The Empirical Study Of Corporate Governance Structure?Financial Characteristics And Illegal Associated Guarantees Of The Listed Companies

Using the guarantee way to finance,Is the borrowing both sides and banks and other financial institutions to identify an efficient way of supporting financing,It is also a very common means of dispersing risk in the credit market.In our country,due to some historical factors,such as the enterprise group development,state-owned enterprises restructuring and listing,led to stock right in a high degree of concentration is quite common in listed companies.Therefore,the current market in our country has a large part of the economic activities is the group enterprises.Guarantee means to achieve the Group's financing purposes,with high efficiency,low cost advantages,So group companies are more willing to through this way to achieve its financing objectives,The associated guarantee is the most commonly way of guarantee for the listed companies,Of course there are also some enterprises will adopt other forms of guarantee.Such as serial guarantee,guarantee each other.According to China Securities Regulatory Commission each year to disclose the illegal notice,the associated guarantees is often has some issues of Violation of associated guarantees.Most of the violation associated guarantee,Related parties use the identity of listed companies to guarantee,when the Accept guarantor can not pay the debt,Needs providing guarantor party jointly and severally liable.And thus the transfer of wealth between the associated parties.Large shareholders dig a "tunnel" to transfer the wealth from the small and medium shareholders to their own.Associated guarantee especially violations related guarantee increased the financial risk of the collateral provider,Easy to make it into a financial crisis,affecting its corporate value.At the same time,because of the serious information asymmetry,Banks and other financial institutions are faced with the risk of hard to get their money back.When the situation is serious,it will affect the stability of the entire financial system.Based on the above background,this paper will start from the governance structure of listed companies and their financial characteristics,Analyze which internal factors influence the violations associated guarantees of listed companies,and how.This article selects 2008-2015 by the China securities regulatory commission to disclose the existence of irregularities associated guarantees the city of Shanghai and Shenzhen's companies as samples.Through the theoretical analysis and empirical research,The results showed that,The company's equity structure,when the proportion of Large shareholder's stake is lower,The private gain obtained through the company is relatively small.At this point the major shareholders are more willing to through some means to share with the small shareholders interests.Such asassociated guarantees.But due to its lower shareholding,difficult to control enterprise,limiting its implementation of embezzlement.With the improvement of major shareholders holdings,enhance the control ability of the enterprise.To facilitate its encroach interest of small and medium shareholders,Associated guarantee as a means of encroachment also increased.With the proportion of major shareholders continue to raise to a certain extent,Even though it has almost the absolute control of the enterprise,But at this time the private interests of large shareholders and the company's interests tend to be consistent.If it still choose to occupy the interests of small and medium shareholders will pay more private cost.So at this time the general shareholders will generally choose to through the normal production and operation to get more private income.On the other hand,if the big shareholders' embezzlement,medium shareholders in order to avoid damage to its own interests,Will unite to stop the actions of the big shareholders occupy.In the case of the board,this paper proves that the independent directors can restrain the violation of the associated guarantee.When joining together of two position of chairman and general manager,the board is often difficult to perform their duties efficiently.The general manager making decisions of the company's operational development to,evaluation and assessment of the development and implementation of these decisions,The general manager makes decisions,evaluation and examination of the formulation and implementation of these decisions,Thus it will be difficult to fair dealing with some problems about their own interests.General manager at this time more towards the pursuit of private benefits,rather than the interests of the company.So will create conditions for the violations associated guarantees.from Financial aspects,This paper proves that if the financial status of listed companies is basically good,The company's major shareholders can be through the normal production and operation to get the desired return.Or use more direct means to encroach on the company's interests.And it is unlikely to choose a complex way such Violations associated guarantees to obtain the desired benefits,Violation associated guarantees has lost its motivation;On the other hand,when the company's financial situation is poor,It is difficult for shareholders to get a good return on investment even they work hard.At this time the major shareholders will choose to such Violations associated guarantees to encroach the interests of the company.At the same time,this article also through the above analysis to find way for market regulation of Violation associated guarantees.Provides some feasible regulatory Suggestions and key points.