The Research On Establishing External Guaranty Constraint Mechanism Of Listed Companies In Our Country

In recent years, the phenomenon that listed company’s external guarantee in ourcountry become more and more usual, the high risk of external guarantee behaviorinfluences social evaluation on the strength of listed company, however, various theoriessuggest that listed company’s external guarantee behavior should not be banned, it isnecessary to consider how to establish an effective constraint mechanism to guide thebehavior of the listed company. So the focus of this paper is to explore the way ofestablishing an effective constraint mechanism to realize the healthy development of listedcompanies in our country.The author, by consulting domestic and international literature material, put forwardthe hypothesis that the rationality and necessity of listed company’s external guaranteebehavior, thus focused on the construction of the external guaranty constraint mechanism.Then, this article based on the main contents of present external guaranty constraint of thelisted companies in China, and unscrambled them. The core part is to analyze the status ofimplementation of the current external guaranty constraint. This paper has selected2002to2011years of data from the China securities regulatory commission web site, by collectingpunishment on listed companies and their senior executives for the external guaranty fromadministrative penalty and forbid into the market released from CSRC, it performedstatistical analysis from the listed company aspect and senior executives aspect, and foundthat the present external guaranty constraint plays an actual effect, however, there are manyproblems in the penalty object and extent, the punishment timeliness, informationdisclosure supervision and so on, then discussed the reason from macro and micro aspectsdeeply. After that, this paper puts forward series of suggestions from macro and microaspects based on those existing problems. For example, refer to five classification theoriesof commercial bank loans to manage risk of external guarantee behavior. Finally, thisarticle summarized the main content, and pointed out the limitations, and then discussedthe future research directions.