| In 2008, many domestic enterprises were shocked by the subprime crisis.Their cash flow was cut off and faced with business operation dilemma. The guarantee behavior, the private enterprises made for further development capital, was also emerged in the financial crisis because of their risk. Once a company was affect by the guarantee behavior, the other companies on the capital chain would also been severely influenced.The guarantee circle was caused widely public concern because of the number of companies that involved and the scale of the guarantee capital. It also aroused people's consideration about the relationship between guarantee behavior and corporate performance.Under this background, the article intensively studies the relationship between private listed companies and guarantee behavior with methods of theoretic analysis and empirical analysis. Companies that disclosed guarantee matters in the period of 2003-2008 were chosen, we use Tobin'Q as an index of measuring the performance companies. While FS (if the guarantee behavior happened, it equals 1.otherwise 0) and the degree(it equals guarantee volume/equity) are the arguments. By positive analysis,the results show that there was a notable negative correlation between guarantee behavior and private listed companies, which is accord with our early anticipation.At the end of the article, we choose the case of China Union Holdings Ltd to prove our conclusion, some advice about risk control and further study was listed. |
