Abstract: Debt exceeding refers that the guarantor obtains the credit claim from the guaranteed party when the guarantor pays off the debt at the maturity in the default of the borrower. The paper analyzes the three stages of the loan guarantee financing contract under the debt exceeding including the signature of the contract,the maturity of guaranteed debt and the maturity of exceeding debt,and analyzes the necessary conditions for the successful debt exceeding. The paper gives out the Nash game equilibrium of the guarantee contract at the signing moment. At the same time,the paper gives the profound analysis of the sub-game equilibrium in the debt exceeding stage. The results show that the guarantee premium has a positive and negative relation with the risk of project and the liquidity of the project respectively,the guarantee proportion has a negative relation with the investment cost,these can be some scientific ground for the guarantee practice.

Key words: financing guarantee, debt exceeding, sub-game, guarantee contract