摘要
本文以2001—2004年沪深两市所有发生对外担保的上市公司为样本,采用事件研究的方法,考察对外担保的公布给股东带来的财富风险,区分不同的担保对象和担保类型,对企业对外担保行为的市场结果进行研究。结果发现,投资者能够区分不同担保类型对上市公司的实质影响,上市公司的对外担保为股东财富带来了负面影响。
The paper selects all the external guarantee behaviors of listed A -share companies from 2001 - 2004 as the research sample. We use the method of event analysis to examine the wealth effects of external guarantee announcements to the shareholders. By distinguishing the different guarantee objects and kinds, we research the market effects of external guarantee behaviors of listed companies. The result shows that investors can distinguish the real affection to listed firms from different guarantee types. Empirical evidences show that external guarantee behaviors bring negative results to shareholders＇wealth.
出处
《财经问题研究》
CSSCI
北大核心
2008年第6期66-70,共5页
Research On Financial and Economic Issues
关键词
对外担保
风险管理
股东财富
external guarantee
risk management
shareholders＇wealth
