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《Securities Market Herald》 2018-01
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The Formation of Guarantee Circle of Listed Firms:Evidence from the Perspective of Inter-firm Relation

Li Mingming;Liu Haiming;  
This paper surveys the formation of guarantee circle from the perspective of inter-firm relationship.Results show that inter-firm familiarity is the basis of the guarantee circle.The greater familiarity is the firm,the more probability is a firm in the guarantee circle.Furthermore,when a firm's performance is lower or governance is worse,the positive relation between familiarity and guarantee circle is less.Government intervention can mitigate the positive relation between familiarity and guarantee circle.These results indicate that bad governance and institutional background can make firms consider less of familiarity in the guarantee contract,which distorts the function of guarantee and leads to guarantee circle problem.This paper has implications for commercial banks' guarantee loan practices as well as enhancing the credit resource allocation efficiency in new normal period.
【Fund】: “泰山学者专项工程”经费资助;; 国家自然科学基金项目(71702089);; 教育部人文社科基金项目(17YJC790093)的部分成果
【CateGory Index】: F832.4
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