对外担保对企业绩效的影响研究  

Research on Impacts of External Guarantees on Corporate Performance

作　　者：肖扬清[1] 郭妍 XIAO Yangqing;GUO Yan(School of Finance and Economics,Jimei University,Xiamen 361021,China)

机构地区：[1]集美大学财经学院,福建厦门361021

出　　处：《长春大学学报》2024年第11期29-38,共10页Journal of Changchun University

基　　金：福建省社会科学规划重大研究项目(FJ2023JDZ038);福建省社会科学界联合会博士扶持项目(FJ2022BF043)。

摘　　要：基于中国上市企业中频繁出现的“担保危机”现象,选取2009—2022年上市企业为研究样本,探讨企业对外担保对企业绩效的影响。研究发现,对外担保主要通过加重融资约束、加剧内部人资源侵占降低企业绩效。进一步研究发现,公司内部治理环境越低、金融市场化水平越低,对外担保降低企业绩效效应越强。异质性分析表明,在非国有资本参股的企业和行业竞争程度弱的企业,对外担保对企业绩效的负效应更明显。Based on the frequent occurrence of“guarantee crisis”among Chinese listed companies,this paper selects Chinese listed companies from 2009 to 2022 as the research sample to explore the impacts of external guarantee behavior on corporate performance.It is found that external guarantees mainly reduce the performance level of enterprises by aggravating financing constraints and intensifying the encroachment of resources by exteriors.Further research finds that the lower the internal governance environment and the lower the level of financial marketization,the stronger the effect of external guarantee on corporate performance.Heterogeneity analysis shows that the negative effect of external guarantee on enterprise performance is more obvious in enterprises with non-state-owned capital participation and enterprises with weak industry competition.

关 键 词：对外担保 企业绩效 内部人资源侵占 

分 类 号：F270[经济管理—企业管理]