上市公司对外担保与股东财富风险研究  

A Study on External Guarantee of Listed Firms and Risk of Shareholders'Wealth

作　　者：张璐璐[1] 徐飞[2] 

机构地区：[1]浙江大学经济系,浙江杭州310027 [2]财政部社会保障司,北京100820

出　　处：《财经问题研究》2008年第6期66-70,共5页Research On Financial and Economic Issues

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.

关 键 词：对外担保 风险管理 股东财富 

分 类 号：F830.91[经济管理—金融学]