Shanghai Stock Exchange Research (Issue 2, 2005)

Author: Research Center of Shanghai Stock Exchange
Publisher:
Publish Date: 2005-01-01
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, whether from the perspective of strengthening supervision and improving the quality of listed companies, or from the perspective of improving the corporate governance of listed companies and protecting the legitimate rights and interests of investors, it is necessary to conduct a comprehensive and in-depth revelation and research on this issue. 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 behavior through clear rights and responsibilities; at the institutional level, implement legal norms as operational mechanisms; at the supervisory level, distinguish between normal guarantee behavior that meets the normal operation of enterprises and malicious guarantee behavior that harms the interests of listed companies and their shareholders. The awareness and system construction of risk control for guarantee behavior reflect the principle of adhering to self-control by companies as the main body and mandatory requirements by supervisory authorities as the auxiliary.