关联担保风险管控促进企业创新了吗?——基于担保圈法规的准自然实验

Does“Related-party Guarantee Risk Management and Control”Promote Firm Innovation?Evidence from a Quasi-natural Experiment of the Guarantee Circle Law

关联担保是金融市场的一种重要信用机制,有助于提高企业融资能力和投资水平,但也会给担保企业带来债务风险,限制其创新和发展。通过关联担保风险管控对担保行为加以规范,是趋利避害、促进企业创新的有效途径。文章依据“法与金融”的理论脉络,以《关于加强企业担保圈贷款风险防范和化解工作的通知》作为准自然试验,使用2009-2019年沪深A股上市企业微观数据,构建双重差分模型分析关联担保风险管控对企业创新的影响。研究发现:(1)关联担保风险管控能够显著提升企业的创新能力,该促进效应主要体现为除外观设计型专利外的各类专利申请量的增加;(2)关联担保风险管控能够通过规避债务违约风险、降低经营环境不确定性、防止管理层短视和推动企业联盟合作四个渠道促进企业创新;(3)关联担保风险管控能克服大股东代理成本高、机构投资者持股比例低的内部治理缺陷,从而激励企业创新;(4)担保圈法规的创新激励效应离不开司法保护,且在保险市场发展较好时,该法规更能提高企业的实质性创新水平。文章为统筹金融风险防范和高水平企业创新、保障经济稳中向好发展提供了一定的决策参考。

Under the background of building a unified national market,the world is facing the pressure of inflation rising and the escalation of the conflict between Russia and Ukraine,and the financial systemic risk has also risen significantly.On the premise of preventing financial risk,China's 14th Five-Year Plan proposes to strengthen financial support for technological innovation.Related-party guarantee is an important credit mechanism of the financial market,but it also brings debt risk to guarantee firms.Attaching importance to the prevention of guarantee debt risk and promoting the guarantee subjects to achieve reciprocity are the key to establishing a long-term mechanism of“being able to guarantee,willing to guarantee,and daring to guarantee”This paper takes the Notice on Strengthening the Prevention and Dissolution of Risk in Loans Provided to Firms in the Guarantee Circle as a quasi-natural experiment,and uses 2009-2019 A-share listed company data and the DID method to analyze the impact of related-party guarantee risk management and control on firm innovation and its mechanism.The results show that:(1)The related-party guarantee risk management and control improves firm innovation by avoiding default risk,reducing environmental uncertainty,preventing the management's myopia,and promoting alliance cooperation.(2)The guarantee circle law can overcome governance defects in the high agency cost of large shareholders and the low institutional ownership,and stimulate firm innovation.(3)The guarantee circle law can form complementary advantages with judicial protection to stimulate innovation,and stimulate substantive innovation better when the insurance market develops well.Thus,we should improve relevant laws to further standardize guarantee information disclosure and business process;strengthen the supervision on large shareholders'occupation of fund to give play to the role of institutional investors in balancing major shareholders;improve the trial efficiency of guarantee cases,expand the scope of insurance business,and provide relevant data information for risk supervision.The marginal contributions of this paper are as follows:(1)From a new perspective of the“regulation”on related-party guarantee risk management and control,it offsets the defects of the research in the field of guarantee system and firm innovation.(2)It reveals the impact mechanism of the guarantee circle law promoting firm innovation,which deepens the understanding for the mechanism of the guarantee law promoting innovation.(3)From the perspectives of overcoming governance defects,“prevention in advance”and“relief after the event”,it analyzes how to build a legal business environment to improve the quantity and quality of firm innovation,which expands the relevant theory of“law and finance”.