The Empirical Study On The Relativity Between Ownership Structure Characters And Guaranteeing Of Listed Company

With the development of Chinese stock market for over a decade, as a kind of normal operating measure, guarantee played a positive role to obtain capital for listed companies from banks conveniently and rapidly and to ensure the interest of financial institutions. However, in recent years, nonstandard guarantee has been a big problem that made listed companies in trouble. Some people regard the Chinese companies'external guarantee as"Goldbach conjecture of listed companies". At present, most researches just use the methods of norm research or case study, lacking of a comprehensive empirical study. So this paper will discuss the origin of external guarantee empirically.In a sample of guaranteeing corporations in A-shares, this dissertation analyzes the Current situation of guaranteeing in northwest areas of China's capital market, and then this paper further analyzes how the ownership structure characters to affect guarantee behavior from corporate governance perspective. Our results show that:(1)The risk of guaranteeing is serious, this can be seen from the increasing number of corporations involving guaranteeing and the form of guaranteeing, most of them guaranteed for their subsidiary companies and non-related parties, what's more, illegal guaranteeing has an increasing tendency.(2) Ownership structure significantly influences corporation guarantee behavior. The first shareholder has a negative relationship with guarantee behavior .There is a negative relationship between ownership concentration and guarantee behavior. The probability of guarantee behavior of non-state-owned corporations is higher than that of corporations controlled by state. The influence of ownership balancing mechanism on guarantee behavior is different in corporations of different types of ultimate controlling shareholders. In state-owned corporations, there is a positive relationship between overage guaranteeing and Z index. On the contrary, there is a negative relationship between overage guaranteeing and Z index in non-state-owned corporations.The contributions of this dissertation follow: (1) Empirically analyzing guaranteeing and its cause, providing empirical evidences and some instructions for corporation guarantee behavior of northwest areas of China.(2)Investigating the influence of ownership structure features on corporation guarantee behavior, offering complementary for the influence of ownership structure characters on risk management decisions(guarantee decisions).