关联担保

同时截取2004年的225个样本公司，采用Logistic回归，检验了非正常关联担保发生概率与股权结构、自由现金流以及上市公司所在地区信贷分配市场化程度的关系。

Meanwhile , it tests the sub-sample with 225 companies in 2004 by Logistic model for the impact of ownership structure , residual cash flow and credit index of the province where the listed company was born on the probability of abnormal connected-party guarantees .

关联担保可能就是其中一种可资利用的工具。

Connected guarantee may be associated with one of available tools .

本部分上对上面的案例分析的一个补充，对上面没有讨论到的关于关联担保的其他问题做一个探讨。

This section is a complementary on the above case analysis .

关联担保本身不具有价值判断的意义，它必须经过法律的审查之后，才有相应的结论。

Connected guarantee itself is not associated with judgments of value .

上市公司关联担保的公司法规制

The Research on Company Law Regulation of Listed Company 's Connected Guarantee

关联担保带来的高或有损失风险；

Risk of contingent loss resulted from related party guaranty ;

此外，要严格上市公司关联担保的程序性规定。

Furthermore the strict procedure regulation of listed company 's connected guarantee is necessary .

关联担保、隧道效应与公司价值

Connected-party Guarantees , Tunneling and Firm Value

首先介绍关联担保的概念及规制关联担保的法律体系。

. First introduces the concepts of connected guarantee and legal regulation to the connected guarantee .

第一部分：上市公司关联担保概述。

The first part : " The General Description of Listed Companies ' Connected Guarantee " .

关联担保是我国上市公司最典型的对外担保形式。

Connected guarantee is the most typical form of the guarantee behaviors of Chinese listed companies .

到底哪些因素在影响和支配着上市公司的关联担保行为成为值得我们思考的问题。

Which factors indeed influenced connected guarantee behaviors of the listed companies became the problem that need researching .

上市公司发生关联担保的概率与控股股东持股比例负相关。

There is a negative relationship between the holding ratio of the biggest shareholder and the likelihood ratio of loan guarantees .

从公司财务特征的角度分析上市公司向控股股东提供关联担保的问题。

This paper studies the issues of listed companies providing relatedparty guarantee to controlling shareholders from the perspective of financial characteristics .

因此，控股股东最偏好在较低的持股水平上进行掏空，此时通过关联担保掏空公司的能力也很强。

Therefore , the controlling shareholder in the preference of low holding ratio for tunneling , and at this time , tunneling is the worst .

几年来，上市公司的关联担保行为频繁发生，涉及金额大，其中蕴涵了巨大的财务风险。

In recent years , connected guarantee behaviors of listed companies have happened frequently and the guarantee amount is large which involved enormous financial risk .

本文首先考察了关联担保与公司价值之间的关系，之后从股权结构的角度出发，考察股权结构与关联担保之间的合理关系。

This paper firstly examines the relationship between wealth effect and guarantee , and the following study is the relationship among guarantee and ownership structure .

上市公司关联担保问题给我国现行法律带来极大的冲击，已经成为证券市场和上市公司不可轻视的问题。

Related party guarantee problem of listed companies has a great impact on actual legislations of our country , and arouses attention from securities business and listed companies .

公司对外担保分为关联担保和普通对外担保两种，是否允许公司设立普通对外担保在理论和实践中颇有争议。

Company 's foreign guarantees are classified into correlated guarantee and common guarantee . Whether a company is permitted to go on the common guarantee is very controversial .

上市公司的非关联担保是其对外担保的一个方面，多年来我国上市公司的非关联担保金额与比率居高不下。

Non-related party guarantee for publicly traded company is part of outside guarantee , while amount and ratio of non-related party guarantee appears very high for many years .

本文对我国上市公司关联担保及其立法规制以及关联担保纠纷的处理进行了一些探索性研究，并提出完善我国上市公司关联担保法律规制一些构想和建议。

The paper mainly concerns the related party guarantee behavior of listed companies and its interrelated legislations , and brings forward solutions to related party guarantee disputes and legislation advices .

从已暴露的问题来看，关联担保所引发的各种诉讼对金融机构和资本市场产生了严重的负面影响。

From those exposed guarantee problems , we could see that the connected guarantee behaviors have caused frequent lawsuits , which have great negative effects on the financial institutions and the capital market .

实证表明，财务业绩较差、非国有股比重高、管理层激励较好、关联担保比例较低的公司容易发生并购。

It is showed that M & A takes place more easily in those companies , which have lower financial performance , higher percentage of non-governmental shares , better management stimulation , and less associated guarantees .

发生互保或者关联担保的上市公司的业绩显著优于发生混合担保的上市公司，发生互保的上市公司与发生关联担保的上市公司的业绩没有显著差异；

The performance of the listed company with mutual guarantee or correlative guarantee significantly surpasses that of the listed company with mixed guarantee , and has no significant difference from that of the company with correlative guarantee .

可以说，它对传统的公司法、担保法等法律制度带来了严峻挑战，因此，规制上市公司关联担保势在必行。

It can be said to bring challenge to traditional Corporate Law , Guaranty Law and other law 's system . It is essential to regulate connected guarantee of listed company to maintain the balance of all interest dealer .

为避免重复计算，合并报表范围内母公司的两个子公司发生的关联担保计入子公司的担保额，母公司不再计入。

In order to avoid double counting , within the framework of consolidated subsidiaries occurred in the parent company of two subsidiaries , associated with a security included in the loan guarantees are not included in the parent company .

关联担保与其他利益转移方式如非公允价格关联购销、资金占用、高额派现等相比，具有其特殊性，即关联担保是风险很大的利益转移方式。

Compared with the other method of interest transfer , such as connected transaction based on unfair price , connected fund occupation and distributing much dividend , connected guarantee behavior has its particularity . That is it involves enormous risk .

针对这些新问题，我国应借鉴国外相关立法经验来完善上市公司关联担保，应对上市公司关联担保在公司法中作出专门系统的规制。

In view of these new problems , China should borrow foreign related legislation experience to perfect its own listed companies ' connected guarantee system , and write special and systematic rules and regulations into the Company Law for listed companies ' connected guarantee .

本文通过对关联担保的明确界定，并把关联担保分为对外提供担保、接受担保、混合担保三大类，使研究过程和结论更有说服力。第二，研究视角新颖性。

In this paper , a clear definition of the associated security , and the association is divided into the external security guarantee , acceptance guarantee , mixed guarantees three categories , so that the research process a Second , the research perspective novelty .

第一部分，文章阐明了上市公司关联担保的定义以及关联担保与关联交易的关系，指出立法对关联担保的规制侧重点与关联交易不同，它更侧重于公司股东、关联方的债权人等各方利益平衡。

In the first part , the paper gives definition of related party guarantee and relationships between related party guarantee and related party transaction , then the paper points out that related party guarantee emphasize particularly on the balance of interest between stockholder and creditor .