External Guarantee Of China's Listed Companies

Lack of efficient governance of listed companies and perfecting of related laws, the unreasonable the ownership of a share construction is and so on, the guarantee behavior has some features including the following aspects: more and more listed companies involve in guarantee; many guarantees violate the rules. According to these, our listed companies get into the guarantee risk deeply. The correlation departments have constituted laws to make the behavior of guarantee standardization and punished some irregular guarantee severely. But the guarantee risk of our listed companies is still high. Therefore, this thesis pays attention to seek the current problems about guarantee by the statistics analysis. Then the author scoops the negative effects of the guarantee. And then this thesis analyzes the relevant reasons. The author puts some measures and advices forward for solving the relevant problems.This thesis is based on the logistic structure: seeking problems——analyzing problems——solving problems. Based on this thought, the thesis includes for chapters:Chapter1 The related concepts of the guaranteeFirstly, this chapter confines guarantee's definition. Secondly, on the base of analyzed guarantee's features,we analyzed the function of reduces the agent cost ,to mean the necessity of the exist of guarantee.Chapter2 Analyzing the history of the guarantee and the risk of it Firstly, the thesis explores the track of the guarantee of Chinese listed companies, which contains four stages: 1. Few people pay close attention to the guarantee of listed companies before 1996. 2. Listed companies mainly guarantee to big shareholders and connection business enterprises from 1996 to July 2000; 3. Listed companies primarily guarantee with each other or the subsidiary from July 2000 to August...