中国企业担保圈风险传导机制研究——以“河北担保圈”为例

Risk Transmission Mechanism of Guarantee Circle in China——A case study of Hebei Guarantee Circle

采用理论探究与实际案例相结合的方法,通过对河北企业担保圈的梳理,分析了国内企业担保圈的结构特性、风险传导机制以及风险成因,对于避免担保圈危机的重演有一定的借鉴和参考价值。经过相关研究认为,加入担保圈的企业往往先天不足,本身属于风险易感染企业;长期来看,融资渠道单一、公司治理的缺失和监管的纵容往往是担保圈的风险源头;担保圈中核心企业的感染,在风险传染机制中起着杠杆的作用,核心企业受到风险感染,会大幅提升风险传染的速度和影响规模。

This paper adopts the theoretical research methods combined with the actual case. It analyzes the structure characteristics of the guarantee circle by untangling the Hebei Guarantee Circle. In regard to risk control,it is of great importance to study the mechanism of risk transfer in the guarantee circle. Through the research,this paper draws the following conclusion. The enterprise is congenitally deficient,who belongs to risk susceptible enterprise at the first time. Single financing channel,lack of supervision and excellent corporate governance are the source of the connivance in the guarantee circle in the long term. The infected core enterprise plays a leveraged role in the transmission mechanism. If the core enterprise is infected,the infected speed and scale will be greatly enhanced.