告急！告急！

dries！dries！

　　银行收贷700亿元，杭州600多家企业岌岌可危，上百家企业面临倒闭。“办企业十多年，即便是2008年国际金融危机，我也从未像现在这样对资金感到如此恐惧。”一位企业主声泪俱下。

Bank ShouDai 70 billion yuan，Hangzhou more than 600 enterprises in jeopardy，Hundreds of enterprise is faced with close down。“Run the enterprise for more than ten years，Even the 2008 international financial crisis，I have never had it for capital felt so fear。”A voice tears accompany bottom business owners。

　　文│本刊记者朱健

Wen │ this reporter ZhuJian

　　“银行一抽贷，资金就吃紧，无奈求助民间借贷吧，高利贷就像饿狼一口一口地吞噬企业，我们这家企业给逼上绝路了。”浙江荣事集团董事长陈贵荣难掩悲愤。

“Bank lending a smoke，Money is tight，But for help non-government loan it，Usury is like a bite of hungry Wolf swallowed enterprise，We the enterprise to make up the wall。”Zhejiang and President of group of things ChenGuiRong difficult their grief and indignation。

　　谁也没有想到，总部位于杭州，主营分别是办公家具、管道、化工材料的荣事集团、XS集团、嘉逸集团同时因为远在浙江东阳的天煜建设公司的破产而深陷危机。看似没有直接关联的几家企业，却被错综复杂的互保、联保贷款关系拴在了同一根绳上。

They had no idea，Headquartered in hangzhou，The main respectively is office furniture、pipeline、Chemical materials that the glory of the group、XS group、The group at the same time as far from the day Yu zhejiang dongyang construction in bankruptcy and is in deep crisis。Seemingly no direct connection of the several enterprise，But the complexity of the mutual insurance、LianBao lending relationship in the same root rope tied。

　　还有许多企业和它们一样面临着痛苦选择，要么欠贷不还，要么让资金链断裂。

And many of the enterprise and as they faced with a painful choice，Or owe loans，Or let capital chain rupture。

　　2012年6月中旬，多家企业向《浙商》杂志求助：“杭州有600多家企业岌岌可危，上百家企业要倒闭，原因是当地银行向企业收贷超过700亿元。办企业十多年，即便是2008年金融危机，我也从未像现在这样对资金感到如此恐惧。”

In the middle of June 2012，Many enterprises to《zheshang》Magazine for help：“Hangzhou has more than 600 companies in jeopardy，Hundreds of enterprise to close down，The reason is the local bank to the enterprise ShouDai more than 70 billion yuan。Run the enterprise for more than ten years，Even the 2008 financial crisis，I have never had it for capital felt so fear。”

　　从去年下半年互保、联保危机爆发以来的近一年中，陷入困境的企业主们就像热锅上的蚂蚁，纷纷通过行业协会、职能部门、金融机构乃至新闻媒体奔走求救，然而收效甚微。

From the second half of last year each other、LianBao crisis since the outbreak of the close to a year，Troubled business owners are like an ant on a hot pan，Have through the industry association、Functional departments、Financial institutions and even to run the news media for help，But with little success。

　

　火烧连营 Baked wheaten cake joins camp

　　保证贷款一般由企业之间对等承担，简称为“互保”。而所谓联保贷款，就是3家或3家以上中小企业，自愿组成担保联合体，其中某一家企业向银行申请贷款后，联保体所有成员都需承担还款连带责任。

Guarantee loans by the enterprise bear equivalence，Referred to as"“Mutual insurance”。The so-called LianBao loans，Is three or more than three small and medium-sized enterprises，Voluntary association of guarantee，One enterprise applies to the bank for a loan，LianBao body all members must bear the reimbursement joint liability。

　　去年12月20日，天煜建设旗下分公司涉非法集资案发，公司由此破产，并遭法院查封资产。最早出问题的天煜建设在建设银行(601939,股吧)贷款1.4亿元，其中由嘉逸集团与之互保9000万元。同时，嘉逸集团又与荣事集团、XS集团、浙江高盛科技、中业控股公司、正见集团等多家公司存在4000万元至1.5亿元不等的互保行为。

Last December 20,，Day Yu construction in its branch illegally accepting the，The company from bankruptcy，By the court and seizure assets。The first day of the Yu construction in construction bank(601939,Shares it)A loan of RMB 140 million,，By the group of escape with each of the 90 million yuan。At the same time，The group with honor and ease things group、XS group、Zhejiang Goldman sachs science and technology、In industry holding company、Is seen and a number of companies have a group of $40 million to $150 million for each of the behavior。

　　而这些公司的担保圈再连环扩散开来，有更多的本地企业牵扯其中。“若让担保圈散发开去，将有超过600家公司牵涉其中。”杭州市政府的一位官员告诉《浙商》记者，“只要其中1家公司出现问题，就有可能引发成片企业遭殃。”

And these company guarantee circle to serial spread，Have more local enterprise involved。“If let guarantee circle to send out，There will be more than 600 companies involved。”One of the hangzhou municipal government officials told《zheshang》reporter，“As long as one of companies problems，It can be caused by the piece enterprise suffer。”

　　这几乎是企业间互保、联保关系的一个缩影。“只要在银行融资的企业，90%参与互保、联保，且平均每家企业的互保、联保单位都有5至7家。”某商业银行信贷部工作人员透露。

This is almost the each other between enterprises、LianBao a miniature of the relationship。“As long as the bank financing of enterprise，Participate in the 90% each、LianBao，And average each enterprise's mutual insurance、LianBao unit 5 to 7 home。”A commercial bank credit staff said。

　　在民营经济发达地区，这一模式曾在推动当地信贷市场发展中扮演着至关重要的角色。“铁索链舟、如履平地”本是联保贷款制度设计的美好愿景。然而当经济增速放缓下行，银行抽贷频频，参与互保、联保的诸多企业却多遭“火烧连营”之苦。

In the private economy developed regions，The model was in promoting local credit market development plays a very important role。“Chain boat so、RuLvPingDe”This is LianBao loan system design of a vision。However, when the economic slowdown in to the downside，Bank lending frequently smoke，Each other in the、LianBao of many of the enterprise is how bad“Baked wheaten cake joins camp”The suffering of the。

　　2011年底，中国银行(601988,股吧)业维系十年的不良贷款和不良贷款率双降之势终被反转，银行业整体不良资产率从不到1%开始节节攀升。这一危机最先暴露在银行业最发达、历史上资产质量最好的浙江省。来自银监局的数据显示，浙江省2012年4月底不良贷款为637亿元，比年初增长145亿元，增幅近30%。“年初浙江银行业不良贷款率是0.93%,到5月至少上升了0.5%。”一位工行浙江分行人士透露。

By the end of 2011，The bank of China(601988,Shares it)Industry sustain 10 years of bad loans and bad loans double down trend will be reversed，The total bad ZiChanLv never to 1% began climbing。The crisis in the banking industry the most developed the first exposure、History of the best quality assets of zhejiang province。From the CBRC figures show，At the end of April of zhejiang province in 2012 bad loans for 63.7 billion yuan，Growth than at the beginning of 14.5 billion yuan，Growth of nearly 30%。“Zhejiang banking early bad loans is 0.93%,To may at least rose 0.5%。”A Labour travel zhejiang branch sources。

　　而此番不良贷款和不良贷款率双升，刚好为互保危机的引爆煽风点火。

And the "bad loans and bad loans double rise，Just right for each other of the crisis detonated a conflagration。

　　3月份，面临巨大资金压力的杭州家具商们，以杭州家具商会名义草拟了《关于杭州市家具行业信贷危机的紧急报告》，提交给杭州主要经济、金融管理部门。报告称“商会部分大型核心企业受浙江天煜建设有限公司信用不良影响，于2012年1月起已出现多家企业遭遇多家银行单方面收贷。该突发事件引起多级互保圈资金链出现断裂危机，造成了杭州市家具行业的整体金融环境急剧恶化”。

march，Facing huge pressure furnisher of hangzhou the funds，Hangzhou furniture chamber of commerce to draw up the name《About hangzhou furniture industry an emergency report of the credit crisis》，Submitted to hangzhou main economy、Financial management department。The report says“Large core businesses are part of the chamber of commerce of zhejiang day Yu construction Co., LTD credit adverse effects，In January 2012 it has appeared in many enterprises Banks ShouDai unilaterally。The incident caused the multi-level mutual fund chain lap appear rupture crisis，Caused the hangzhou city furniture industry overall financial environment dramatically worse”。

　　据《浙商》记者调查，杭州家具商会的收贷事件涉及中国银行、建设银行等23家银行，关联债务金额约100亿元，相关企业近百家。

According to《zheshang》A survey，Hangzhou furniture chamber of commerce ShouDai events involving the bank of China、Construction bank 23 Banks，Associated debt about 10 billion yuan，Related enterprise near。

　　

受害者众 Victims all the

　　分析人士看来，浙江银行业率先“陷落”的主因，在于企业互保、联保的模式十分普遍。由于对外担保被视同为债务，使得一些原本负债率已经居高不下的企业，面临更大的财务压力，“一个老板失踪，一堆企业倒掉”。

Analysts seems，Zhejiang takes the lead in the banking industry“fall”The main reason of the，The enterprise is to each other、LianBao pattern is very common。As the external guarantee for equivalent debt，Make something that already high ratio of the enterprise，Face greater financial pressure，“A boss missing，A pile of enterprise best”。

　　今年5月初，位于有“中国皮革之都”之称的浙江海宁，一家知名皮革企业浙江宏昌制革有限公司老板黄健，因为负债近10亿元而跑路，去了加拿大。宏昌制革已经经营了8年，年产值近4亿元。

Early may this year，In a“Chinese leather”Zhejiang haining known，A famous leather enterprise zhejiang HongChang leather Co., LTD HuangJian boss，Because the liabilities of nearly 1 billion yuan and run road，Went to Canada。HongChang leather have business for 8 years，Output value of nearly RMB 400 million yuan。

　　浙江一家大型国有银行信贷部人士介绍，宏昌制革年销售收入2亿多元，银行贷款却高达8亿多元，至少涉及当地七八家银行，其中涉及建行约2亿多元、工行1亿多元。工行对其发放的1亿多元贷款中，一半是抵押贷款，一半是浙江萧山的一家企业提供的担保贷款。与宏昌有互保关系的企业远不止一二家。

Zhejiang a large state-owned bank credit personage introduction，HongChang leather making the sales income is 200 million yuan，Bank loans are as high as 800 million yuan，Involves at least eight local Banks，One involving the construction bank of about 200 million yuan、Icbc 100 million multivariate。On the issue of the icbc 100 million yuan in loans，Half the mortgage，Half an enterprise of zhejiang xiaoshan provide guarantee loans。And HongChang have the relationship of each enterprise is far more than just a little house。

　　杭州银行界人士手上有张“互保图”，上面列出牵涉互保的企业达到40多家。银行前往企业收贷时，多拿着这张“地图”。“此图仅显示4家企业案发所引起的互保关系，事实上外围涉及法人单位600至700家，资金数百亿元。”

Hangzhou bankers have a hand“Mutual the figure”，Listed above the enterprise to achieve mutual involved is home to more than 40。The bank to enterprise ShouDai，Much took the zhang“map”。“This graph shows only four enterprise caused by the mutual relationship between the，In fact peripheral involving legal person unit 600 to 700，Fund tens of billions of dollars。”

　　银行人士称，这种近百家企业借款人与担保人互为担保关系，造成担保形同虚设，如果整个行业都出现不景气或者经济下行时，互保和联保会使每个企业都深陷其中，甚至好的企业被坏的企业拖垮，形成大量坏账。

Bankers say，This nearly hundred enterprise the borrower and the guarantor are security relations，Cause guarantee eroded，If the industry will appear recession or economic downside，Mutual insurance and LianBao will make every enterprise in mud，Even good enterprise is bad enterprise drag down，Form lots of bad loans。

　　“互保联保害死人，这是一个老问题了。”浙江大学公共政策研究中心执行主任教授金雪军告诉《浙商》记者。

“The LianBao kill each other，This is an old problem。”Zhejiang university public policy research center, professor, executive director JinXueJun told《zheshang》reporter。

　　2008年，绍兴当时最大的企业浙江华联三鑫石化有限公司停产。

2008 years，The biggest enterprise zhejiang shaoxing was three xin petrochemical Co., LTD, domestic production。

　　这家企业融资80多亿元，最初涉及8家银行，但后来加上互保、联保企业牵涉数十家家银行，第一圈互保企业信贷规模仅工行就有60多亿元，绍兴当地知名的展望集团、浙江玻璃、加佰利集团皆牵涉入内。

The enterprise financing more than 80 yuan，First eight Banks involved，But then add mutual insurance、LianBao enterprise involved dozens of every bank，The first circle each other the enterprise credit scale has more than 60 icbc only one hundred million yuan，Shaoxing local famous outlook group、Zhejiang glass、And the group are involved into the big inside。

　　而在浙江诸暨，互保危机同样在企业间蔓延。今年3月28日，受互保牵连，湖州高盛科技总裁跑路。与之同处一个担保圈的诸暨“大鳄级”企业经发集团在过去两个月间上演了一出“起死回生”的逆转大戏：从受担保企业牵连资金链告急、被债权银行起诉而几乎宣告破产，直至当地政府动用各种资源出手相救，进行资产、债务、股权全体重组这才进入平稳过渡期。

And in zhejiang zhuji，The crisis also in each other between enterprise and spread。March 28,，Mutual involvement by the，Huzhou Goldman sachs CEO run road of science and technology。And with a guarantee in the circle of zhuji“Big alligator level”Enterprise group by the hair in the past two months on a between the“back”Reversal of the crowd：By guarantee from capital chain enterprise involved menace、Be creditor bank charges and almost declared bankruptcy，Until the local government use of various resources for shots，For assets、debt、Equity restructuring this just into the smooth transition。

　　浙江平湖，又是一个互保重灾区。据悉，已有多家企业因互保危机而破产、重组。

Zhejiang pinghu，Is a mutual care the disaster area。It is reported，For many enterprises for each other and the crisis bankruptcy、restructuring。

　

　四处求救 Around for help

　　危机中的企业多自救乏术，只能将希望寄托在外界施救上。

The enterprise crisis save more in two places at once，Can only hope on the outside on the rescue them。

　　杭州多家互保企业通过各种渠道，向杭州市政府、浙江省政府以及金融办、经信委递交报告，甚至给主管官员个人写信反映情况。然而，因为涉及范围大，来自政府的协调解决方案并不能如企业所愿，及时出台。

Hangzhou several mutual insurance enterprise through various channels，To hangzhou municipal government、Zhejiang province government and financial do、Submit the report by the letter committee，Even to the official letter reflect personal。however，Because the range，From the government's coordination solutions and can't such as enterprise to peace，Appear promptly。

　　6月中旬，多家企业找到《浙商》杂志，希望为他们呼吁。本刊及所属的世界浙商网及时派记者深入调查，刊发相关报道。6月底，本刊又召集多家企业座谈，了解相关情况。

The middle of June，Many enterprises to find《zheshang》magazine，Hope for their appeal。This newspaper and the world in zhejiang business send reporters further investigation，Reports published。At the end of June，This newspaper and called a number of enterprises discussion，Understand relevant situation。

　　事实上，这些企业主内心很矛盾—公之于众实在出于无奈。据《浙商》记者了解，2012年3月，因发现危机向家具行业扩散，杭州家具商会向杭州市政府及省银监局递交报告，希望银行停止收贷、返还贷款，并“在3年内不减少企业贷款额度”。

In fact，These business owners heart very contradiction-it from Christopher helpless。According to《zheshang》The reporter understands，March 2012，To furniture industry by finding crisis spread，Hangzhou furniture chamber of commerce to hangzhou city government and provincial silver inspect bureau to submit reports，Hope ShouDai Banks to stop、Return loan，and“In 3 years don't reduce enterprise loans”。

　　不料这份报告恰恰适得其反，浙江省银监局马上抄告各银行，家具行业因此被银行列入重点关注行业—荣事下游的二级担保圈企业接连出现银行收贷。

But the report on the backfire，Zhejiang province the CBRC immediately tell Banks copy，Furniture industry by Banks in focus on so that the industry-and downstream secondary guarantee on bank ShouDai circle enterprise appear。

　　现实让他们失望了。

Real let them down。

　　对互保企业，银行不光收贷，有的连正常的抵押贷款也不放了。XS集团以厂房及企业主自己的房产抵押，抵押标的达3600万元，可银行贷款1000万元之后，原先答应的1000万元迟迟放不下来。这家银行的回答是：“虎牌危机没有解除，不放心啊！”

The enterprise of the mutual，Bank ShouDai not only，Some even normal mortgages also don't put。XS to plant and business owners group their mortgages，Mortgage mark of 36 million yuan，But the bank after a loan of 10 million RMB，Originally promised to put $10 million of tardy not down。The bank is the answer：“The tiger brand crisis did not remove，Don't trust ah！”

　　这让他们倍感委屈。公司在新疆承揽了多个市政输水工程。“市政工程多要求企业垫资，流动资金就是我们企业的血液。银行把我们的血都抽干了，工程停下来了。企业生产经营受损不谈，还会影响到当地百姓的用水。”XS集团董事长叶某无奈地表示。

It makes them feel more injustice。The company in xinjiang city project of water over contracts。“Municipal engineering demanding enterprise mat endowment，Liquidity is our enterprise in the blood。The bank we blood is dry，Engineering to stop the。The production and operation of enterprises damaged don't talk，But also will affect local people with water。”XS YeMou group President but said。

　　而荣事集团则更觉冤枉。今年以来，因嘉逸集团等互保单位风波频频，与荣事集团有过合作的多家银行开始对其屡次抽贷，总额数千万元。

And what is more sleep group and injustice。Since this year，For the group, and other mutual insurance unit from storm frequently，And what a cooperation group and the many Banks start lending to the often smoke，Tens of millions of yuan total。

　　“其实，公司目前的市场拓展还不错。大飞机办公家具项目、广东省图书馆办公家具项目，订单均在2000万元以上；宜家家居给我们一年的订单，也超过2亿元。”陈贵荣说，“目前企业的危机，主要源于互保企业带来的危机，公司主业还行，却频遭银行抽贷。我想不通，银行是非要把我们逼到没钱生产、工人解散、设备生锈的绝地才肯罢休吗？”

“In fact，The present market development is good。Big plane project office furniture、Guangdong province library office furniture project，All orders in 20 million yuan of above；Ikea to give us one year the order，More than 200 million yuan。”ChenGuiRong said，“At present, the enterprise crisis，Mainly comes from the enterprise to bring each crisis，The company main still line，But PinZao bank lending smoke。I think impassability，The bank is to put our force to have no money production、Workers dissolved、Equipment rusty jedi then I will stop？”