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A Study on External Guarantee’s Influence on the Development of the Listed Companies

Author: ZhongLingYun
Tutor: SongLi
School: Shenyang University of Technology
Course: Accounting
Keywords: Listed Company Guarantee Growth
CLC: F832.4
Type: Master's thesis
Year: 2010
Downloads: 35
Quote: 0
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Abstract


Company guarantee, one important financing means of listed company, is approved by companies and banks for its low credit transaction cost, bank risk as well as loan interest rate. However, due to imperfection of relevant laws and regulation and the listed companies’unreasonable ownership structure, a number of listed companies are involved in business crisis after external guarantee, which also brings uncertainty to the companies’ following operation and further development. With the increasing guarantee exposures, guarantee turns out to be a serious obstacle to healthy developing of security market and exerts negative influence on the market order. Though the state department concerned has drafted related rules and regulations to standardize company guarantee, guarantee risk of listed companies is still high. Therefore, how to effectively prevent the guarantee risk of listed companies becomes the urgent problem of the supervision department.This thesis starts with sorting out the Chinese listed companies’guarantee data in recent years and analyzing guarantee’s developing history as well as the listed companies’ guarantee types. Besides, current characteristics of the listed companies’guaranteeing behavior are analyzed in depth. Then the listed companies’2008 and 2009 growth potential is measured, where Shanghai together with Shenzhen’listed companies that made external guarantee in 2008 and 2009 are selected as samples and total assets growth rate, net assets growth rate, business income growth rate, operating profit growth rate and net profit growth rate are chosen as five financial indexes. Furthermore, regression analysis is applied with score of the growth potential in 2008 and 2009 as dependent viable and the unit amounts guaranteed respectively based on total assets, on net assets and capital stock as independent variables. The results reveal that the listed companies’external guarantee will bring unfavorable effects to further development. In order to visually display the guarantee’influences on listed companies, the writer of this thesis thoroughly analyzed the developing history of Fujian Zhongfu Industries Co. In the end, suggestions on standardizing listed companies’ guarantee behavior and decreasing guarantee risk are made according to the companies’inner structure, external supervision, financing sources and relevant regulations.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Credit
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