上市公司提供关联担保增加了公司价值吗?——基于沪深上市公司的数据检验

Does Listed Companies's Related Party Guarantee Increase Corporate Value?——Empirical Evidence from Shanghai & Shenzhen Stock Market

关联担保是公司日常融资活动的重要部分,了解关联担保与公司价值的关系有助于实现公司价值最大化。关联担保有可能促使担保双方融资效率的提升从而增加上市公司的价值,也有可能沦为控股股东损害中小股东利益和公司价值的隐蔽手段。本文以2006年至2014年发生关联担保的1118家沪深上市公司为样本,从公司性质和产业等角度实证研究关联担保与公司价值的关系,结果表明:不论何种性质或产业的公司,其关联担保与公司价值均显著负相关。本文研究结论对规范我国上市公司担保行为具有一定的借鉴意义。

Related party guarantee is part and parcel of corporate financing. Based on the sample data from 2006 to 2014 concerning the related party guarantees of 1118 companies listed on Shanghai Shenzhen Stock Exchange,this paper conducts a research on the relationship between the related party guarantee and the corporate value in the hope of maximizing the corporate value. The analysis result shows that there is always a negative correlation between the related party guarantee and the corporate value,whatever kinds of types or industries the companies belong to. There is not any positive correlation relationship between the related party guarantee and the corporate value.