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| The Flip Side of Guarantee Network: Transmission Channel and Institutional Causes |
| CAO Tingqiu, LIU Haiming
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| School of Economics, Shandong University |
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Abstract This paper surveys the effect of guarantee network on firm performance, its transmission channel and institutional causes. Results show that guarantee network has negative effect on firm performance. The transmission channel shows that network induces firms’ excessive investment and opportunistic behavior of the blockholers. When government intervention is higher or market level of financial institution is lower, the effect of guarantee network on firm performance and opportunistic behavior of the blockholers will be larger, and the incentives of bad firms participating in guarantee will be higher. These results indicate that government intervention on firms’ guarantee policy and lower market level of financial institution will lead to forging and abuse of social network when social network is embedded in formal finance, thus suppressing the information function of guarantee. This paper has some implications for both practice of commercial banks and how to seek benefit and avoid disadvantages of social capital.
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Received: 19 July 2015
Published: 01 January 1900
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