担保圈

担保圈风险是银行信贷管理的痼疾。

Guarantee circle risk is inherent in the management of bank credit .

担保圈危机的形成及其防范

Formation and Prevention of " Guarantee Circle " Crisis

因为，当担保圈风险积聚到一定程度，会扩散波及到其他相关企业。

Obviously , when the risk of the guarantee circle to a certain degree of accumulation , it will spread to other related companies .

本研究深入剖析浙江省民营企业担保圈危机，刻画民营企业担保风险扩散机制。

This study analyzes in depth the private enterprises ' guarantee circle crisis in Zhejiang Province , depicting private enterprises ' guarantee risk diffusion mechanism .

金融生态、利益输送与信贷资源配置效率&基于河北担保圈的案例研究

The Financial Ecology , the Tunneling of Interest , and the Efficiency of the Allocation of Credit Resources & A Case Study on the Guarantee Circle in Hebei Province

第二、良性担保圈相当于在不动用货币政策与财政政策条件下，驱动了货币的成数效应，增加了市场的流动性。

Second , virtuous circle is equivalent to under the condition that not to use monetary policy and fiscal policy to drive the money multiplier effect and increase the market liquidity .

但是，担保圈风险相比一般信贷风险具有以下不同之处：第一、隐蔽性；第二、累积性；第三、不确定性；第四、传染性。

However , the risk of the guarantee circle compared to the general credit risk with the following differences : first , the concealment ; second , cumulative ; third , uncertainty ; fourth , infectious .

这种由于公司间的互相担保生成的担保圈，涉及范围越来越广，涉及资金的数额也越来越大，从而引起了社会广泛的关注，引起了人们关于对外担保问题的思考。

The security ring , generated due to mutual security between companies , coverage of increasingly widespread , the amount of money involved is also growing , thus giving rise to widespread concern in the community , has raised on the question of external security thinking .

它不仅严重危害上市公司的资产安全和正常经营，而且，交叉盘回的担保链、担保圈更是将这种风险成倍放大，从而加剧了证券市场的系统性风险并威胁到整个金融系统的安全。

It not only does great harm to the capital safety and normal operation of listed companies - but also multiplies the risk through interlacing relations of guaranties - thus pricking up the systematic risk of the securities market and threatening the safety of the whole financial system .

但二十世纪九十年代以来，我国信用担保关系复杂化，担保圈悄然形成。

Since the 1990s , relationship of credit guarantee becomes complicated in our country and the guarantee circle is quietly forming .