CAJ | 학술논문

集团企业将担保作为信用创造工具而不是风险缓释工具时，就会产生信用泡沫化的问题。本文分析了处于上升期的集团企业通过内部关联互保与多元化经营战略，实现信用的扩张与膨胀，进而突破安全边界，最后虚化乃至破裂的内在逻辑，并指出由于利益相关方众多，极易因非合作博弈形成处置困境。
집단기업장담보작위신용창조공구이불시풍험완석공구시，취회산생신용포말화적문제。본문분석료처우상승기적집단기업통과내부관련호보여다원화경영전략，실현신용적확장여팽창，진이돌파안전변계，최후허화내지파렬적내재라집，병지출유우이익상관방음다，겁역인비합작박혁형성처치곤경。
When conglomerate take guarantee as a tool of credit creating not risk mitigation, there will be bub-blization of credit. This article analyzes the inner logic of this process:the conglomerate utilize connected guarantee and diversified operations to realize the expansion of credit,and then the risk will exceed the scope of safety,the cred-it bubble burst suddenly as the guarantee is weakening and disappearing. In addition, the process of disposal will face dilemma because of many interested party and non-cooperative game.