我国中小企业互保联保制度的内涵及其风险解析

Analysis of Connotation and Risks of Mutual UNPROFOR System for China's SMEs

互保联保制度作为一个重要的融资担保机制创新,能有效缓解中小企业融资中的担保缺失问题。但也可能因过度使用引发区域性信用危机,内生货币理论研究认为:互保联保制度的设计本身存在一定的"双向强化机制",即其能够帮助不符合信用条件的企业渡过难关并获取金融机构的信用支持,但同时也助长了企业过度使用该机制导致信用链条恶化。明斯基的金融不稳定假说则更好的解释了在互保联保制度发展过程中其所蕴含风险的不断演化升级。基于内生货币理论与金融不稳定假说理论对互保联保进行深入剖析,发现危机并从根源入手化解危机才是根本,同时对该制度合理的使用及监管也具有重要的理论和现实意义。

Mutual UNPROFOR system is considered to be an important innovation in financing mechanism.It can indeed effectively alleviate the problem of security absence in financing. However, the excessive use ofmutual UNPROFOR mechanism has also triggered a regional credit crisis. The endogenous money theorypoints out that there is a “two-way strengthening mechanism” in the design of mutual UNPROFOR. It helpsfirms with poor credit stands pull through and gain credit supports from financial institutions, while in themeantime the over-dependence on this mechanism leads to deterioration o f the credit chain. Minsky＇sfinancial instability hypothesis provides a better illustration of how the risks in the development of mutual UNPROFOR mechanism have been upgrading. The study probes into the mutual UNPROFOR mechanismfrom the perspective of the endogenous monetary theory as well as the financial instability hypothesis. It isfound that the fundamental way to solve the dilemma is to find out and resolve the risks from the root;andrational application and supervision of the mechanism is also of great theoretical and practical significance.