专家论调 Experts arguments

　　中山大学岭南学院财税系主任 林江

Zhongshan university lingnan college finance and tax the dean Lin jiang

　　目前没有真正针对担保行业的监管政策。担保行业定位不明，身份比较尴尬。由于定位和监管的机构并不确定，也造成担保公司对于自己的业务范围不是那么清晰，可能脱离担保的主业，滑向高利贷的深渊。

There is no real security industry in the regulatory policies。Guarantee industry positioning is unknown，Identity more awkward。Because of the positioning and regulatory institutions are not sure，Also causes for their own guarantee company business scope is not so clear，May from the main security，Sliding into the abyss of usury。

　　同时，担保业务的定位是客户向银行贷款，由于信用不够，所以出一笔担保费让担保公司给予增信，这对于担保公司来说，会面临两方面的“道德风险”：客户可能会觉得我欠银行的钱没有关系，还不上自然有担保公司来给我代偿，而银行方面可能会认为有担保公司参与增信，我就可以放宽贷款评估方面的限制，反正最后担保公司会为这笔账兜底。这样双重的道德风险让担保公司承担的风险和得到的回报无法形成正比。

At the same time，Guarantee business position is the customer to the bank，Because not enough credit，So a pen DanBaoFei let guarantee company give credit，This guarantee is for，Will face two aspects“Moral risk”：Customers may feel that I owe the bank money no relationship，Is not natural to give me a guarantee company compensatory，Banks may think that secured credit company involved in，I can relax restrictions in terms of the loan appraisal，It will guarantee company for the bill out。This double of the moral risk guarantee company to take a risk and get returns can't form is proportional。

　　而另一重道德风险来自于担保公司本身，目前的担保公司都是有限责任制，作为担保公司的投资者来说，即使出了事情，形成大额的烂账，我也只需要用公司本身去为此负责，并不需要危及到个人财产，实在做不下去可以关门大吉，这样三重风险很容易形成恶性循环。

And the other a heavy moral risk comes from guarantee company itself，The current security companies are limited liability，As a guarantee company's investors，Even if the story out，Formation of the large amount of LanZhang，I will only use the company itself to responsible for that，Does not need to endanger to personal property，Really do not go down to close down，This triple risk very easy to form a vicious circle。

　　目前担保行业的洗牌对于珠三角的实体经济确实有影响，但是影响不会很大。珠三角大部分的民营企业是没有办法摸到银行贷款的门槛的，即使是有担保公司存在，大部分从事实体经济的企业也很难从微薄的利润中负担几个点的担保费，去拿银行的贷款。能够通过和担保公司合作拿到银行贷款的企业，不一定是在做实体经济，中间有很大一部分是在做炒作、投机等活动。

It currently guarantees for the pearl river delta of the industry reshuffle entity economy do have influence，But the impact will not be huge。Most of the pearl river delta, the private enterprise is that there is no way to touch to the threshold of the bank loans，Even if there is a guarantee company，Most of the enterprise engaged in the real economy is also difficult to small profits from the burden of DanBaoFei several points，To get the loan to the bank。Can pass and guarantee cooperation to bank loan enterprise，Do not necessarily in economy，A large part of the middle is doing a hype、Speculative activities。

　　现在珠三角推出金改方案，全方位推进金融改革，但对于担保行业利好有限。目前的担保行业大部分时间将疲于应付危机，未必能在金改中抢到一杯羹。

Now launched gold in the pearl river delta to plan，Comprehensive to promote financial reform，But to guarantee good industry Co., LTD。Now most of the time the guarantee of the industry will be too much for the crisis，That may not be able to change in gold, taking to the cake。

　　事实上，我认为担保行业从开始就存在先天不足的问题。担保行业最初发展的时候，门槛非常低，只要有钱愿意做，谁都可以做，导致后来出现这样的格局，并不奇怪。将来若要有发展，必须要浴火重生，倒掉一批。相关部门应推出相关法律法规，设定一定的准入门槛，进行有效监管。

In fact，I think the security industry from the start of congenital deficiency existing problems。Guarantee of the development of the first industry，A very low threshold，As long as the rich are willing to do，Anyone can do it，In which such a pattern，Is not surprising。If in the future to the development，Must want to ashes，Away a number of。The departments concerned should launch related laws and regulations，Set a certain threshold，Effective supervision。

　　（潘彧整理）

（Pan figurines finishing）