【作者】 吴佩婷；

【导师】 何建国；

【作者基本信息】 重庆工学院 ， 会计学， 2008， 硕士

【摘要】 本文通过统计分析深市样本公司2005-2006年报中有关担保数据,对中国上市公司对外提供担保的现状及统计特征进行分析,以期分析发现上市公司提供对外担保存在的反常现象以及出现的新特征。其次,实证分析了股权结构对上市公司对外提供对外担保水平产生的影响。最后,根据上述分析,提出对策和建议,从而期望能对市场监管者的监管、报表使用者的决策等提供帮助。本文的主要发现有:首先,从上市公司的实际控制人角度来分析,相对于上市公司实际控制人性质为国有时,性质为非国有时更倾向于对外提供担保和过度担保,分析了控制人的利益趋同与利益侵占效应,发现当股权越集中,控股股东持股比例高时,上市公司越不容易发生对外担保与过度担保。而持股比例较低,股权较分散时,上市公司控股股东越倾向于运用过度担保掏空上市公司,此外从两权分离的角度考察了实际控制人所有权与控制权分离对上市公司对外担保的影响,发现当实际控制人两权分离越严重时,上市公司越容易发生对外过度担保。其次,从其他股东对上市公司对外担保和对外过度担保的制衡的角度分析了第二大股东对控股股东的制衡作用以及流通股股东,外资股股东对上市公司对外担保决策的影响作用,得出了以下结论:股权制衡度只在国有控制的上市公司中起到制衡作用,而外资股比例越大,上市公司对外担保以及过度担保发生可能性越小。流通股比例越大,上市公司对外担保发生的可能性越小,而与上市公司过度担保的发生相关性不显著。最后,考察了公司财务状况、公司规模以及年度变量对上市公司对外担保的影响,发现越是财务状况差的公司越倾向于对外提供担保与对外过度担保。公司规模对上市公司对外担保情况影响不显著。实证发现2006年上市公司对外担保情况比2005年对外担保情况有所好转。说明相关制度与法规的实施对上市公司对外担保起到了一定的规范作用。更多还原

【Abstract】 According to Statistical analysis of External Guaranty of Shenzhen stock market in 2005 and 2006.,the author found the abnormal phenomenon feature of providing capital guarantee and expose external guaranty will bring what kinds of risks to the listed company. this paper empirical analyzes the affecting to guarantee behavior from the feature of equity structure, then advances countermeasures and suggestions to help Market Supervision and the financial reports userThis paper mainly found that: (1) ownership structure significantly influences corporation guarantee behavior. There is a negative relationship between ownership concentration and guarantee behavior. The probability of guarantee behavior of non-state-owned corporations is higher than that of corporations controlled by state. At the same time, the author analyzed the convergence of interest and Benefit Expropriation of the control person and find that the higher the ownership concentration and the controlling stock proportion of Controlling Shareholder is, the more difficult the guarantise and the over-guaranties will happen, the more serious separation of two rights is, the easier the over-guarantis will happen.(2)The influence of ownership balancing mechanism on guarantee behavior is different in corporations of different types of ultimate controlling shareholders. In state-owned corporations, there is a positive relationship between overage guaranteeing and Z index. On the contrary, there is a negative relationship between overage guaranteeing and Z index in non-state-owned corporations. And the lager foreign capital share proportion is, the smaller the possibility of providing guaranties and over-guarantis ia. the lager current share proportion is, the smaller the possibility of providing guarantis is. But the relationship between the current share propotion and over-guarantis is not significant.(3) the author investigated the effect of financial situation, firm size and annual variables to guarantee behavior.founding that the worth financial situation of list company is, the more serious the guarantis and over-guarantis will happen. the relationship between the firm size and over-guarantis is not significant. Empirical results show that the situation in 2006 of providing guarantise and over-guarantise is better than which in 2005, there is Important Standardization Role of Implementation rules and regulation to Guarantee Behaviors of China’s Listed Corporations.更多还原