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中文摘要：
截止2011年12月30日我国上市公司提供的担保余额超过7千亿元人民币，2007-2011年超过半数的上市公司提供或存在担保业务。目前研究关注担保对提供担保公司价值的影响，却忽视了违约风险在担保公司与被担保人间的风险转移是影响企业价值的根本原因。本文基于我国发行债券上市公司2007-2011年财务数据、对外担保情况以及公司债交易数据，测算对外担保对上市公司债券利差（公司债券与国债间到期收益率的差异）的影响因素和作用效果，揭示了提供担保业务对公司违约风险的影响。结果表明，在风险防范措施完备的情境下公司提供担保业务并不会增加公司的违约风险；当公司最终控制人为国家时，存在对外担保风险管理不足或者利益输送问题从而增加了提供担保公司的违约风险。
英文摘要：
By 30^th December 2011, the total amount of loan guarantees provided by the listed companies in Chinese stock market has passed 700 billion yuan. During the period from 2007 to 2011, more than half of the listed companies issued loan guarantees. Many studies have discussed the impact from guarantee on guarantors＇ value. However, the risk transfer from the guarantees to the guarantor has not been studied. In this paper, we choose data from China＇ s listed companies which issued bonds, and analyze the impact from loan guarantees on companies＇ bonds credit spreads. The empirical results show that if the risk of loan guarantees is fully managed, providing loan guarantees will not affect guarantors＇ default risk. However, when the firm is controlled by the government, providing guarantees will increase guarantors＇ default risk.
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What precludes the development of noninterest activities in Chinese commercial banks from the perspe
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