市场化程度、集团性质和关联担保——来自中国上市公司的经验证据

Market Degree,Cooperation Features and Connected Guarantee——Evidence from Chinese Listed Companies

文章以我国A股上市公司2000～2004年的经验数据为样本，实证分析了市场化程度、集团性质对关联担保的影响，同时，把关联担保分为上市公司对外担保和接受担保两类进行分析。结果表明，集团性质公司与关联担保规模和担保公司数正相关，国有集团性质和所在地的市场化程度与关联担保负相关，并且进一步分析，接受担保与资金压力显著相关。最后，分析了关联担保给上市公司带来的经济影响，结果显示，对外担保对公司业绩有负面影响，而接受担保对公司业绩有正面影响。

The paper uses the date form Chinese A listed companies during 2000 to 21304, and makes an empirical analysis on the effect of market degree and cooperation features on connected guarantee which could be divided into two types. The result shows there is close relationship among these 3 elements, The author puts forward some suggestion on this topic,