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很多类似于2012年由上百家浙江民营企业构成的互联担保贷款圈因资金断裂导致债务违约而集体破产案例的出现,使得互联担保贷款的风险问题受到各方关注。文章通过对互联担保贷款风险生成机理的分析,认为导致当前中国联保贷款风险凸显的主要原因是金融机构在贷款发放时未采用次序贷款技术,致使大量企业在连带责任过重基础上违约。基于此,文章建立简单两人模型,比较了企业次序贷款和非次序贷款的期望还款率,认为通过设定合适连带责任可以实现次序贷款还款率高于非次序贷款还款率,从而达到在机制设计上实现较为有效的控制互联担保贷款风险的目标。
Much like the case of mass bankruptcy that led to debt defaults in interconnected secured lending circles made up of hundreds of Zhejiang private-owned enterprises in 2012, the risk of interconnected secured loans has drawn the attention of all parties. The article analyzes the formation mechanism of interconnected secured loans, and believes that the main reason that led to the current risks of UNPROFOR loans is that the financial institutions failed to adopt the order loan technology when they disbursed the loans, causing a large number of enterprises to default on the basis of joint and several liability. Based on this, the article establishes a simple two-person model, compares the expected repayment rate of enterprise-order loans and non-order loans, and believes that by setting the appropriate joint and several liability, the repayment rate of sequential loans is higher than that of non-sequential loans, In the mechanism design to achieve more effective control of interconnected secured loan risk objectives.