Determinants of the guarantee circles : the case of Chinese listed firms

• Main Authors: Jian, Ming, Xu, Ming
• Other Authors: Nanyang Business School
• Format: Article
• Language: English
• Published: 2012
• Subjects: DRNTU::Business
• Online Access: https://hdl.handle.net/10356/95288; http://hdl.handle.net/10220/8416
• Institution: Nanyang Technological University

China's external capital market has been developing rapidly since the establishment of its stock markets. However, financing from the internal capital market, especially through the guarantee system provided by other associated firms (the guarantee circle), remains significant for some Chinese...