“柠檬市场”效应与担保圈风险

“Lemon Market” Effect and Guarantee Circle Risk

本文以Z市担保圈的大量调查材料为基础,从四个圈层逐步剖析了担保圈的生成与演变。研究认为:由于"柠檬市场"效应、道德风险、市场失灵等现象存在,造成了担保关系实质上的无效性。对此,本文从政府、银行、企业、监管等多方面入手,提出化解区域性、系统性担保圈风险的新途径。

This paper analyzes the formation and evolution of guarantee circles in Zibo from four levels, based on sufficient survey data. The result shows that guarantee relationship is essentially ineffective due to the presence of the ＂lemon market＂ effect, moral hazard and market failure. In the end, this paper proposes new ways to resolve regional and systemic guarantee circle risks from various aspects such as the government, banks, corporations, regulatory bodies, etc.