企业资金担保链:风险消释、风险传染与风险共享——基于浙江的案例研究

经济理论与经济管理 ›› 2011, Vol. ›› Issue (10): 57-65.

企业资金担保链:风险消释、风险传染与风险共享——基于浙江的案例研究

张乐才

财政部财政科学研究所, 北京 100142

收稿日期:2011-07-20 出版日期:2011-10-16 发布日期:2012-03-02
基金资助:
浙江省社会科学界联合会研究课题“绍兴企业资金担保链的风险共享机制与监管路径”(2011N068)

FINANCIAL SECURITY CHAIN OF ENTERPRISES:RISK REDUCTION,RISK CONTAGION AND RISK SHARING——A Case Study on Financial Security Chain of Enterprises in Zhejiang

ZHANG Le-cai

Research Institute for Fiscal Science, Ministry of Finance, Beijing 100142, China

Received:2011-07-20 Online:2011-10-16 Published:2012-03-02

摘要/Abstract

摘要： 本文对企业资金担保链的风险共享机制进行了分析,结果发现:(1)企业资金担保链组成了一个"线、环、网"系统的风险共享体系;(2)其风险消释机制表现为融入资金担保链企业的融资能力比独立企业强;(3)其风险传染机制表现为通过资产负债表渠道、信息传染渠道、投资传染渠道等形式对危机进行传染。本文随后对企业资金担保链的风险共享机制进行了理论提升,研究发现,只有当整体经济环境有利时,资金担保链是有益的;反之,则会导致企业全部陷入困境。

关键词: 风险共享, 风险消释, 风险传染, 资金担保链

Abstract: This paper analyzed the mechanism of financial security chain of enterprises,and the research outcomes were as follows:(1) risk sharing mechanisms were showed in the forms of "line,ring and net" between the connection of financial security chains;(2) the risk reduction mechanism was presented by a stronger financing capacity of the firms in security chain;(3) risk contagion of financial security chain was expressed as that the transmitted channels of crisis were through balance sheet,informational transmission and investment.Furthermore this paper provided a theoretical study on financial security chain of enterprises,and found that risk sharing was beneficial in a favorable economic environment and risk contagion would lead all companies in trouble in a difficult environment.

Key words: risk sharing, risk reduction, risk contagion, financial security chain

中图分类号:

F830

张乐才. 企业资金担保链:风险消释、风险传染与风险共享——基于浙江的案例研究[J]. 经济理论与经济管理, 2011, (10): 57-65.

ZHANG Le-cai. FINANCIAL SECURITY CHAIN OF ENTERPRISES:RISK REDUCTION,RISK CONTAGION AND RISK SHARING——A Case Study on Financial Security Chain of Enterprises in Zhejiang[J]. Economic Theory and Business Management, 2011, (10): 57-65.