Research On The Guarantee Risk Of Chinese Listed Companies

Guarantee is a kind of normal economic behavior in the process of operating acompany. If we make use of it properly, it can make the creditor, the debtor and thethird-guarantor profitable. The third-guarantor comes from the credit of debtor andasymmetric information between the creditor and the debtor. The third-guarantorenhances the credit class of the debtor , eliminates asymmetric information , guidesthe fund flowing , facilitates the loan market moving effectively , improves thewalfare of the creditor and the debtor , and puts the social resources to rational use . Under the realistic circumstance, the credit resources of China are shortage, andthe development of the specialized guarantee organization is also not very perfect. Asthe public company of our country, the listed companies' finance and management arerelative transparent. And their real founds strength is much stronger and they have theinborn factor to be guarantors. Many problems about listed company's financialguarantee have occurred on security market, for example, listed company was usedmalignantly as a guarantee stool, or current "listed company guarantee circle"phenomenon. Because of guarantee, a lot of listed companies are in difficulty: thelitigation disputes are continuously which are affecting the normal management of thelisted companies seriously;and some even go to the edge of withdrawing from stockmarket.All the problems have enormous negative effects on listed companies so thatmore and more discussions have focused on financial guarantee. Therefore this thesispays attention to seek the current problems about listed company's financial guaranteeand analyzes the relevant reasons, in order to put forward some suggestions forsolving the relevant problems.The full text is divided into five parts totally:The first part of the article firstly discusses the difficult position of the enterprisecredit and the asymmetric information of both debit and credit sides according to thetheories of enterprise guarantee. The second part of the article analyzes the historyand the classification of the guarantee risk of listed companies. The third part of thearticle analyzes the present stage and the causes of the guarantee risk of the listedcompanies. In the fourth part of the article, according to the effect elements of causingthe risk of the guarantee of Chinese listed companies, the author puts forward his ownstandpoints on setting up the risk against system to the guarantee risk of Chineselisted companies.The conclusion part of the article points out: Though the guarantee of listedcompanies exists a high degree of risk, it can make every side of the guaranteeprofitable, through certain restraint and standard, urging the guarantee behavior of thelisted companies developing positively.