上市公司对外担保公告的市场反应研究

Market Response of Corporate External Guaranty Release

本文考察上市公司对外担保公告的市场反应及其影响因素。研究结果表明,总体而言,对外担保公告具有明显的市场反应。对外担保额越大,对外担保公告负面市场反应越显著,且受到不同监管时期影响;如果对外担保的上市公司存在逾期担保、相互担保或本次没有提供反担保,则市场反应更剧烈。进一步地,我们发现,公司治理结构影响对外担保公告的市场反应。

This paper examines the market response and influence factors of corporate external guaranty release. Our empirical results indicate that there exist significant market responses of corporate external guaranty release. The more volumes of external guaranty, the more negative market response, and market response are different in the different supervision period. Market response will more dramatically if there exist past overdue guaranty, mutual guaranty or not provided anti-guaranty. Further more. we find that corporate governance will impact market response of corporate external guaranty release.