上市公司对外担保行为的股权结构特征解析

我国上市公司对外担保行为在证券市场和金融机构中引发了诸多问题.本文从公司自身角度研究上市公司对外担保的行为.研究发现,公司的控股股东持股比例、流通股比例和国有股比例都会对担保行为的某些特征产生影响,但是控股股东持股比例和流通股比例的影响较为复杂.此外本文还发现,公司的资产规模、负债情况以及盈利能力也会对担保行为产生影响.

The Guarantee of Listed Companies:A Perspective Of Ownership Structure

The guarantee of Chinese listed companies has raised sev- eral problems in security market and financial institutions.This paper investigates the guarantee of listed companies from a perspective of ownership structure.We find that the controlling shareholder's own- ership,outstanding ownership and state ownership all have impact on certain characteristics of guarantee of listed companies,though the effect of controlling shareholder's ownership and outstanding ownership are relatively complex.We also documented that the size, leverage and profitability of listed companies also have influence on guarantee.