The Empirical Study On The Relativity Between Ownership Structure Characters And Guaranteeing Of Listed Company

With the development of Chinese stock market for over a decade, as a kind of normal operating measure, guarantee played a positive role to obtain capital for listed companies from banks conveniently and rapidly and to ensure the interest of financial institutions. In a sample of guaranteeing corporations in A-shares, this dissertation analyzes the Current situation of guaranteeing in East China's capital market during 2006to2008years, and then this paper further analyzes how the ownership structure characters to affect guarantee behavior from corporate governance perspective. Finally, this paper empirical analyzes the affecting to guarantee behavior from the feature of equity structure, then advances countermeasures and suggestions to help Market Supervision and the financial reports user.This paper mainly found that:(1) The risk of guaranteeing is serious, this can be seen from the increasing number of corporations involving guaranteeing and the form of guaranteeing, most of them guaranteed for their subsidiary companies and non-related parties, what's more, illegal guaranteeing has an increasing tendency. (2) Ownership structure significantly influences corporation guarantee behavior. First, the nature of the actual controller is negative correlation with the external security. When the actual controllers are the non-state are more likely to have the external security behavior. Second, the separation of ownership is negative correlation with the external security. Even separation of ownership from the perspective of the actual controller separation of ownership and controlling interest in listed companies in the manufacturing sector's external security, and found that the greater separation of ownership, that is, control will, the ownership of the controlling shareholder has a smaller proportion of its use external security emptied the greater motivation of the assets of listed companies. Third, ownership concentration and the controlling shareholder stake negative correlation with the external security. The interests of the controlling interest of Invading convergence and found that non-controlling shareholders of listed companies, the shares are scattered, some of the more easy by the shareholders equity transfer, guarantees or appropriates money way of a guarantee. With a higher proportion of controlling shareholders, in contrast, the controlling shareholder's interests in listed companies gradually increased, the less likely its external security.Fourth, negative book value and external security. Book value to reflect the split share structure reform, changes in quality indicators. Split share structure reform has changed the split between the interests of shareholders, with the price increase, the listed company to make the more difficult external security decisions.The contibutions of this dissertion follow:(1) Paper by selecting the more general guarantee of the listed companies in the manufacturing sector as the research object, to make up for the previous studies neglected the industry factors. (2) At present, most researches just use the methods of norm research or case study, lacking of a comprehensive empirical study. So this paper will discuss the origin of external guarantee empirically. Investigating the influence of ownership structure features on corporation guarantee behavior, offering complementary for the influence of ownership structure characters on risk management decisions.