外部增信有必要存在吗:以联保模式为例

Is External Credit Enhancement Necessary to Exist:A Case Study of Joint Guarantee

近几年,在经济下行压力不断加大、各地"担保圈"风险不断暴露的大背景下,联保等外部增信措施正逐步被金融机构所抛弃,外部增信机制面临失灵危机。本文以联保模式为例进行分析,认为宏观经济下行打破原有风险均衡体系、社会信用体系建设滞后是导致外部增信机制失灵的深层次原因,但外部增信的存在具有必要性,为实现其常态化运转,需要政府适度灵活地介入、加强失信惩戒机制建设、优先支持小微金融机构发展。

In recent years, in the economic downward pressure continues to increase. Under the background of continual exposure of risk around the ＂Guarantee Circle＂, joint guarantee and other external credit enhancement mea- sures are being gradually abandoned by financial institutions, and the external credit enhancement mechanism is faced with the failure crisis. This paper takes joint guarantee model as an example to analyze the deep reasons of the failure of external credit enhancement mechanism, and then put forward some suggestions on the recovery of external credit en- hancement mechanism.