晋升激励、金融市场化与担保圈现象

近年来，担保圈现象成为影响公司稳健运行和区域经济发展的一大问题，本文研究了担保圈问题的形成机理。结果发现，晋升激励越大、金融市场化水平越低，企业加入担保圈的可能性越大。控股股东的侵占风险越高，晋升激励和金融市场化水平影响担保圈形成的作用更强。晋升激励主要影响国企加入担保圈的行为，而金融市场化水平主要影响非国有企业加入担保圈的行为。本文揭示了担保圈的形成机理，对于新常态下通过深化改革、完善治理提升信贷资源配置效率具有一定的启示。

Promotion Incentives,Financial Marketization and Guarantee Circle

In recent years , the guarantee circle phenomenon has become a serious problem that negatively affects corpo -rate performance as well as regional economic development .This paper investigates the mechanism of the guarantee network formation.Results show that when the promotion incentive of one province is larger or its financial marketization level is lower , firms located in that province are more likely to join in the guarantee circle .Furthermore , when expropriation risk of block shareholders is higher , the above-mentioned effect is larger .Promotion incentives mainly affect the state-owned firms while fi-nancial marketization level mainly affects the non-state-owned firms.This paper uncovers the mechanism for the formation of the guarantee circle , and has some implications for enhancing credit resources allocation efficiency through deepening reform and improving corporate governance .