中文摘要：

担保链危机对区域金融稳定具有危害性。现有文献基于实际调研在健全监管法规方面提出了不少建议,但尚未从担保网络的系统风险角度来揭示这一现象的本质。企业互保和专业担保机构提供担保是企业融资时可选择的两种保证担保模式。然而,基于不同担保模式所演化出的担保网络却具有完全不同的系统风险。互保网络具有一损俱损的脆弱性,而专业担保网络则具有对随机失误的免疫性。这正是担保链危机形成的本质所在。

英文摘要：

It is obvious that the guaranty chain crises are harmful to regional financial stability.Lots of suggestions on improving regulatory rules have been proposed based on some investigations,but attention to the systemic risk is not paid to reveal the essence of the crises.Mutual guaranty and professional guaranty are available for enterprises to obtain loans from banks.However,different guaranty networks can be evolved into by choosing different guaranty models,resulting in different risks.The network induced by mutual guaranty model has the fragility of mutual loss,while that of professional guaranty model is immune to the random errors.This is the essence of guaranty chain crises.