CAJ | 학술논문

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。
종겁공제고동대상시공사적관련담보구유중요영향。본문이2007～2009년호심증권교역소적민영상시공사위양본，대종겁공제고동여관련담보지간적관계진행료실증연구。연구결과증실，관련담보여종겁공제고동적공제권、현금류권현저부상관，여공제권여현금류권적분리정도현저정상관。장관련담보분류후발현，위공고고동제공적담보여종겁공제고동적현금류권현저부상관，여공제권여현금류권적분리정도현저정상관，여공제권무현저상관관계。
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