| 上市公司对外担保与股东财富风险研究 |
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| 引用本文： | 张璐璐,徐飞.上市公司对外担保与股东财富风险研究[J].财经问题研究,2008(6):66-70. |
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| 作者姓名： | 张璐璐 徐飞 |
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| 作者单位： | 浙江大学,经济系,浙江,杭州,310027;财政部社会保障司,北京,100820 |
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| 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。
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| 关 键 词： | 对外担保 风险管理 股东财富 |
| 文章编号： | 1000-176X(2008)06-0066-05 |
| 修稿时间： | 2008年3月24日 |
A Study on External Guarantee of Listed Firms and Risk of Shareholders Wealth |
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| ZHANG Lu-lu,XU Fei.A Study on External Guarantee of Listed Firms and Risk of Shareholders Wealth[J].Research On Financial and Economic Issues,2008(6):66-70. |
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| Authors: | ZHANG Lu-lu XU Fei |
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| Abstract: | 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. |
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| Keywords: | external guarantee risk management shareholders' wealth |
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