对外担保、银行关联与公司成长性——来自中国中小上市公司的经验证据  

External Security,Bank-enterprise Relationship and Enterprise Growth——Based on the Empirical Data from China's Small and Medium-sized Listed Companies

作　　者：刘睿智[1] 张正[2] 张鲁秀[3] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]山东大学管理学院,山东济南250100 [3]济南大学管理学院,山东济南250022

出　　处：《东北大学学报（社会科学版）》2016年第1期29-35,共7页Journal of Northeastern University(Social Science)

基　　金：国家社会科学基金资助项目(14CJY072;11BJY078);国家社会科学基金重点资助项目(12AZD098)

摘　　要：中小上市公司为子公司提供担保的现象日益增长,而越来越多的企业开始构建银行关联,为了探索两者与企业成长性之间的关系,使用中小上市公司的经验数据进行了检验。实证结果表明,中小上市公司对外提供担保的行为及其担保额度对自身成长性存在显著负面影响,而上市公司通过聘用具有银行工作背景的人士作为企业高管建立的银行关联不仅会对企业成长性产生正面影响,还对企业担保与成长性之间的关系存在正向的调节作用,从而验证了上市公司建立银行关联有利于改善企业对外提供担保的效果的结论。More and more China＇s small and medium-sized listed companies provide external security for their subsidiaries,and set out to establish their relationship with banks.In order to explore the relationship between external security,bankenterprise link and enterprise growth,the empirical data from China＇s listed companies were tested.The results showed that SMEs＇acts of providing external security for others as well as the amount that SMEs provide had a negative effect on the growth of SMEs,whereas the listed companies tended to build up a bankenterprise relationship by employing professionals with banking experience as their senior executives,which could not only exert a positive effect on enterprise growth but also have a positive moderating effect on the relationship between external security and enterprise growth.Thus,it can be concluded that building up bankenterprise relationship may improve the effectiveness of enterprises＇external security.

关 键 词：对外担保 银行关联 调节作用 中小上市公司 

分 类 号：F275.5[经济管理—企业管理]