Shanghai Stock Exchange Research · Issue 2, 2005

Author: Research Center of Shanghai Stock Exchange
Publisher:
Publish Date: 2005-10-01
Features: In recent years,guarantee events among listed companies have had a negative impact on corporate operating performance and even the development of the entire capital market. Therefore, it is necessary to conduct a comprehensive and in-depth investigation and research on this issue from the perspectives of strengthening supervision and improving the quality of listed companies, as well as from the perspective of improving the corporate governance of listed companies and protecting the legitimate rights and interests of investors. The research on the guarantee issues of listed companies in Shanghai in the past four years shows that the regulatory authorities need to pay special attention to the concentration of guarantee risks or malicious guarantees in individual listed companies. To this end, it is necessary to improve legal norms at the legislative level, reduce subjective malicious violations in guarantee practices through clear rights and responsibilities; at the institutional level, implement legal norms as operational mechanisms; and at the supervisory level, distinguish between normal guarantee practices that meet the normal operations of enterprises and malicious guarantee practices that harm the interests of listed companies and their shareholders. The risk control awareness and system construction for guarantee practices shall reflect the principle of adhering to self-control by companies as the main body and mandatory requirements by regulatory authorities as the auxiliary.