关联互保的信用泡沫化与处置困境  

The Bubblization of Credit and Its Dilemma of Disposal in Connected Guarantee

作　　者：赵映光[1] 辛俊杰[1] 

机构地区：[1]中国人民银行青岛市中心支行,山东青岛266071

出　　处：《金融发展研究》2015年第4期61-65,共5页Journal Of Financial Development Research

摘　　要：集团企业将担保作为信用创造工具而不是风险缓释工具时,就会产生信用泡沫化的问题。本文分析了处于上升期的集团企业通过内部关联互保与多元化经营战略,实现信用的扩张与膨胀,进而突破安全边界,最后虚化乃至破裂的内在逻辑,并指出由于利益相关方众多,极易因非合作博弈形成处置困境。When conglomerate take guarantee as a tool of credit creating not risk mitigation, there will be bub-blization of credit. This article analyzes the inner logic of this process：the conglomerate utilize connected guarantee and diversified operations to realize the expansion of credit,and then the risk will exceed the scope of safety,the cred-it bubble burst suddenly as the guarantee is weakening and disappearing. In addition, the process of disposal will face dilemma because of many interested party and non-cooperative game.

关 键 词：关联互保 多元化战略 安全边界 信用泡沫化 处置困境 

分 类 号：F830[经济管理—金融学]