本文選題：違規(guī)關聯(lián)擔保 + 公司治理結構��； 參考：《內蒙古財經大學》2017年碩士論文

【摘要】：運用擔保的方式來融資,是借貸雙方和銀行等金融機構認同的一種高效的輔助融資方式,同時也是信貸市場上用來分散風險的一種非常普遍的手段。在我國,由于一些歷史因素,如企業(yè)的集團化發(fā)展、國企改制上市等,導致資本市場上股權集中程度高的上市公司相當普遍。所以,目前我國市場上有一大部分的經濟活動主體為集團化的企業(yè),運用擔保的手段去實現(xiàn)集團的融資目的,具有效率高、成本低等優(yōu)點,所以集團企業(yè)更愿意通過這種方式去實現(xiàn)其籌資目標,而關聯(lián)方間的擔保也就是關聯(lián)擔保又是集團化上市企業(yè)最常用的擔保類型,當然也有一些企業(yè)會采用其他的擔保形式,例如連環(huán)擔保、互相擔保等。根據我國證監(jiān)會每年披露的違規(guī)公告,關聯(lián)擔保常常出現(xiàn)問題,即違規(guī)關聯(lián)擔保時有發(fā)生。大部分的違規(guī)關聯(lián)擔保,關聯(lián)方之間利用上市公司的身份進行擔保,若到期時接受擔保方無法償還債務,則需由提供擔保方承擔連帶責任,從而也就完成了關聯(lián)方之間的財富轉移,大股東挖掘“隧道”將中小股東的財富向自己轉移。關聯(lián)擔保特別是違規(guī)關聯(lián)擔保增大了擔保提供者的財務風險,容易使其陷入財務危機,影響其企業(yè)價值。同時,由于嚴重的信息不對稱,銀行等金融機構面臨著難以收回資金的風險,情況嚴重時會影響整個金融系統(tǒng)的穩(wěn)定性。本文基于以上背景,將從上市公司治理結構及其財務特征兩個方面出發(fā),分析哪些內部因素影響上市公司違規(guī)關聯(lián)擔保的發(fā)生,以及如何影響。本文選取2008-2015年間被中國證監(jiān)會披露的存在違規(guī)行為的關聯(lián)擔保的滬深兩市的公司為樣本,通過理論分析及實證研究。結果發(fā)現(xiàn),公司股權結構方面,當公司大股東的持股比例較低時,其可以通過公司獲得的私人收益是相對較少的,此時大股東就更愿意通過一些手段去侵占與中小股東的共享利益,例如關聯(lián)擔保,但是由于其持股比例較低,難以控制企業(yè),限制了其實施侵占行為;隨著大股東持股比例的提高,增強了其對企業(yè)的控制能力,方便于其侵占與中小股東的共享利益,關聯(lián)擔保作為侵占方式的一種也隨之增多;隨著大股東持股比例的繼續(xù)提高達到一定程度之后,縱然其幾乎擁有對企業(yè)的絕對控制能力,但是此時大股東的私人利益與公司的利益趨向一致,其若仍然選擇侵占與中小股東的共享利益,為此所付出的私人成本比較高,所以此時大股東一般會選擇通過正常的生產經營來獲得更多的私人收益。另一方面,如若大股東實施侵占行為,持股比例較高的中型股東為了避免其自身利益受到損害,會聯(lián)合起來對大股東的侵占行為進行制止。董事會方面,本文證明了獨立董事可以對違規(guī)關聯(lián)擔保等違規(guī)行為起到一定的抑制作用;當董事長與總經理兩職合一時,董事會常常難以高效的履行其職責,總經理邊對公司的運營發(fā)展做出決策,邊評價和考核這些決策的制定和執(zhí)行,從而也就難以公平公正的處理一些關于自身利益的問題,總經理此時更加偏向于追求私人收益,而非公司的利益,所以也就為違規(guī)的關聯(lián)擔保的發(fā)生創(chuàng)造了條件。財務特征方面,本文證明如果上市公司的財務狀況基本良好,公司大股東完全可以通過正常的生產經營獲得想要的回報,或者采用更加直接的手段去侵占公司利益,而不太可能選擇違規(guī)關聯(lián)擔保這樣復雜的方式去獲取其想要的收益,違規(guī)關聯(lián)擔保失去了其發(fā)生的動機;反之,當公司財務狀況欠佳時,股東通過努力經營難以獲得良好的投資回報,此時大股東們才會選擇通過違規(guī)關聯(lián)擔保這樣的行為來侵占公司的利益。同時本文還通過以上影響因素的分析,為違規(guī)關聯(lián)擔保的市場監(jiān)管尋找途徑,并提供了一些可行的監(jiān)管建議和關注要點。
[Abstract]:Financing by means of guarantee is a kind of efficient auxiliary financing method identified by the borrowers and banks and other financial institutions. It is also a very common means used to disperse the risk in the credit market. In our country, some historical factors, such as the group development of enterprises and the reform and listing of state-owned enterprises, have led to the capital market stock. The listed companies with high concentration of rights are quite common. So, at present, a large proportion of the main body of economic activities in our country is a group of enterprises, using the means of guarantee to realize the purpose of the group's financing, which has the advantages of high efficiency and low cost. So the group enterprise is more willing to realize its financing goal through this way, and the association is related. The guarantee between the parties is also the most commonly used guarantee type of the group listed enterprises, and of course some enterprises will adopt other forms of guarantee, such as serial guarantee, mutual guarantee, etc. according to the annual disclosure of the China Securities Regulatory Commission, the related guarantee often appears problems, that is, the violation associated guarantee occurs. As a guarantee, the affiliated parties use the identity of the listed company to guarantee. If the guarantor is unable to repay the debt at the time of maturity, the guarantor should be provided with the joint and several liability, thus the wealth transfer between the affiliated parties is completed, and the large shareholders excavate the "tunnel" to transfer the wealth of the small and medium shareholders to themselves. In particular, the violation associated guarantee increases the financial risk of the guarantee provider, which makes it easy to fall into the financial crisis and affect its enterprise value. At the same time, because of the serious information asymmetry, banks and other financial institutions are faced with the risk of difficult to recover funds, which will affect the stability of the entire financial system when the situation is serious. This article is based on the above background, From the two aspects of the listed company's governance structure and its financial characteristics, it will analyze the influence of the internal factors on the occurrence and influence of the listed companies' violation related guarantee. This article selects the companies in Shanghai and Shenzhen, which have been disclosed by the China Securities Regulatory Commission in 2008-2015 years, as a sample of the Shanghai Shenzhen two cities, through theoretical analysis and As a result, it is found that, when the shareholding ratio of the company's large shareholders is low, the private income that can be obtained by the company is relatively small. At this time, the large shareholders are more willing to encroach on the shared interests with the small and medium shareholders by means of some means, such as the associated guarantee, but it is difficult because of its low share ratio. The control of the enterprise is limited by the act of encroachment; with the increase of the shareholding ratio of the large shareholders, its control ability to the enterprise is enhanced, and it is convenient for its occupation of the shared interests with the small and medium shareholders. It almost owns the absolute control ability to the enterprise, but at this time the private interests of the large shareholders are consistent with the interests of the company. If they still choose to occupy the shared interests with the small and medium shareholders, the private cost is high, so the large shareholders will generally choose to gain more private income through normal production and operation. On the other hand, if the large shareholders carry out the encroachment behavior, the middle-sized shareholders with higher shareholding proportion will join up to stop the major shareholders' invading behavior in order to avoid their own interests. In the board of directors, this paper proves that the independent director can play a certain inhibitory effect on the violation of the violation related guarantee. The board of directors, in conjunction with the general manager's two job, is often difficult to perform its duties efficiently. The general manager makes decisions on the operation and development of the company, evaluates and examines the formulation and implementation of these decisions, so that it is difficult to deal with some questions about their own interests fairly and impartially, and the general manager is more inclined to pursue private benefits at this time. Rather than the interests of the company, it also creates conditions for the occurrence of an irregularities. In terms of financial characteristics, this article proves that if the financial situation of the listed company is basically good, the large shareholders of the company can get the desired return by the normal production and operation, or use more direct means to invade the company's interests, but not It is likely that it is too likely to choose a complex way to obtain the desired profit in such a way as a violation associated guarantee, which loses its motivation; on the other hand, when the company's financial situation is not good, the shareholders will not be able to get good returns through hard work, and the big shareholders will choose to invade through the behavior of the violation Association guarantee. At the same time, through the analysis of the above factors, this paper seeks to find a way for the market regulation of illegal Association guarantee, and provides some feasible supervision suggestions and main points of concern.
【學位授予單位】：內蒙古財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F275;F832.51

【參考文獻】

相關期刊論文 前10條

1 謝軍;黃志忠;;區(qū)域金融發(fā)展、內部資本市場與企業(yè)融資約束[J];會計研究;2014年07期

2 牛元棟;;關聯(lián)擔保違規(guī)行為法律規(guī)制——基于上市公司價值與治理結構的分析[J];金融法苑;2011年02期

3 宋理升;徐向藝;;終極控制股東與關聯(lián)擔保關系的實證研究——基于民營上市公司的經驗證據[J];經濟與管理研究;2011年11期

4 陸正華;鐘婉怡;;關聯(lián)擔保上市公司隧道效應的存在性與實施路徑——上市公司關聯(lián)擔保偏好原因探析[J];現(xiàn)代財經(天津財經大學學報);2011年09期

5 趙雨昕;;上市公司關聯(lián)擔保的法律對策[J];商丘職業(yè)技術學院學報;2011年04期

6 秦曙慧;;我國上市公司違規(guī)擔保影響因素分析[J];現(xiàn)代商貿工業(yè);2011年16期

7 葉康濤;曾雪云;;內部資本市場的經濟后果:基于集團產業(yè)戰(zhàn)略的視角[J];會計研究;2011年06期

8 朱文;畢秋香;;民營上市公司:關聯(lián)擔保與財務困境[J];財會通訊;2011年12期

9 張虎;朱江;;機構投資者對關聯(lián)擔保抑制效應的實證研究[J];經濟研究導刊;2011年12期

10 林郡;;股權結構對“隧道挖掘”行為影響研究——以關聯(lián)擔保為例[J];現(xiàn)代商貿工業(yè);2010年24期

相關博士學位論文 前1條

1 任鵬;轉型經濟條件下我國上市公司關聯(lián)擔保研究：融資需求亦或利益攫取？[D];復旦大學;2009年

相關碩士學位論文 前2條

1 王湘萍;我國上市公司違規(guī)擔保問題研究[D];東北財經大學;2006年

2 竇明輝;違規(guī)擔保和關聯(lián)方資金占用與公司治理[D];廈門大學;2006年

，

本文編號：1966941