对外担保、银行关联与公司成长性来自中国中小上市公司的经验证据

摘要 中小上市公司为子公司提供担保的现象日益增长，而越来越多的企业开始构建银行关联，为了探索两者与企业成长性之间的关系，使用中小上市公司的经验数据进行了检验。实证结果表明，中小上市公司对外提供担保的行为及其担保额度对自身成长性存在显著负面影响，而上市公司通过聘用具有银行工作背景的人士作为企业高管建立的银行关联不仅会对企业成长性产生正面影响，还对企业担保与成长性之间的关系存在正向的调节作用，从而验证了上市公司建立银行关联有利于改善企业对外提供担保的效果的结论。
Abstract：More and more Chinas small and medium-sized listed companies provide external security for their subsidiaries， and set out to establish their relationship with banks. In order to explore the relationship between external security， bank-enterprise link and enterprise growth， the empirical data from Chinas listed companies were tested. The results showed that SMEs acts of providing external security for others as well as the amount that SMEs provide had a negative effect on the growth of SMEs， whereas the listed companies tended to build up a bank-enterprise relationship by employing professionals with banking experience as their senior executives， which could not only exert a positive effect on enterprise growth but also have a positive moderating effect on the relationship between external security and enterprise growth. Thus， it can be concluded that building up bank-enterprise relationship may improve the effectiveness of enterprises external security.