系统性风险角度下企业担保圈融资限制

Guarantee Circle Financing Restrictions of Enterprise from the Perspective of Systemic Risk

摘要: 担保圈融资可以缓解信息不对称下银行风险，降低交易成本，但也会放大企业危机，易形成企业大规模违约现象，产生金融风险。企业是担保圈形成的主要因素，也是担保圈危机爆发的根本原因，银行抽贷只是一个直接导火索，故应从企业本身出发遏制担保圈的形成。我国当下主要依靠银行监管、政府兜底两种事中、事后解决措施，缺少源头预防机制实则治标不治本。应从我国《公司法》出发，完善相关制度环境，从权利制度、程序制度、主体资格上对企业担保圈融资进行限制，预防担保圈的形成。

Abstract: Guarantee circle financing can alleviate bank risks and reduce transaction costs under information asymmetry, but it will also amplify enterprise crises, easily form a large-scale enterprise default phenomenon, and produce financial risks. Enterprises are the main factor in the formation of the guarantee circle, but also the fundamental reason for the outbreak of the guarantee circle crisis. Bank lending is just a direct trigger, therefore, the formation of the guarantee circle should be curbed from the enterprise itself. At present, China mainly relies on bank supervision and government to solve the problem during and after the event and lack of a source prevention mechanism. Starting from the Company Law, we should improve the relevant institutional environment, restrict the financing of enterprise guarantee circles from the rights system, procedural system and subject qualifications, and prevent the formation of guarantee circles.