被担保网络影响企业投资效率吗?——基于融资约束的视角  

Does the Guaranteed Network Affect Corporate Investment Efficiency?A Perspective of Financing Constraints

作　　者：林树[1] 朱超 朱怿 Shu Lin;Chao Zhu;Yi Zhu(Business School,Nanjing University,Nanjing Jiangsu 210093,China;BNB Wealth Management Co.,Ltd.,Ningbo Zhejiang 315000,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]宁银理财有限责任公司,浙江宁波315000

出　　处：《会计与经济研究》2024年第3期3-25,共23页Accounting and Economics Research

基　　金：国家自然科学基金项目(71872081、71832006);教育部人文社会科学重点研究基地南京大学长江三角洲经济社会发展研究中心、区域经济转型与管理变革协同创新中心重大课题项目“长三角区域资本市场发展研究”(CYD-2020009);南京大学人文社会科学双一流建设“百层次”科研项目。

摘　　要：我国上市公司普遍参与担保贷款,形成了基于担保关系的被担保网络。文章运用社会网络分析方法,考察了上市公司被担保网络中心性对其投资效率的影响。基于2003-2019年A股上市公司担保数据,并在考虑非上市公司对上市公司提供担保的基础上,文章构建了上市公司被担保网络,实证发现上市公司被担保网络中心性越高,其投资效率越高;中介效应检验发现,融资约束在这一关系中发挥了部分中介作用。研究不仅丰富了上市公司担保网络的相关文献,还为完善我国担保体系、提高企业投融资效率提供了实践启示。Guaranteed loans are widely prevalent among Chinese listed companies,forming a guarantee-based network among companies.This paper employs social net-work analysis tools to investigate the impact of the centrality of the guaranteed network of listed companies on their investment efficiency.Based on the guarantee situations of A-share listed companies from 2003 to 2019 and considering the guarantees provided by non-listed companies to listed companies,a guaranteed network for listed companies is constructed.Empirical findings indicate that a higher degree of centrality in the guaran-teed network correlates with enhanced investment efficiency for listed companies.Medi-ation effect tests reveal that corporate financing constraints play a partial mediating role in this effect.This paper contributes to the extant literature on the guarantee networks of lis-ted companies and offers practical implications for refining China's guarantee system and improving the efficiency of corporate investment and financing.

关 键 词：被担保网络 投资效率 融资约束 担保贷款 网络中心性 

分 类 号：F275[经济管理—企业管理]