中国上市公司对外担保与财务困境研究

我国上市公司对外担保引致财务困境问题不容忽视。从我国对外担保法规不健全、公司治理结构弱化、银行等金融机构监管不力以及融资渠道狭窄等角度,可以看出上市公司对外担保引致财务困境的必然性。我们选取了1998—2003年被ST的所有公司中存在对外担保情况的106家公司及匹配的106家非财务困境公司作为样本,运用逻辑回归方法,通过实证检验得出结论:公司对外担保与其财务困境显著相关。

Corporate External Guaranty and Financial Distress

This paper studies the theoretical and empirical issues on the financial distress induced by corporate external guaranty.First,we discuss the inevitability of financial distress which caused by corporate external guaranty from the views of the imperfectness of corporate external guaranty regulation in China,the weakness of corporate governance,the disadvantage of financial institution supervision and the limitation of corporate financing channel.Second,106 samples were selected that have external guaranty activities which belong to ST firms and match samples,and logistic regression results indicate there is a significant relationship between corporate external guaranty and financial distress.Finally,we provide policy suggestion to regulate corporate external guaranty activities and reconstruct corporate external guaranty risk protection system.