上市公司非正常担保问题的实证研究

An Empirical Study on the Abnormal Guarantee among Listed Firms in China

本文研究了上市公司的非正常担保行为的动机和效果。非正常担保是指上市公司超过自身能力范围之外的担保,包括过度担保、违规担保和连续担保。结果表明,资产负债率更高的公司更有可能参与非正常担保。非正常担保带来了显著的负面效果,它导致公司绩效下降、代理成本上升以及公司投资水平降低。本文对上市公司担保行为的监管具有一定的启示。

The paper studies on the motivation and effect of unusual guarantee behaviors of listed companies. Unusual guarantee refers to the certain guarantee that is beyond the capacity of listed company itself, which consists of over-guarantee,illegal guarantee and constant guarantee. The result indicates that the company with higher asset-liability ratio is more likely to be involved in unusual guarantee, which brings apparent negative effects. It leads to the decrease in company performance, reduction in investment level but increase in agency cost. The paper presents revelation to the supervision on guarantee behaviors of listed companies.