摘要
对外信用担保是上市公司的重要财务行为。本文以2002年数据为基础,分析了上市公司对外担保与公司业绩和资本结构之间的关系。研究发现,上市公司业绩与对外信用担保显著负相关,资产负债率与对外信用担保显著正相关;发生互保或者关联担保的上市公司的业绩显著优于发生混合担保的上市公司,发生互保的上市公司与发生关联担保的上市公司的业绩没有显著差异;发生混合担保的上市公司与发生互保或者关联担保的上市公司的资产负债率没有显著差异,发生关联担保的上市公司资产负债率高于互保的上市公司。
External credit guarantee is one of the important financial behaviors of listed companies. By using the data of 2002, the paper empirically analyzes the relationship between external credit guarantee and performance and capital structure of listed companies. The result shows that the performance of listed companies is prominent negative correlative with external credit guarantee, debt ratio is prominent positive correlative with external credit guarantee. The performance of the listed company with mutual guarantee or correlative guarantee significantly surpasses that of the listed company with mixed guarantee, and has no significant difference from that of the company with correlative guarantee. Debt ratio of the listed company with mixed guarantee has no significantly difference from that of the company with mutual guarantee or correlative guarantee, debt ratio of the listed company with correlative guarantee is higher than that of the listed company with mutual guarantee.
出处
《金融研究》
CSSCI
北大核心
2005年第4期155-164,共10页
Journal of Financial Research
关键词
业绩
资本结构
信用担保
Corporate Performance,Capital Structure,Credit Guarantee
