【作者】 潘丽洁；

【导师】 章华；

【作者基本信息】 浙江大学 ， 金融学， 2010， 硕士

【摘要】 2008年受美国次贷危机影响,国内许多企业由于资金链断裂而陷入了经营困境。民营企业为了获得发展资金而进行担保融资的行为,在金融危机中也开始显露风险。一家企业出现问题往往使担保资金链上的其他企业也受到严重的影响,这种由于企业间互相担保形成的担保圈由于涉及范围广,资金数额大而引起了社会广泛的关注,金融危机的爆发更是再度引发了人们对于担保与上市公司绩效关系问题的思考。在这个大背景下,本文试图通过理论与实证分析研究担保行为与民营上市公司绩效之间的关系。在理论研究的基础上,本文选取2003-2008年期间公告过担保事项的民营上市公司为对象,以Tobin’Q值作为衡量企业绩效的指标,以担保是否发生及担保额／净资产作为解释变量分别建立两个多元回归模型做面板数据检验。研究结果表明担保行为与民营上市公司绩效之间存在着显著的负向关系,这与我们根据理论的分析得出的判断相符。最后,本文采用案例研究的方法,以华联控股为例剖析担保对民营上市公司业绩的影响,并提出防范和控制担保风险的建议以及今后进一步的研究方向。更多还原

【Abstract】 In 2008, many domestic enterprises were shocked by the subprime crisis.Their cash flow was cut off and faced with business operation dilemma. The guarantee behavior, the private enterprises made for further development capital, was also emerged in the financial crisis because of their risk. Once a company was affect by the guarantee behavior, the other companies on the capital chain would also been severely influenced.The guarantee circle was caused widely public concern because of the number of companies that involved and the scale of the guarantee capital. It also aroused people’s consideration about the relationship between guarantee behavior and corporate performance.Under this background, the article intensively studies the relationship between private listed companies and guarantee behavior with methods of theoretic analysis and empirical analysis. Companies that disclosed guarantee matters in the period of 2003-2008 were chosen, we use Tobin’Q as an index of measuring the performance companies. While FS (if the guarantee behavior happened, it equals 1.otherwise 0) and the degree(it equals guarantee volume/equity) are the arguments. By positive analysis,the results show that there was a notable negative correlation between guarantee behavior and private listed companies, which is accord with our early anticipation.At the end of the article, we choose the case of China Union Holdings Ltd to prove our conclusion, some advice about risk control and further study was listed.更多还原