Research On Operation Mechanism Of Guarantee Chain Risk Infection

The majority of the enterprises in Zhejiang are private enterprises-who have less sources of finance. They tend to rely more on bank loans and private financing. Thus, mutual insurance and guaranteed loans which maintain a certain level of credit risk in the bank and solve the problem of financing of private enterprises, were considered to be innovations in corporate finance and greatly supported by the government in Jiangsu and Zhejiang Provinces. But since the guarantee chain crisis in Shaoxing in year 2008, the same crisis respectively happened in Wenzhou, Jiaxing, Huzhou, Jinhua, Hangzhou. What was more, in 2012, the breakout of "Tianyu Construction" guarantee chain crisis affected about 600 firms in Hangzhou leading them to sign a joint letter to the government for help. In addition, From the beginning of 2013, the Hangzhou Xiaoshan District witnessed a lot of guarantee chain crisis, thus, this financial guarantees chain risk gradually came to light.In all cases in Zhejiang guarantee chain, we can always see the problem that the risk of bankruptcy spread to other well-run business. Secured debt crisis triggered the chain of corporate credit risk of proliferation, affecting the quality-related businesses, direct adverse bank loans rose hidden potential of regional economic and financial stability running cause some negative impact in Zhejiang guarantee chain imminent risk of infection.In this paper, I analysised theoretically in the operation of the guarantee chain risk of infection and key node at first, then elaborated it by "Tianyu Construction", The following conclusions is that:1) Zhejiang is easy to form a massive economic which motives characteristics guarantee chain, high debt management is one of the terms of the security chain risk infective; 2) the risk of infection is not easy, only if they meet four conditions. That is, the stimulation of risk factors, the breakout of the risk barriers, the existence of risk of infection carrier and the role of catalytic effect; 3) at different levels of guarantee chain,its measures to deal with a security chain is varies; 4)at the same level of risk in different companies in the guarantee chain, they play the different role, central enterprises speed up the rate of infection, breadth and depth. On this basis, this paper puts forward the corresponding safeguards, providing some suggestions for the healthy development of the guarantee chain, at the same time this paper also offers emergency measures to the company who falls into the crisis, which promote the steady development of the regional economy.