关联担保、被担保企业的盈余特征与担保企业的债务契约

本文从担保视角考察了被担保企业的盈余特征对担保企业债务契约的影响,以及双方的关联关系在其中的作用。实证检验发现,被担保企业盈余质量越高,担保企业获取的债务契约越有利,银行能够部分识别被担保企业的盈余信息,盈余信息对银行是有利用价值的。进一步研究发现,当担保双方具有关联关系时,被担保企业的盈余特征与担保企业的债务契约之间的关系会弱化,关联关系事实上部分替代了企业盈余特征所起到的信息作用。

Related-party Guarantee,Secured Company's Earnings Characteristics and the Debt Contracts of the Guarantor Enterprises

From the perfective of guarantee,this paper examines the impact of the earning characteristics of the guaranteed enterprises on the guarantor enterprises'debt contract and the role of the relationship between the two parties.The results show that the higher the quality of the guaranteed company's surplus,the more favorable the debt contract the guarantee company obtains.The bank can partially identify the surplus information of the guaranteed company,and the surplus information is of value to the bank.Further research finds that when both parties to the guarantee have an associated relationship,the relationship between the surplus characteristics of the guaranteed enterprise and the debt contract of the guaranty company will be weakening,and the associated relationship actually partially replaces the information role played by the surplus characteristics of the enterprise.