【作者】 李丽； 周宗放； 赖娟； 杨杰； 张绍宗； 肖磊；

【Author】 LI Li1,2,ZHOU Zong-fang1,LAI Juan1, YANG Jie2, ZHANG Shao-Zong2, XIAO Lei3(1.University of Electronic Science and Technology of China,Chengdu 610054,China;2. Yunnan Normal University, Kunming 650092, China;3. Kunming University, Kunming 650043, China)

【机构】 电子科技大学； 云南师范大学； 昆明学院；

【摘要】 关联担保是企业集团成员企业间一种重要的关联交易行为,它对集团内关联信用风险传染的影响,是集团信用风险研究者关心的热点问题。本文在结构模型的基础上,提出了母公司为所属子公司提供关联担保情形下信用风险传染强度的计算公式,并从理论上证明了信用风险传染强度是母公司对子公司持股比重的递增函数。而数值分析发现,传染强度并不是关联担保金额占母公司资产价值比例的严格递增函数。更多还原

【Abstract】 Connected-party guarantee between parent company and subsidiary is the main related transactionwithin business group. It is a hot issue for researchers that how connected-party guarantee effects onthe credit risk contagious strength which transmits from one company to another. In this paper, basedon Structural Model, we proposed the calculation formula for contagious strength under the circumstanceof parent company provide security for subsidiary and proved theoretically that the contagious strengthis an increasing function of shareholding ratio. While the numerical analysis showed that it is not astrictly increasing function for the ratio of security value to parent company’s total asset value.更多还原