empirical results show that under this model receivable procedures for estimating costs, and the total amount of compensation rather, past a single 0.75% guaranteed rates significantly undervalued, with a single rate is the inverse effect of choice, nearly half over the industry higher than the current guarantee fee from the top 1.5%. If a word, which is the standard fees, fear is still not allow the fund to two-profit and loss. The model is a simple response to both the characteristics of market information, for the SME Credit Guarantee Fund in the risk management and pricing rates to be on the reference. Keywords:SME Credit Guarantee Fund. Credit risk. Risk management. Insurance Actuarial Model

O presente trabalho tem por objetivo apresentar ao leitor as diversas formas de garantia que poderão ser oferecidas ao particular, pelo Estado, como forma de atraí-lo à contratação de parcerias público-privadas, instituídas em âmbito federal pela lei nº. 11.079, de 30 de dezembro de 2004. A escassez de recursos públicos, culminando com a incapacidade estatal de investir em áreas de sua responsabilidade, fez com que se buscassem novas formas de interação entre os setores público e privado. Contudo, o histórico de mau pagador da Administração Pública brasileira implicou na necessidade de oferecimento de garantias àqueles que irão contratar com o poder público, sem as quais talvez poucos ousassem investir seu capital em atividades nem sempre certamente rentáveis. A proposta é analisar as diversas modalidades de garantias, apontando suas fragilidades e seus aspectos favoráveis, sempre no intuito de mostrá-las viáveis e eficientes. Por fim, algumas sugestões de novas espécies serão apresentadas, aumentando a gama de opções que o administrador terá ao seu alcance quando pretender levar a efeito uma contratação desta natureza. / The present work aims at presenting the reader a wide range of guarantees which can be offered to private companies by the State, so as to attract them to contracting public-private partnerships, instituted in federal extent under law number 11.079, dated December 30, 2004. The shortage in public resources, culminating with the incapacity of the State to invest in sectors of its own responsibility, has brought about the pursuit of new ways of interaction between the public and private sectors. Notwithstanding, the fact that Brazilian Public Administration has a history of being a bad payer has implied the need for guarantees to those who will hire the Public Power, taking into consideration that perhaps only a few people will be willing to invest their funds in doubtfully profitable activities. The purpose of this paper is to analyze the various forms of guarantees, pointing out weaknesses and favorable aspects, always targeting on turning them viable and efficient. At last, some other new suggestions will be introduced, enhancing the range of options the administrator may have at reach whenever one intends to put into practice such kind of hiring.

O presente trabalho tem por objetivo apresentar ao leitor as diversas formas de garantia que poderão ser oferecidas ao particular, pelo Estado, como forma de atraí-lo à contratação de parcerias público-privadas, instituídas em âmbito federal pela lei nº. 11.079, de 30 de dezembro de 2004. A escassez de recursos públicos, culminando com a incapacidade estatal de investir em áreas de sua responsabilidade, fez com que se buscassem novas formas de interação entre os setores público e privado. Contudo, o histórico de mau pagador da Administração Pública brasileira implicou na necessidade de oferecimento de garantias àqueles que irão contratar com o poder público, sem as quais talvez poucos ousassem investir seu capital em atividades nem sempre certamente rentáveis. A proposta é analisar as diversas modalidades de garantias, apontando suas fragilidades e seus aspectos favoráveis, sempre no intuito de mostrá-las viáveis e eficientes. Por fim, algumas sugestões de novas espécies serão apresentadas, aumentando a gama de opções que o administrador terá ao seu alcance quando pretender levar a efeito uma contratação desta natureza. / The present work aims at presenting the reader a wide range of guarantees which can be offered to private companies by the State, so as to attract them to contracting public-private partnerships, instituted in federal extent under law number 11.079, dated December 30, 2004. The shortage in public resources, culminating with the incapacity of the State to invest in sectors of its own responsibility, has brought about the pursuit of new ways of interaction between the public and private sectors. Notwithstanding, the fact that Brazilian Public Administration has a history of being a bad payer has implied the need for guarantees to those who will hire the Public Power, taking into consideration that perhaps only a few people will be willing to invest their funds in doubtfully profitable activities. The purpose of this paper is to analyze the various forms of guarantees, pointing out weaknesses and favorable aspects, always targeting on turning them viable and efficient. At last, some other new suggestions will be introduced, enhancing the range of options the administrator may have at reach whenever one intends to put into practice such kind of hiring.

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In recent years, Small and Medium Enterprise Credit Guarantee Fund(SMEG) has been actively promoting organization restructuring, boosted its business unceasingly, and impelled each innovation guarantee service actively, in order to display the best benefit. This paper combines C. J. Kuo.¡]2003¡^market-based risk neutral model with actuarial valuation principles, using above observable rate discrepancy¡]i.e. one for that guaranteed by SMEG, and the other for non-guaranteed portion¡^to evaluate the credit risk SMEG assumed from guaranteed schemes, then derives the optimal guaranty fees model. The major research finding shows fixed as follows conclusion: 1.The real prepayment in subrogation is close to the total guaranty fees estimated by proposed model. 2.Applying this model can help that the credit risk degree SMEG takes reacts to the guarantee premium, and that SMEG control risk balance revenue and expenditure. This indicates that the model can reflect market information, and thus is easily applicable and referable by SMEG to establish the structure of guaranty fees as well as to reach an integrated risk management.

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Baigiamajame magistro darbe autorė nagrinėja Lietuvos Garantinio fondo teisinio reglamentavimo kokybę ir siekia nustatyti jo veiklos efektyvumą. Šiems tikslams pasiekti darbe aptariamos pasaulyje taikomos darbuotojų teisių apsaugos sistemos bei konkretūs skirtingose valstybėse veikiantys garantinių institucijų modeliai. Autorė taip pat atkreipia dėmesį į Lietuvos Garantinio fondo įstatymo nuostatų atitikimą Tarptautinės darbo organizacijos Konvencijoms, Europos Sąjungos direktyvoms ir Europos Bendrijų Teisingumo Teismo suformuotai praktikai. Pagrindinės darbe iškeltos problemos yra susijusios su Garantinio fondo įstatymo nuostatų atitikimu Europos Sąjungos direktyvoms. Viena iš aptariamų problemų yra darbuotojų, kurių darbdaviams šiuo metu netaikomas Garantinio fondo įstatymas, teisė reikalauti išmokų darbdavių bankroto atveju. Kitas klausimas yra susijęs su Garantinio fondo įstatymo taikymu bankrutavus privačiai pensijų kaupimo sistemai. Be to, autorė aptaria ir atvejus, kai išmokos iš Garantinio fondo skiriamos užsieniečiams, kurių darbo leidimo galiojimas yra pasibaigęs. Magistro baigiamajame darbe taip pat siekiama nustatyti Lietuvos Garantinio fondo veiklos efektyvumą ekonominės recesijos metu ir pateikti rekomendacijas sprendžiant darbe aptartas problemas. / The author of the paper analyses the quality of the legal acts related to the Lithuanian Guarantte Fund and seeks to determine the effectiveness of its practical activity. In order to reach these aims the paper dicusses the systems of the protection of employees rights, which are used worldwide and the particular models of guarantee institutions which are used in different countries. The author turn one‘s attention to how Lithuanian law of Guarantee Fund correspond to the Conventions of the International Labour Organization, to the directives of European Union and practise of the European Court of Justice. The main problems discussed in the paper are related with Lithuanian Law of Guarantee Fund correspondance to the directives of European Union. One of considered problems is the right of emploees, whose employers are not the subjects of the Law of Guarantee Fund, to seek compensation from Guarantee Fund. Another question is related to the application of the Law of Guarantee Fund to the private pension system. Furthermore, the cases of compensation from Guarantee Fund to foreign employees whose permission to work is not valid, are discussed. Also, in the paper we seek to determine the importance of the Lithuanian Guarantee Fund in the depression and give recommendations how to solve the problems discussed in the paper.

O presente trabalho estuda a proposta de criação de um Fundo de Garantia das Execuções Trabalhistas no Brasil. Partindo de considerações acerca da efetividade processual e da crise da execução trabalhista, estudamos os Projetos de Lei regulamentadora do artigo 3º da Emenda Constitucional n. 45 de 2004. Para tanto, analisamos as instituições de garantia de créditos trabalhistas no Direito Internacional e no Direito Comunitário (União Europeia), sobretudo o Fondo de Garantía Salarial, instituição de garantia de créditos trabalhistas existente na Espanha que inspirou a disposição constitucional derivada. A seguir, foram analisados o Projeto de Lei n. 4.597-A, de 2004, o Projeto de Lei n. 6.541, de 2006, e o Projeto de Lei do Senado n. 246, de 2005. Finalmente, foram feitas considerações sobre a regulamentação do Fundo de Garantia das Execuções Trabalhistas no Brasil. / This dissertation studies the proposal to establish a Guarantee Fund for Labor Enforcement Proceedings in Brazil. Based on considerations about the effectiveness of proceedings and the labor enforcement proceedings crisis, we studied the bill drafts to regulate the Article 3 of the Constitutional Amendment 45/2004. To this end, we analyze the labor credit guarantee institutions in International Law and in Community Law (EU), especially the Fondo de Garantía Salarial, a labor credit guarantee institution existing in Spain that inspired the Constitutional Amendment. Next, we analyzed the Bill Draft 4.597-A/2004, the Bill Draft 6.541/2006, and the Senate Bill Draft 246/2005. Finally, we present our considerations on the regulation of the Guarantee Fund for Labor Enforcement Proceedings.