中文摘要：

本文在中国新兴加转轨的制度背景下，以2001--2006年两个上市公司之间的第一次保证担保交易为研究对象，基于信息不对称与信息传递理论，实证研究后发现：会计信息可以作为保证担保交易中的“抵押品”，具体而言，在担保交易发生之前，（1）担保公司的会计信息质量要显著高于被担保公司的会计信息质量；从银行角度而言，银行会要求被担保公司寻求更高会计信息质量的公司为其担保；从被担保公司角度而言，其为了降低借款的融资成本，也会寻找高会计信息质量的公司为其担保。（2）当担保借款来自国有银行时，担保公司高于被担保公司会计信息质量的这种差异会减弱；说明相对于民营银行，国有银行在监督借款人违约风险有效性方面有所减弱。（3）当被担保公司为国有企业时，担保公司高于被担保公司会计信息质量的这种差异也会减弱；说明相对于民营企业，国有企业的违约风险较低。

英文摘要：

Given the research background of Chinese transitional economic environment, this paper takes the first guarantee transaction between two listed companies as research sam- ple. Based on the theory of information asymmetry and information transfer, through empirical analysis on the A-share listed companies from Shanghai and Shenzhen stock markets during the period of 2001--2006, we find that： First, before the guarantee transaction, the providing company＇s accounting quality is better than the accepting company＇s accounting quality and the difference is weaker either when accepting companies are SOES or when the loans are from state-owned banks. In the robust tests, we also find that before the guarantee transaction, the relation between the accounting quality of providing company and the accounting quality of accepting company is negative. The relation is weaker either when accepting companies are SOES or when the loans are from state-owned banks. Second, the accepting company＇s accounting quality changs little after the guarantee transaction and the worse the accounting quality of accepting company before the transact.ion is, the better it becomes after the transaction. Besides, in the robusttests, we find that the accounting quality of the accepting company from the non-related guarantee transaction type improves better after the guarantee transaction. Finally, for accepting companies, synehronicity of accepting companies＇ decreases signifi cantly and idiosyncratic volatility of accepting companies＇ increases significantly after the guarantee transaction. The worse the accounting quality of accepting company before the transaction is, the lower the synchronicity becomes and the higher the idiosyncratic volatility becomes after the transaction.