【作者】 薛华；

【导师】 于震；

【作者基本信息】 吉林大学 ， 公司金融， 2024， 硕士

【摘要】 随着金融市场的不断发展和经济全球化的加速,融资问题日益凸显。为了更好地支持实体经济发展,各种融资方式应运而生,其中互助担保融资作为企业一种重要的融资方式,特别是在推动中小企业成长和优化金融资源分配等方面,具有举足轻重的作用。然而,随着金融市场的复杂化,互助担保融资信用风险传染问题逐渐凸显出来,给金融稳定和经济发展带来了潜在威胁。社会各界对如何防范和控制中小企业互助担保融资的信用风险传染问题给予了广泛的关注和热议。企业互助担保融资信用风险的传染效应不容忽视,它并非孤立存在,而是通过各种路径在企业间传播。所以本文在前人研究成果的基础上,融入了实务界的观点,以LH担保公司典型业务案例的微观数据为研究样本,以互助担保融资信用风险传染理论为基础,深入探讨了企业信用风险传染的四种主要路径,包括供应链传染、信息不对称传染、行业风险传染和资本纽带传染。为了有效应对这些风险,本文提出了一系列具体的防控措施,旨在为企业保持稳健经营提供有益的借鉴和帮助。本文的主要研究结论有:(1)供应链传染是信用风险在企业间传播的关键路径之一。在供应链中,企业之间的交易和合作紧密相连,一旦某个企业出现信用风险,很容易通过供应链传递给其他企业。(2)信息不对称也是导致企业信用风险传染的路径。在信息不对称的环境中,企业或许难以精确评估其合作伙伴的信用状况,从而增加信用风险的发生概率。(3)行业风险也是企业信用风险传染的重要路径之一。同一行业内的企业往往面临相似的市场环境和经营挑战,一旦行业出现风险事件,很容易波及整个行业。(4)资本纽带传染是指企业通过股权方式形成的资本纽带关系,导致信用风险的传播。(5)企业互助担保融资信用风险的传染效应是一个复杂而严峻的问题。为了保持稳健经营,企业需要全面考虑供应链、信息不对称、资本纽带以及行业风险等因素,并采取针对性的防控措施。企业通过强化风险管理机制、优化供应链运作模式以及提升信息透明度来应对挑战。同时,审慎选择合作伙伴以及加强与同行业企业的合作与沟通等方式,可以有效降低信用风险传染的几率,确保经营的稳定性和可持续性。这将为企业的长期发展奠定坚实基础,并提升企业在竞争激烈的市场环境中的竞争力。更多还原

【Abstract】 The significance of mutual guarantee financing in supporting the real economy,especially for small and medium-sized enterprises(SMEs),is undeniable.To better support the development of the real economy,various financing methods have emerged,among which mutual guarantee financing plays a pivotal role in promoting the growth of small and medium-sized enterprises(SMEs)and optimizing the allocation of financial resources.However,with the complication of financial markets,the issue of credit risk contagion in mutual guarantee financing has gradually emerged,posing a potential threat to financial stability and economic development.Various sectors of society have paid widespread attention and heated discussion on how to prevent and control the credit risk contagion of SMEs’ mutual guarantee financing.The contagious effect of credit risk in corporate mutual guarantee financing cannot be overlooked,as it does not exist independently but spreads through various channels among enterprises.Based on previous research findings and incorporating insights from the practical world,this paper uses the microdata of typical business cases from LH Guarantee Company as research samples.Taking the credit risk contagion theory of mutual guarantee financing as the foundation,it delves into four main paths of credit risk contagion among enterprises,including supply chain contagion,contagion caused by information asymmetry,industry risk contagion,and contagion through capital ties.To effectively address these risks,this paper proposes a series of specific prevention and control measures,aiming to provide useful references and assistance for enterprises to maintain stable operations.The main research conclusions of this paper are:(1)Supply chain contagion is one of the key paths for credit risk to spread among enterprises.In the supply chain,transactions and cooperation between enterprises are closely linked,and once a credit risk event occurs in one enterprise,it can easily spread to other enterprises through the supply chain.(2)Information asymmetry is also a path that leads to the contagion of credit risk among enterprises.In an environment of information asymmetry,enterprises may have difficulty accurately assessing the credit status of their partners,thus increasing the probability of credit risk occurrence.(3)Industry risk is also an important path for credit risk contagion among enterprises.Enterprises within the same industry often face similar market environments and operational challenges,and once a risk event occurs in the industry,it can easily spread to the entire industry.(4)Capital tie contagion refers to the credit risk spreading through capital ties formed by enterprises through equity means.(5)The contagious effect of credit risk in corporate mutual guarantee financing is a complex and severe issue.To maintain stable operations,enterprises need to comprehensively consider factors such as supply chains,information asymmetry,capital ties,and industry risks,and adopt targeted prevention and control measures.Enterprises can respond to challenges by strengthening risk management mechanisms,optimizing supply chain operation models,and improving information transparency.At the same time,carefully selecting partners and strengthening cooperation and communication with enterprises in the same industry can effectively reduce the probability of credit risk contagion,ensuring operational stability and sustainability.This will lay a solid foundation for the long-term development of enterprises and enhance their competitiveness in a fiercely competitive market environment.更多还原