信用风险已成为电子商务持续发展的主要障碍,因此,其规避方法成为目前电子商务理论和实务中研究的热点,但需要明确这种风险是如何形成的。电子商务信用风险形成受多种因素的影响,且影响机理比较复杂,本文从超循环系统的基本观点出发,建立电子商务信用风险系统中的反应循环、催化循环和超循环模型,分析电子商务信用风险系统具有一些新的特点如自稳定性等,揭示了电子商务信用风险形成的超循环机制。 Credit risk has become a major obstacle to the continuous development of e-commerce. Therefore, its evasion method has become a hot spot in the theory and practice of e-commerce at present, but it needs to be clear about how this risk is formed. The formation of credit risk in e-commerce is influenced by many factors and the influence mechanism is quite complex. This article sets up the reaction cycle, the catalytic cycle and the super-cycle model in the e-commerce credit risk system from the basic viewpoint of the hypercycle system, and analyzes the e-commerce credit Risk system has some new features such as self-stability, revealing the formation of super-cycle mechanism of credit risk in e-commerce.