对外担保与企业经营风险  

External Guarantees and Corporate Operational Risk

作　　者：邵志浩 才国伟[2] SHAO Zhihao;CAI Guowei(School of Economics,Qingdao University,Qingdao 266061,China;Lingnan College,Sun Yat-sen University,Guangzhou 510275,China)

机构地区：[1]青岛大学经济学院,山东青岛266061 [2]中山大学岭南学院,广东广州510275

出　　处：《中南财经政法大学学报》2024年第3期29-42,共14页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金重大项目“世界经济不确定性的测量、对中国经济的溢出效应及其传导机制研究”(22&ZD058);国家自然科学基金面上项目“中国外部资产的宏观经济效应与货币政策优化调整”(72073147);国家统计局重点项目“重大突发事件下非常规冲击的统计监测与数据管理研究”(2020LZ24);“泰山学者”专项工程经费(tsqn202103054)。

摘　　要：基于中国资本市场违规担保不断“爆雷”以及企业外部环境不确定性增加的现实背景,本文以2008—2021年中国A股上市公司为研究样本,探讨对外担保对实体企业经营风险的影响及其作用机制。研究发现,企业对外提供担保显著提高了自身的经营风险水平。影响机制检验表明,对外担保主要通过强化融资约束、加剧大股东资金占用和高管在职消费行为以及降低经营能力来增加企业经营风险。异质性分析表明,对外担保对经营风险的提升作用在非国有企业、管理层持股比例低的企业、控股股东两权分离度高的企业以及所处产品市场竞争程度低的企业中更加明显。进一步研究发现,虽然对外担保有助于企业通过对方担保获取借贷资金,但这些资金可能没有用于企业生产经营活动,即对外担保不能为企业带来明显收益。并且,对外担保提高了企业退市概率,表明对外担保风险具有不可控性。Based on the reality of the continuous explosion of illegal guarantees in Chinese capital market and the increasing uncertainty of the external environment of enterprises,this paper takes Chinese A-share listed companies from 2008 to 2021 as a research sample to explore the impact and mechanism of external guarantees on the operational risk of real enterprises.The study finds that the external guarantees provided by enterprises significantly improve their operational risk.The test of the impact mechanism shows that the external guarantees mainly aggravate corporate operational risk by increasing the financing constraints,increasing the capital occupation behavior of large shareholders and the perquisite consumption behavior of senior executives,and reducing the operational ability.Heterogeneity analysis shows that the enhancing effect of external guarantees on operational risk is more evident in non-state-owned enterprises,enterprises with low management shareholding ratio,enterprises with high separation of controlling shareholders′two rights,and enterprises with weak product market competition.Further research finds that although external guarantees help enterprises obtain borrowed funds through counterparty guarantees,these funds are not used for corporate production and operation activities,i.e.,external guarantees do not bring significant benefits to enterprises.Moreover,external guarantees increase the probability of corporate delisting,indicating that the risk of external guarantees is uncontrollable.

关 键 词：对外担保 经营风险 融资约束 资源侵占 经营能力 

分 类 号：F275[经济管理—企业管理]