温州债务危机的传导机制及对策——基于金融传染理论视角

2011年温州发生民间借贷危机,并演变成地区性的债务危机.债务危机由民间借贷市场延及正规金融,由金融领域危及实体经济,许多企业因为担保链问题陷入现金流断裂的泥潭.基于金融传染理论视角,分析温州民间借贷危机前期、中期、后期三个阶段的发展路径和特征,提出温州金融改革应对金融传染,应加强民间借贷违约行为的预防与预警,探索政府介入区域债务危机的方式,建立风险共担、权责共享机制.

Transmission Mechanism of Wenzhou Debt Crisis and Its Countermeasure——Based on the Theory of Financial Contagion

In 2011, a private loan crisis occurred in Wenzhou, and then it evolved into a regional debt crisis. The debt crisis expanded from the private loan market to the formal finance domain, and soon threatened some enterprises. Many enterprises were involved in the cash flow break because of the issue of guarantee chain. Based on the theory of financial contagion, an analysis is made on the early, middle and late stages of the crisis. It is proposed that Wenzhou financial reform should cope with the financial contagion, strengthen the prevention of violation of the private loan, explore the way the government intervenes in the regional debt crisis and establish the risk and responsibility sharing system.