| As an important fund provider in China’s capital market,banks often require borrowing companies to provide guarantees when issuing loans to companies,thereby reducing loan risks.When their own resources are insufficient to provide sufficient guarantees,many companies have to seek other companies to provide debt guarantees in order to obtain bank loans.This makes third-party debt guarantees,namely external guarantees,very common in my country’s capital market.At the same time,financing difficulties have always been a major problem that plagues the sustainable and healthy development of Chinese enterprises,and financing constraints have become one of the important bottlenecks restricting my country’s economic transformation and upgrading.Adverse selection and moral hazard problems caused by information asymmetry are bound to increase the financial risks of companies that provide external guarantees.In addition,it is not uncommon for large shareholders to transfer company wealth through external guarantees,which harms the interests of small and medium investors.So,will external guarantees worsen the level of financing constraints of Chinese listed companies?What impact will the legal environment,the nature of property rights and analysts’ attention have on the relationship between external guarantees and financing constraints?These are the questions that this article wants to explore.This article takes my country’s listed companies in the Shanghai and Shenzhen stock exchanges from 2013 to 2019,excluding financial industries,as the research object,through empirical research on the impact of corporate external guarantees on corporate financing constraints.The research results show that the provision of external guarantees by enterprises will increase their own financing constraints;and the greater the amount of external guarantees,the higher the degree of financing constraints.Compared with enterprises in areas with high rule of law,the external guarantees of enterprises in areas with low rule of law have a more significant impact on the level of financing constraints they face.Compared with state-owned enterprises,the external guarantees of non-state-owned enterprises have a more significant impact on the level of financing constraints they face.Compared with companies with high analyst attention,the external guarantees of companies with low analyst attention have a more significant impact on the level of financing constraints they face.Through the empirical analysis of the relationship between corporate external guarantees and financing constraints,this paper enriches the relevant research on contingencies and financing constraints.In addition,the influence of the legal environment,the nature of property rights and analyst attention on the relationship between external guarantees and financing constraints of companies is also discussed,providing a new perspective for the study of corporate financing constraints.The research conclusions of this article have certain reference significance for enterprises to provide external guarantees prudently,for the country to strengthen the capital market and the construction of the rule of law,and to futher promote the marketization of socialist economy. |
