上市公司担保公告的信息含量

本文在国内外相关研究文献回顾及中国资本市场特殊环境分析的基础上,对我国上市公司担保公告的市场反应进行了实证研究。结果发现,上市公司发布担保公告日前后出现显著为负的累积非正常报酬。研究中我们按担保方式、担保对象对担保公告进行分类,发现不同的担保公告蕴含不同的信息含量:互保、单向信用担保、非关联方担保这三种担保的市场反应为负;而具有反担保措施的担保公告市场反应为正;对于关联方担保,市场没有显著的反应。

Information Content of Guarantee Statements of Listed Companies

On the basis of reviewing foreign and domestic literature and combining China capital market's specific environment,our empirical research investigates Information Content of guarantee statements of listed companies.The result suggests that significantly negative cumulative abnormal returns arise around the publication of guarantee statements.Furthermore,we classify the sample by guarantee types and guarantee targets,and the evidence shows that statements of different guarantee types or targets have distinct informative implications.Mutual-guarantee statements,single-direction credit guarantee statements,and non-related-party guarantee statements lead to significantly negative cumulative abnormal returns,while statements with anti-guarantee policy give rise to statistically positive cumulative abnormal returns.We also find that there is no significant reaction to related-party guarantee statement.This paper provides some empirical conclusions for the research of guarantee literature.