Research On The Security System Concerning The Listed Company

This thesis starts from the history and the fundamental theory of guaranty system, It describes the current situation of the external security of the listed company, analyzes the problem of it and puts forward some countermeasures .The thesis studies the legislative evolution of external security of the listed company by transverse and lengthways analysis ,and then comments on correlative provisions of current Company Act and the notice which promulgated by CSRC and CBRC.External security of the listed company is the universal phenomenon in the capital market. It is able to ensure the creditor's rights realization and promote financing. In our country external security of the listed company have come into being for above ten years and have experienced several stages: providing guaranty for the strong stock holders, interrelating and interlinking guaranty, providing guaranty for the subsidiary companies. In this period some guaranty behaviors are out of the line, which easy to cause the financial risks. Inappropriate share holding, faulty corporate governance and relative lagging legislation are the reasons which lead to the bad phenomenon on improper external security of the listed company.The thesis has been researched by theory and demonstration research method to external security of the listed company from the Corporate Law's angle . It analyzes the legislative conditions on abroad and compares with the Common Law Legal System and Continental Law Legal System in the legislative area of external security of the listed company, referring to the legislation example about America, France, Germany, Taiwan and Macao. These relevance provisions indicate that the law take loose attitude to external security concerning the listed company .Relevant law and administrative rules have restricted the external security concerning the listed company in passive way in the long period in our country. The current Company Act was essential revised and the new notice concerning external security of the listed company jointly promulgated by CSRC and CBRC regulating specific provisions, which restrains the improper guaranty activities of listed company to a large extent. The thesis comments the limitation of the Company Act and the notice on external security of the listed company.