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The strategic default of guarantee loans occurred in some areas, it can be seen that commercial banks risk management for guaranteed loans encounters some new challenges and bottlenecks.Based on traditional hold-up theory and game theory, this paper is trying to propose risk control mechanism for guaranteed loan by introducing rewards and punishments mechanism.Specifically, it is attempted to investigate risk control mechanism by constructing guaranteed loans model of two asymmetric enterprises which have different strength and scale, and taking advantage of rewards and punishments to incentive the enterprise.Further research uses dynamic game model to demonstrate the effectiveness of the risk control mechanisms.Studies have shown that appropriately increasing the internal punishments or rewards will effectively reduce the probability of strategic default and restrain the hold-up risk.