对外担保与公司违规行为

The Impact of External Guarantee on the Company Violations

本文以2010-2019年沪深A股上市公司为样本,考察了对外担保与公司违规的关系。结果表明:对外担保与公司违规正相关,担保规模越大,公司违规倾向越大;当企业存在高风险担保时,其违规倾向会显著增加。影响机制检验显示:对外担保增大了企业陷入财务困境的风险,进而加剧了公司违规。进一步研究发现,国有控股治理以及更高审计质量的外部治理,缓解了对外担保对公司违规的负面作用。同时拓展了对外担保经济后果与公司违规内部影响因素领域的研究,为上市公司与投资者更好地理解担保经济后果,以及为监管机构完善治理上市公司违规方法提供了有益启示。

Based on the sample of Shanghai and Shenzhen A-share listed compa⁃nies from 2010 to 2019,this paper examines the relationship between external guarantee and company violations.The results show that the external guarantee is positively related to the company's violation.The larger the guarantee scale is,the greater the company's vi⁃olation inclination is;When there is a high-risk guarantee,the tendency for an enterprise to violate rules will increase significantly.The test on the impact mechanism shows that external guarantee increases the risk for enterprises to fall into financial distress,and then intensifies the proneness of company's violations.State owned holding governance and ex⁃ternal governance with higher audit quality have alleviated the negative effect of external guarantee on the company's violations.Meanwhile the expansion of the research field on the economic consequences of external guarantee and the internal influencing factors of corporate violations provides useful enlightenment for listed companies and investors to better understand the economic consequences of guarantee and for regulatory agencies to improve the methods of controlling violations of listed companies.