市场化进程、政府干预与企业对外担保

Market Process,Government Intervention and Enterprises' External Guarantee

上市公司的对外担保行为关系到企业的资产安全和经营质量,直接影响了证券市场的资源配置功能。本文以2003-2009年期间发生对外担保的上市公司作为样本,从实际控制人角度出发,考察不同的市场化进程下,各级政府的动机和行为对上市公司对外担保可能产生的影响。研究发现,政府干预对上市公司的对外担保行为有显著影响,且这一干预因政府层级和各地的市场化进程而异。因此,在讨论企业对外担保行为的相关问题时,应该更多地关注影响这一行为的根本性因素,从而寻求应对之道。

The guarantee of listed companies concerns the asset security and management quality of enterprises,which directly affects the resources allocation function of stock market.In this paper,we choose the external security of the listed companies during the years of 2003-2009 and discuss the potential impact of the motives and actions of government at all levels upon the listed companies,from the actual controller＇s perspective of different market process.It finds that government intervention significantly affects the listed company＇s external guarantee behavior,and such intervention varies by both government level and market process.Therefore,we should pay more attention to the fundamental factors that influence the enterprises＇ external guarantee behavior in order to seek the countermeasures.