External Guarantees and Corporate Operational Risk
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 opera-tional ability.Heterogeneity analysis shows that the enhancing effect of external guarantees on op-erational 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 en-terprises with weak product market competition.Further research finds that although external guar-antees 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 signifi-cant benefits to enterprises.Moreover,external guarantees increase the probability of corporate de-listing,indicating that the risk of external guarantees is uncontrollable.
万方数据
维普
