摘要
文章基于资信评价与信号传递理论,利用2004-2008年沪深两市上市公司的财务、担保和治理数据,通过主成分分析法对我国上市公司的财务状况进行综合评价,得出其财务状况的综合得分,在此基础上,运用Logistic回归分析我国上市公司对外担保行为与其财务状况之间的关系。分析结果显示,当上市公司规模较大、董事会持股比例较高时,上市公司财务状况与其对外担保行为之间呈负相关关系。我国上市公司对外担保行为为投资者在信息不对称状况下甄别上市公司质量提供了重要依据。
Based on theories of the credit evaluation and the signal transmission,we have done a comprehensive evaluation of China's listed companies' financial situation through the principal component analysis,using listed company's financial,security and governance data from the year 2004 to the year 2008,on which we analyzed the relationships between the listed companies' guarantee and their financial conditions by the logistic regression.The results show that when both of the size of listed companies and the proportion of the board of directors' ownership are larger,the relationship between the financial situation of the listed company and its guarantee appears negative correlation.China's listed companies' guarantee is an important basis for investors to single out companies' quality in the asymmetric condition.
关键词
上市公司
担保行为
财务状况
实证分析
listed company
guarantee
financial situation
empirical analysis
