我国上市公司对外担保约束机制构建研究

发布时间：2018-10-22 14:51

【摘要】：近年来，我国上市公司对外担保的现象比较普遍，由于担保行为的高风险性，影响了社会对上市公司实力的评价，但是种种理论表明对于上市公司的对外担保行为不应该全面禁止，而是考虑如何建立有效的约束机制来引导上市公司的行为。所以本文关注的重点就在于探索建立有效约束机制的方法和途径，实现我国上市公司的健康发展。作者首先通过国内外文献综述，提出了上市公司对外担保行为合理性和必要性的假设，从而将重点放在对外担保约束机制的构建上。接着，文章从目前我国上市公司对外担保约束的主要内容出发，，对其主要内容进行梳理；核心部分是分析目前对外担保约束的执行现状，文章选取了中国证监会网站上2002-2011年的资料，从证监会发布的行政处罚决定书和市场禁入决定中获取上市公司及其高管人员因对外担保受到的处罚，对其进行上市公司层面和高管人员层面的统计分析，发现目前对外担保约束在发挥实效的同时，在处罚对象及力度、处罚的及时性、信息披露的监管等方面都存在诸多问题，然后从宏观和微观两方面深入探讨了问题存在的原因；之后针对存在的问题从宏观和微观两个大的方面提出了一系列建议，如参照商业银行贷款五分类理论管理对外担保风险；最后对本文进行总结，指出其中的局限性，并进行了未来研究方向的展望。
[Abstract]:In recent years, the phenomenon of external guarantee of listed companies in our country is quite common. Because of the high risk of guarantee behavior, it affects the social evaluation of the strength of listed companies. However, various theories show that the behavior of external guarantee of listed companies should not be completely prohibited, but consider how to establish an effective constraint mechanism to guide the behavior of listed companies. Therefore, the focus of this paper is to explore the ways and means of establishing effective constraint mechanism to realize the healthy development of listed companies in China. Firstly, the author puts forward the hypothesis of the rationality and necessity of the external guarantee behavior of listed companies through the literature review at home and abroad, and puts emphasis on the construction of the external guarantee and restraint mechanism. Then, starting from the main contents of the foreign guarantee constraint of listed companies in our country, the paper combs the main contents; the core part is to analyze the current situation of the implementation of the foreign guarantee constraint. The article selects the information from 2002 to 2011 on the CSRC website to obtain the punishment of listed companies and their senior executives because of external guarantee from the decision of administrative penalty issued by CSRC and the decision of market entry ban. Through the statistical analysis of listed companies and executives, it is found that there are many problems in the object and intensity of punishment, the timeliness of punishment, the supervision of information disclosure and so on. Then it discusses the causes of the problems from the macro and micro aspects, and then puts forward a series of suggestions from the macro and micro aspects, such as management of external guarantee risk according to the five classification theory of commercial bank loans. Finally, this paper summarizes, points out its limitations, and prospects for future research.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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