The Information Disclosure System Of External Guarantee Of The Listed Companies In China

External guarantee of listed companies is the guarantee condition of financing and transaction.If applied properly,it can not only promote financial intermediation among trading entities,but also achieve win-win transactions between creditors and debtors as well as guarantors.However,in recent years,the external guarantee of listed companies has been showing an increasing trend of huge amount of guarantee,,guarantee chain" and "guarantee circle",even it violates the information disclosure rules to cover up the irregular guarantee.As a result,it has gradually become a hidden danger in listed companies.The reason for this problem is the lack of perfect and effective information disclosure system.Once triggered,it's so easy to make the enterprise into financial crisis,and also will greatly affect the normal production and operation activities of listed companies.Information disclosure,as a channel for investors to understand the operation and management of listed companies,can achieve comprehensive exchanges between trading parties.Only true,accurate and complete information disclosure can help investors holding value investment concept and realize the purpose of investor protection.Therefore,this paper intends to explore the relevant information disclosure system from the perspective of external guarantee of listed companies in China,and analyzes the contents of the existing legal system and practical operation in order to put forward feasible and pertinent suggestions.This paper consists of three parts:introduction,text and conclusion.The text is divided into three chapters.The first chapter,starting from the theoretical source of external guarantee information disclosure of listed companies in China,provides the basis for the argument below.By reviewing the three basic theories of information disclosure,it clarifies the principles embodied in the external guarantee provided by listed companies.In addition,this paper expounds the existence of three kinds of particularities which take effects to information disclosure.The second chapter introduces the current situation of China's listed companies'external guarantee information disclosure,and carries on the concrete analysis to the reality question.This paper points out the defects of the legislative system and practical operation behind the guarantee information disclosure system of China's listed companies.In the third chapter,aiming at the institutional dilemma embodied in the second chapter,the author puts forward some suggestions on how to improve the external guarantee information disclosure system of China's listed companies.This paper provides suggestion for the legalization of the external guarantee information disclosure system of listed companies and professional households,and hopes to put them into practice.