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Private Listed Company External Guarantee Behavior and Company Performance Relation Research

Author: RanTao
Tutor: ZhaoYi
School: Southwest University of Political Science
Course: Business management
Keywords: external guarantee guarantee dependent frequency of guarantee counter guarantee corporate performance
CLC: F272.92
Type: Master's thesis
Year: 2012
Downloads: 12
Quote: 0
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Abstract


The external guarantee of Chinese listed companies’ behavior toward maturity gradually;Negative information of guarantee is reduced. But the guarantee behavior researches stillremain in the previous research paradigm. The phenomenon is scholar from the angle ofcorporate governance research on its mechanism, influence and prevention measures. Thesestudies are based on the adverse guarantee behavior. As for external guarantee behavior itself,from the normal external guarantee behavior with several special attributes for listed companyperformance study is less. Because of the private listed company its ability to resist risks arerelatively poor, external guarantee by administrative influence are less, so through theresearch can give the private listed companies for external guarantee choice some certainsignificant reference.First, through the literature review, summary of the external guarantee from economicfunction, risk and the influence of the enterprise. Through theoretical analysis that the way ofthe external guarantee behavior affects corporate performance are devided into degree,frequency and counter guarantee ratio. Then analyze the sample data of2008-2010externalguarantee behavior of listed private companies, the firm’s performance as the dependentvariable, guarantee degree, frequency and counter guarantee ratio as the Independent variable.From Multiple regression analysis find out the relationship between them, at last come toconclusions. The conclusions of this research as follows:(1) There is negative relationship between degree of guarantee and corporateperformance; enterprise external guarantee too much will reduce the enterprise performance.Private listed company still existing that excessive guarantee phenomenon at present.Enterprises often attached to high profit and ignore the high risk, high guarantee degree willformat contingent liabilities, thus influence manager’s decisions, reduce the investor’sinvestment confidence, and cause partners`risk avoidance, it will reduce the enterprise’scredit asset. Once contingent liabilities convert real liabilities, It will be a direct result thatcorporate appears financial distress.(2) The relationship between frequency of guarantee and corporate performance is notsignificant, to be more precisely, frequent guarantee in certain period causes negative effect toperformance. For a certain period of time, guarantee frequency too high equivalent to enterprises continuous sell bearish option, The debtor can realize the option depends on thesecured party breach of contract or not, external guarantee bear the management risk of the beguaranteed enterprise. The frequency of guarantee influence the enterprise value has not beenconsensus. This paper from the empirical results show that our country scholars view is moresuitable, the enterprise should control the number of external guarantee within a certain periodfor keep the maximum value of external guarantee behavior.(3) Ratio of counter guarantee is positively connected with corporate performance.Counter guarantee is be guaranteed enterprise provide guarantee to the enterprise whichprovide guarantee to it, ratio of counter guarantee is the ratio of counter guarantee which withexternal guarantee of total external guarantee. From the counter guarantee, enterprise reducethe joint effect, spread the risks and promote the be guaranteed enterprise prudentmanagement. Now counter guarantee system in our country is in the initial stage, enterprisesand related departments should pay attention to its importance and promote counter guaranteesystem.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making > Corporate Administration > Personnel Management
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