蒙古的私人中小企業在推動蒙古經濟與創造蒙古的就業機會方面是很有效的機制。就如同其他國家中小企業所需面臨的挑戰，蒙古的中小企業也面對著融資問題，使得他們在持續成長擴張時受到約束與限制。在此同時，許多已開發與開發中國家政府已經設置了信貸保證制度，有效的協助中小企業發展時所需的資金缺口，然而蒙古政府卻尚未對私立中小企業有此支持計畫。
此研究是在調查蒙古政府是否需要對其中小企業實施信用保證基金來協助中小企業以及中企業對於該基金的意見，如此可對基金的供需雙方有更深入的了解。研究於2011年年底蒙古的城市與農村地區316家企業做了問卷調查，也放問了在蒙古任職於中小企業基金與中小企業支助機構的兩名官員。
研究顯示許多蒙古的中小企業對於額外的融資合信貸擔保都有高度的需求，也發現了他們對於信用基金的相關意見，研究結果建議蒙古政府儘速將信貸保證計畫制度化才能解決當前中小企業面臨的融資難題，而對蒙古而言最為適切的信用保證計畫類型應為政府的公共信用保證計畫。

Mongolian SME sector is an important part of its private sector that effectively contributes to the outcome of Mongolian economy. Like SMEs in other countries, SMEs in Mongolia face challenge of accessing to finance and this is the most constraint for their continuous growth. While credit guarantee schemes, by filling this gap, became one of the most effective SME promoting tools for the governments of many developed and developing countries, Mongolian government has not been institutionalizing such schemes yet. This study investigates the feasibility of Mongolian government to establish a state-funded CGS in order to facilitate SMEs access to finance. This research based on questionnaire survey conducted from 316 SMEs in urban and rural areas of Mongolia in late 2011. SMEs need for financing, demand for guarantee services and their attitude toward establishing the CGS in Mongolia were investigated. Also, two officials from “SME Fund” and “SME Support Agency” were interviewed to analyze their attitude on feasibility of institutionalizing the CGS with the support of Mongolian government. The study showed that there is a high demand for additional financing and credit guarantees in SME sector. The findings suggested that the government urgently needs to institutionalize CGS to solve financial challenges of SMEs. As the most appropriate type of CGSs for Mongolian environment found was a “Public CGS”.

TABLE OF CONTENTS

THESIS APPROVAL SHEET i
摘要 ii
ABSTRACT iii
LIST OF TABLES iv
LIST OF FIGURES v

CHAPTER 1: INTRODUCTION 1
1.1. Research motivation and objectives 1
1.2. Structure of the study 2
CHAPTER 2: LITERATURE REVIEW 4
2.1. Definition of SME 4
2.2. Importance of SME sector in socio-economy 7
2.3. Literature on access to finance as a constraint for SME growth 9
2.4. CGS as an effective tool to promote SMEs’ growth 12
2.5. Summary of the chapter 16
CHAPTER 3: DEVELOPMENT AND CURRENT SITUATION OF 18
MONGOLIAN SME SECTOR 18
3.1. Statistical data on Mongolian SME sector 18
3.2. The development of Mongolian SME sector 21
3.3. Business enabling environment for SMEs 23
3.4. Access to finance for Mongolian SMEs 29
3.5. Existing loan guarantee services for SMEs 31
CHAPTER 4: RESEARCH DESIGN AND METHODOLOGY 33
4.1. Research design 33
4.2. Qualitative research design 34
4.3. Quantitative research design 36
CHAPTER 5: RESEARCH ANALYSIS AND FINDINGS 39
5.1. Qualitative research analysis and findings 39
5.2. Quantitative research analysis and findings 42
CHAPTER 6: CONCLUSIONS 56
6.1. Conclusions 56
6.2. Recommendations 57
6.3. Limitations and further research 60

REFERENCES 61
Appendix 1 65
Appendix 2 66
Appendix 3 67
Appendix 4 71
Appendix 5 74

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