“老板跑一个，企业倒一片”。担保圈中，任何一家企业的风险，都有可能成为第一块多米诺骨牌，接二连三地引发连锁反应，“引爆”背后的一个个“地雷”。

“The boss run a，Enterprise pour a”。Guarantee in the circle，Any risk of an enterprise，Could be the first piece of dominoes，Continual result in a chain reaction，“detonated”Behind one of the“mines”。

　　文│本刊记者朱健

Wen │ this reporter ZhuJian

　　肇始于不起眼处，于中间环节放大，直至多家知名企业涉入—由浙江天煜建设有限公司引发的担保链危局，或是这场多米诺骨牌游戏的典型样本。

Began in small place，In the intermediate link amplification，Until many famous enterprises involved in-by zhejiang day Yu construction Co., LTD, the guarantee of the crisis triggered chain，Or the dominoes game of typical samples。

　小火星引燃导火线 Small Mars ignites fuse

　　本次危机起源于天煜建设。该公司注册地为浙江东阳，注册资本8000余万元。2011年12月，天煜建设下属江苏分公司经理因涉嫌非法集资，引发诉讼。之后，天煜建设的账户、房产等资产悉数被法院冻结查封。

This crisis originated in the day Yu construction。The company registered for zhejiang dongyang，Registered capital of 8000 yuan。December 2011，Day Yu construction affiliate jiangsu branch manager for suspected illegal raise money，Trigger action。after，Day Yu construction account、Real estate and other assets by the court to freeze all)。

　　2011年底，天煜建设因经营不善，正式向东阳市法院提交破产申请，第一块多米诺骨牌倒下，其身后庞大的连环担保圈开始一层层受到波及，其中的企业均难以脱身。

By the end of 2011，Day Yu construction for bad management，Dongyang court formally to submit application for bankruptcy，The first piece of dominoes fall，Behind the huge serial guarantee lap layers is affected，One of the enterprise are difficult to get away。

　　首当其冲的是位于萧山的嘉逸集团。天煜建设在建设银行(601939,股吧)贷款1.4亿元，其中9000万元由嘉逸集团与之互保。受此影响，嘉逸集团在建行的9000万元的贷款脱保，由此引发嘉逸集团及其关联企业华洲集团被集中收贷1.15亿元，同时出现近1.2亿元的贷款逾期。为应对危机，嘉逸集团已经通过民间借贷融资了近2亿元。

As the first is located in xiaoshan escape the group。Day Yu construction in construction bank(601939,Shares it)A loan of RMB 140 million,，Including 90 million escape by the group and the mutual insurance。Affected by this，The group did escape under 90 million yuan in loans TuoBao，The resulting from the group and its associated enterprises HuaZhou group is concentrated ShouDai 115 million yuan，At the same time appear nearly 120 million yuan in loans overdue。In response to the crisis，The group has escaped by private-loan financing nearly 200 million yuan。

　　“天煜建设的贷款总额不高，且其中大部分是与嘉逸集团互保，其破产本不足为惧。但是，被这根导火索点燃的嘉逸集团，却是一颗大地雷。”身处于这一担保圈中的一家杭州企业的负责人说。

“Day Yu construction loans is not high，And most of them are fine and escape the group each other，This is not afraid of bankruptcy。but，Is this fuse lit from the group，It is a big mines。”The body is in this guarantee of a circle the enterprises in hangzhou chief said。

　二级担保圈瞬间波及 Level 2 guarantee circle instant affected

　　除了天煜建设与嘉逸集团互保，荣事集团、浙江高盛科技有限公司、中业控股、正见集团与之亦存在4000万元至1.5亿元不等的互保贷款。

In addition to day Yu construction and the mutual insurance group escape，Glorious things group、Zhejiang Goldman sachs technology Co., LTD、Industry holding in、Is there also see group and $40 million to $150 million for each of the loans。

　　“从源头上顺藤摸瓜，天煜建设与嘉逸集团及与之关联的华洲集团构成一级担保圈，而荣事集团等4家公司则属于第二级担保圈。”荣事集团董事长陈贵荣表示。

“ShunTengMoGua from the source，Day Yu construction and jia escaped group and associated with the HuaZhou group constitute a level 1 guarantee circle，And things such as group and four companies belong to the first level 2 guarantee circle。”And President of group of things ChenGuiRong said。

　　值得一提的是，正是在这个“二级担保圈”中，浙江高盛科技董事长洪汉民已于2012年3月跑路加拿大，身后留下高达18亿元的欠债，其中10亿元为银行贷款。一些为洪汉民旗下公司担保的企业深受重创，并进而波及到这些企业各自的关联方和借款银行。

It is，It is in this“Level 2 guarantee circle”in，Zhejiang Goldman sachs chairman of science and technology HongHanMin already in March 2012 run road Canada，Left behind is as high as 1.8 billion yuan of debt，Of which 1 billion yuan for a bank loan。Some HongHanMin its company guarantee for the enterprise by the jolt，And then spread to the enterprise their affiliates and bank loans。

　　位于浙江上虞的康辉铜业有限公司和位于诸暨的经发集团，是在洪汉民冲击波中牵涉最深的两家企业。其中，康辉铜业给高盛科技一笔数千万元的贷款提供了担保。在洪汉民跑路12天后，康辉铜业即陷入停产。当地盛传康辉铜业的债务有七八亿元，其中大部分为银行贷款。康辉铜业出现资金问题后，同康辉铜业有担保关系的经发实业随即受到牵连。当地民间说法称：经发实业涉及负债近30亿元，民间借贷近8亿元。企业发生风险之后，诸暨市政府第一时间介入，防止了企业风险的扩散和升级。

Located in zhejiang shangyu KangHui of copper Co., LTD and located in zhuji by the hair of the group，In HongHanMin shock wave is involved in the deepest two enterprises。Among them，KangHui copper to Goldman sachs technology a tens of millions of dollars of loans provide the guarantee。HongHanMin run road in 12 days，KangHui copper namely into production。Local media KangHui copper debt have 7.8 billion yuan，Most of them for bank loans。KangHui copper appear after funding，With KangHui copper secured by the hair of the relationship between industrial immediately affected。The local folk statement said：The hair industrial involving debt nearly 3 billion yuan，Folk borrowing nearly 800 million yuan。Enterprise happened after the risk，Zhuji city government intervention in the first time，To prevent the spread of the enterprise risk and upgrades。

　　二级担保圈中存在多家关联互保关系的并非高盛科技一家。资料显示，中业控股、荣事集团等在该担保圈之外，还与其他多家企业形成互保关系。以荣事集团为例，就有虎牌集团、九龙控股、XS集团、朗华家具、博洋家具、荣业家具等6家公司与之互保。

Level 2 guarantee existing in the circle is home to more than the relationship of mutual association is not a Goldman sachs science and technology。Data shows，Industry holding in、Glory in this guarantee things such as group outside the circle，Also with many other companies form the relationship between each other。To honor things group for example，Have the tiger brand group、Kowloon holding、XS group、Lang China furniture、BoYang furniture、RongYe six companies such as furniture and protect each other。

　又引出一个“地雷” And lead you to a“mines”

　　在涉及企业众多的第三级担保圈中，主营电器元件、电线电缆及成套设备，综合实力连续5年跻身“中国民营企业500强”的虎牌控股是最引人注目的一家。虎牌控股此番陷入危机，除互保因素外，还有一个重要原因是公司并购宏发能源导致资金吃紧，最后陷入危机。

In many of the third level involving enterprise security circles，The main electrical components、Cable and complete sets of equipment，Comprehensive strength for five consecutive years among“China's top 500 private enterprise”The tiger brand holdings is the most striking a。The tiger brand holding this "in crisis，In addition to the outside factors each other，There is one more important reason is the merger and acquisition hongfa energy cause tight money，Finally in crisis。

　　为解决流动资金紧缺，虎牌控股早年就开始参与互保贷款。截至目前，公司共有2亿元的贷款担保。今年2月，嘉逸集团资金断链，为其提供6000万元担保的荣事集团被北京银行(601169,股吧)收贷3000万元。作为互保企业，虎牌控股受到牵连，相关银行表示，给予虎牌控股的贷款到期后将不再续贷。

To solve the liquidity shortage，The tiger brand holding an early age began to participate in each other the loans。So far，The company consists of 200 million yuan of loan guarantees。February，The group's fund from broken chains，Offer for its $60 million guarantee that the glory of the group was Beijing bank(601169,Shares it)ShouDai 30 million yuan。As a mutual insurance enterprise，The tiger brand holding affected，Related bank said，Give the tiger brand holding loans will no longer continue after the end of the loan。

　　2010年11月，虎牌控股以7.98亿元收购宏发能源100%股权。因未及时掌握德国西门子总部有关宏发能源旗下西门子（杭州）高压开关有限公司和杭州德特高压电气设备有限公司资产不能质押的情况，导致此前浙商银行3.82亿元并购贷款只发放了2.5亿元，并提前收贷1亿元。因此，虎牌控股资金吃紧，之后从旗下企业调资，致其部分停产。

November 2010，The tiger brand holdings for $798 million acquisition hongfa energy 100% equity stake。For failing to grasp the German Siemens headquarters relevant hongfa energy, Siemens（hangzhou）High voltage switch Co., LTD. And hangzhou DE ultra-high voltage electrical equipment Co., LTD. Assets can't pledge，Zhejiang businessmen prior to this $382 million bank loan only released a merger is 250 million yuan，And ShouDai 100 million yuan in advance。so，The tiger brand holding tight money，From DiaoZi after its enterprises，The part to suspend production。

　　今年3月，虎牌共有13笔共计2.6亿元贷款到期。仅仅1个月后，虎牌又面临19笔共计2.2亿元的贷款到期。“虽然各家银行都认为虎牌资产优良，纷纷表示给予支持。但是，受风控机制限制，受互保单位问题牵连的银行已经明确表示不愿意继续提供贷款。”虎牌集团的一位高管表示，“如果银行要我们只还不贷，势必会造成企业资金链彻底断裂。”

In march this year，The tiger brand of 13 pen there is $260 million loan expires。Just one month after，The tiger brand and face 19 pen there is $220 million loan expires。“Although Banks all think that tiger brand assets is good，Expressed their support。but，By the wind control mechanism restrictions，Each unit by the problems involved in the bank has already made clear it will not willing to continue to provide loans。”The tiger brand group an executive said，“If the bank is not only to our credit，Will naturally cause enterprise capital chain thoroughly fracture。”

　　据悉，目前虎牌集团已经在重组过程中，并希望引进战略投资者。

It is reported，At present the tiger brand group has been in the restructuring，And hope to introduce strategy investors。