Research On Risk Control Of External Guarantee Behavior Of ST Hairun

With the rapid development of the capital market,guarantee,as a financing method,is widely used in listed companies.It can not only broaden financing channels and expand financing scale,but also has the advantages of low financing cost and high financing efficiency.However,in recent years,as can be seen from the warnings and decisions on external guarantee issued by China securities regulatory commission,the advantages of guarantee are gradually weakened and disadvantages are increasingly prominent.Secured companies seek to listed companies to guarantee its reason is that in itself is not eligible for loans of financial institutions,or can the money from financial institutions to borrow to very limited cannot meet the demand of its own funds,which means secured party through their own business to repay loan is a very big uncertainty,the listed company as the secured party,in the case of lose solvency guaranteed enterprise shall assume joint and several guarantee responsibility to repay the debt,contingent liabilities became real debt of enterprises,finally pay to guarantee their irrational behavior is the medium and small shareholders and creditors of financial institutions.For small and medium-sized shareholders,it is difficult for them to exert influence on the selection of directors and participation in guarantee procedures.When the problem of illegal guarantee and guarantee of output of listed companies breaks out,the stock price is affected and fluctuates.For Banks and other financial institutions,on the one hand,in many cases,the listed company to raise money for subsidiaries guarantee,combined with the subsidiary whitewash financial institutions operating and financial information to defraud of money,on the other hand,the listed company to produce the problem of excess guarantee and guarantee,significantly lower debt paying ability,make financial institutions may not get foreign loans,to recover the normal operation is affected,will force it to find other sources of money,to increase the liquidity risk of Banks and other financial institutions.Based on the above background and from the perspective of risk control,this paper selects the listed photovoltaic company ST Hairun as the research object for case analysis.Are first of all,the article elaborates the research background and research significance as reflected in the related research achievements of scholarswere analyzed and summarized in this paper,the concept and relevant to this article involves the concrete introduction,then expounds the leap development of photovoltaic industry in recent years,using comparative analysis about the present situation of the company's external guarantees and financial consequences were studied.Finally,by analyzing the internal and external causes of the problems existing in the risk control of ST Hairun guarantee business,this paper summarizes and puts forward measures and Suggestions applicable to the risk control of guarantee business of listed companies in China.