Under the background of building a unified national market, the world is facing the pressure of inflation rising and the escalation of the conflict between Russia and Ukraine, and the financial systemic risk has also risen significantly. On the premise of preventing financial risk, China’s 14th Five-Year Plan proposes to strengthen financial support for technological innovation. Related-party guarantee is an important credit mechanism of the financial market, but it also brings debt risk to guarantee firms. Attaching importance to the prevention of guarantee debt risk and promoting the guarantee subjects to achieve reciprocity are the key to establishing a long-term mechanism of “being able to guarantee, willing to guarantee, and daring to guarantee”.
This paper takes the
The marginal contributions of this paper are as follows: (1) From a new perspective of the “regulation” on related-party guarantee risk management and control, it offsets the defects of the research in the field of guarantee system and firm innovation. (2) It reveals the impact mechanism of the guarantee circle law promoting firm innovation, which deepens the understanding for the mechanism of the guarantee law promoting innovation. (3) From the perspectives of overcoming governance defects, “prevention in advance” and “relief after the event”, it analyzes how to build a legal business environment to improve the quantity and quality of firm innovation, which expands the relevant theory of “law and finance”.