臺灣中小企業向來是推動國內經濟前進的核心力量，然而在取得外部融資方面卻往往遭遇困難，其困境可能來自於中小企業本身財務結構較脆弱、擔保品不足、財務報表不夠透明等內部因素，也可能受到信用市場存在信用分配(credit rationing)、銀行授信順循環（procyclical lending behavior）等外部因素影響。為能協助中小企業營運發展，我國政府於1974年設立中小企業信用保證基金，旨在透過信用保證機制，分攤金融機構對中小企業融資之風險，協助中小企業取得融資。
過往實證研究對於信用保證機制有助於緩解信用分配問題、協助中小企業自金融機構取得貸款之融資增進功能有較多著墨，然而當景氣衰退時，面對銀行傾向對中小企業採取較保守的放款態度，信用保證機制是否能適時發揮反景氣循環功能等相關層面之探討則較少。
我國政府過去於金融海嘯以及嚴重特殊傳染性肺炎疫情(COVID-19)疫情等紓困時期進行信用市場之干預，並實施特別信用保證措施，以提高保證成數、提高保證融資總額度上限、降低手續費率、配合銀行公會債權債務協商機制等方式作為紓困政策工具，目的皆希望在遭逢景氣衝擊時，能協助中小企業解決融資困境、維持其資金流動性。為探討信用保證機制之功能，本文運用向量自我迴歸(VAR)模型及衝擊反應函數(IRF)，依據2007年第一季至2023年第四季之時間序列資料進行實證分析，並得到結論：信用保證機制作為中小企業融資協處的政策工具之一，不僅有助於改善金融市場的信用分配，對具發展潛力中小企業給予助益，同時在經濟景氣下行時期，亦能減緩銀行雨天收傘之授信順循環現象，有效發揮信用保證機制之反景氣循環功能，穩定中小企業融資環境。

Small and medium enterprises (SMEs) in Taiwan have long been the driving force behind the nation's economic growth. However, they often encounter difficulties in obtaining external financing. These challenges may stem from internal factors, such as the relatively weak financial structure of SMEs, insufficient collateral, and a lack of financial transparency. Alternatively, external factors, including the presence of credit rationing in the credit market and the banks’ procyclical lending behavior, may also contribute to these financing difficulties. To support the development of SMEs, the Small and Medium Enterprise Credit Guarantee Fund of Taiwan (TSMEG) was established in 1974, aiming to share financing risks with financial institutions through credit guarantee mechanism and assist SMEs in obtaining financing.
Previous empirical studies have extensively examined the role of the credit guarantee mechanism in alleviating credit rationing issues and enhancing SMEs’ access to loans from financial institutions. However, relatively few studies have explored whether the credit guarantee mechanism can effectively serve a counter-cyclical function when economic downturns prompt banks to adopt more conservative lending policies toward SMEs.
This study examines the government's intervention in the credit market during past economic relief periods, such as the global financial crisis and the COVID-19 pandemic, through the implementation of special credit guarantee measures. These measures were adopted as policy tools for economic relief and included increasing the guarantee coverage ratio, raising the maximum guaranteed financing amount, reducing guarantee fees, and coordinating with the Bankers Association’s debt negotiation mechanisms. These policies aim to assist small and medium-sized enterprises (SMEs) in overcoming financing difficulties and maintaining liquidity during periods of economic downturn.
To analyze the effectiveness of these interventions, this study employs a Vector Autoregression (VAR) model and Impulse Response Function (IRF), utilizing quarterly time-series data from Q1 2007 to Q4 2023. The empirical findings indicate that the credit guarantee mechanism, as a policy tool for facilitating SME financing, not only alleviating credit rationing in financial markets and benefits SMEs with growth potential but also mitigates the procyclical behavior of banks, helping SMEs secure financing even during economic downturns. The results highlight the countercyclical function of the credit guarantee mechanism that stabilizes the SME financing environment.

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二、英文文獻
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三、網路資訊
1. 中華民國資訊統計網-統計資料庫, https://nstatdb.dgbas.gov.tw/dgbasall/webMain.aspx?sys=210&funid=A050104010
2. 金融監督管理委員會銀行局-統計資料庫動態查詢系統, https://survey.banking.gov.tw/statis/webMain.aspx?k=defjsp
3. 財團法人中小企業信用保證基金, https://www.smeg.org.tw/