担保关联与企业财务脆弱性的调节效应分析

Analysis on the Regulatory Effect of Guarantee Association and Enterprise Financial Vulnerability

在线阅读下载PDF

导出

摘要以2008—2018年非金融类上市公司为例,采用固定效应模型,探究担保关联对企业财务脆弱性的影响及存在的调节效应。从网络关联性出发,研究表明:无论是担保网络中一般企业关联程度的增加还是核心企业中心性的增加,都会导致企业财务脆弱性增加,担保关联与企业财务脆弱性正相关。担保关联对企业财务脆弱性的作用过程存在调节效应,微观层面表现为一般企业债务水平或面临的融资约束增加时,加剧担保关联对其财务脆弱性的影响;但是对于担保网络中的核心企业而言,仅存在融资约束对二者关系的调节效应。 Taking non-financial listed companies from 2008 to 2018 as the example,the fixed effect model is used to explore the impact of guarantee relatedness on corporate financial vulnerability and the existence of moderating effects.Starting from network relatedness,the study shows that both an increase in the general degree of firm relatedness in the guarantee network and an increase in the centrality of core firms leads to an increase in firm financial vulnerability,and guarantee relatedness is positively related to firm financial vulnerability.There is a moderating effect on the process of the effect of guarantee relatedness on the financial vulnerability of firms,which is manifested at the micro level as an increase in the level of debt or the financing constraints faced by firms in general,exacerbating the effect of guarantee relatedness on their financial vulnerability;however,for the core firms in the guarantee network,there is only a moderating effect of financing constraints on the relationship between the two.

作者吕静张成鹏王营 Lv Jing;Zhang Chengpeng;Wang Ying(Beijing National Accounting Institute,Beijing 101318,China;Institute of Industrial And Technical Economics,Chinese Academy of Macroeconomic Research,Beijing 100038,China;School of Economics and Finance,Shandong University of Finance and Economics,Jinan 250002,Shandong,China)

机构地区北京国家会计学院中国宏观经济研究院产业经济与技术经济研究所山东财经大学金融学院

出处《金融发展研究》北大核心 2022年第6期22-30,共9页 Journal Of Financial Development Research

基金国家自然科学基金青年项目“高管同群现象及其决策行为研究”(71802116) 教育部人文社科规划青年项目“董事网络镶嵌下的企业创新:理论与实证”(17YJC630166) 山东省自然科学基金博士项目“关系网络镶嵌下的企业决策趋同性研究:理论拓展与机制耦合”(ZR2018BG006) 山东省社科规划研究项目“雾霾污染与上市企业股利政策”(19CJRJ15)。

关键词担保关联财务脆弱性融资约束债务水平 guarantee relatedness financial vulnerability financing constraints debt level

分类号 F830 [经济管理—金融学]

作者简介吕静,女,河南周口人,北京国家会计学院,经济学博士,研究方向为公司金融、农村金融;张成鹏,男,山东济宁人,中国宏观经济研究院产业经济与技术经济研究所,研究方向为电商平台与数字经济、农业经济理论与政策;通讯作者:王营,男,山东沂水人,博士,山东财经大学金融学院副教授,研究方向为公司金融、绿色金融。