摘要
终极控制股东对上市公司的关联担保具有重要影响。本文以2007～2009年沪深证券交易所的民营上市公司为样本,对终极控制股东与关联担保之间的关系进行了实证研究。研究结果证实,关联担保与终极控制股东的控制权、现金流权显著负相关,与控制权与现金流权的分离程度显著正相关。将关联担保分类后发现,为控股股东提供的担保与终极控制股东的现金流权显著负相关,与控制权与现金流权的分离程度显著正相关,与控制权无显著相关关系。
Ultimate controlling shareholder of listed company has important influence on loan guarantee to related par- ties of listed company. This paper selects private listed companies of Shanghai Stock Exchange and Shenzhen Stock Ex- change from 2007 to 2009 as the sample, and presents an empirical study on the relation between ultimate controlling shareholder and loan guarantee to related parties. The result shows that loan guarantee to related parties is significantly negative related to control right and cash flow right of ultimate controlling shareholder, significantly positive related to sep- aration of control right and cash flow right. If classifying loan guarantee to related parties, the result shows that loan guar- antee to controlling block holder is significantly negative related to cash flow right of ultimate controlling shareholder, sig- nificantly positive related to separation of control right and cash flow right, and insignificantly related to control right
出处
《经济与管理研究》
CSSCI
北大核心
2011年第11期5-16,共12页
Research on Economics and Management
关键词
终极控制股东
控制权现金流权
关联担保
Ultimate Controlling Shareholder
Control Right
Cash Flow Right
Loan Guarantee to Related Parties
