| In theory related-party guarantee is propitious to allocate resources and reduce risks. But the related-party guarantee is supposed to depress the corporate value because of the diversified problems in China.And the author thinks the perspective is ill-considered.So this dissertation analyzes the problem considering factors such as industries, environment and so on.In a sample of related-party guaranteeing corporations in China's A-shares this dissertation analyzes the institutional background of guaranteeing in Chinese capital market, then investigates the relationship between corporate value and guaranteeing.Our results show that: (1) The number of corporations involving related-party guaranteeing is increasing, and the form is changing as times go by in China. (2) There is a negative relationship between related-party guaranteeing and corporate value in general in China. (3) The relationship between corporate value and related-party guarantee is different according industries and years respectively in Chian.The contributions of this dissertation follow:(l) Testing the relationship between corporate value and related-party guarantee behavior in Chinese capital market,providing empirical evidences for the influence of contingent liabilities on corporate value.(2) Testing the relationship between corporate value and related-party guarantee behavior according industries in China,providing information for the studying on related-party guarantee behavior, corporate management and corporate value.(3) Testing the relationship between corporate value and related-party guarantee behavior according industrie years in China, illuminating the elasticity of related-party guarantee behavior to policies. |
PDF Full Text Request