担保网络形成的经济机制

he essential difference in economic mechanism between mutual guarantee and the guarantee provided by a professional guarantee company has been rarely mentioned in existing literature on guarantee circle. This kind of difference is precisely the essential reason for guarantee circle crises and also is the breakthrough of guarding against the crises. We have showed the following results from the perspective of game analysis in this paper: (1) the mode of mutual guarantee is an unsustainable mechanism for encouraging default behavior; (2) the professional guarantee mode is a sustainable and credible mechanism for punishing default behavior; (3) why professional guarantee companies emerge is to cut off the infection chain of credit risk. The professional guarantee mode is superior to the mutual guarantee mode in guarding against credit risk. The reason why the mutual guarantee mode is extensively adopted is to achieve conspiracy benefits, i.e. to plunder credit resources. In short, the externality caused by choosing guarantee mode is the essential reason for systemic risk in guarantee network.