文献综述、外文文献
2010年12月27日
中文文献
河北省上市公司对外担保影响因素研究文献综述
一、担保概念
所谓担保指的是法律为确保特定的债权人实现债权，以债务人或第三人的信用或者特定财产来督促债务人履行债务的制度。而上市公司对外担保，则是指上市公司以其财产或者信用对第三人对他人所负债务承诺，在第三人到期不能给付时，由上市公司承担给付责任。
按照我国担保法的规定，担保方式分为保证、抵押、质押、留置和定金五种。保证，又称为人的担保，即通常所说的信用担保，是指保证人和债人约定，当债务人不履行债务时，保证人按照约定履行或者承担责任的行为；抵押、质押和留置又称为物的担保，债权人依法享有的抵押权、质押权和留置权统称为担保物权；定金又称为金钱担保。保证担保形式在我国上市公司担保行为中较常使用。
二、上市公司对外担保发展情况简介
中国上市公司从事对外担保行为自其成立至今已有19年的历史。纵观我国上市公司的担保史可以清楚地看到以2000年6月中国证监会颁布的《关于上市公司为他人提供担保有关问题的通知》(以下简称《通知1》)，与2003年8月中国证监会与国资委联合发布的《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》(以下简称《通知2》)，以及2005年11月中国证监会与银监会联合发布的《关于规范上市公司对外担保行为的通知》（以下简称《通知3》）的实施为界，根据担保行为的表现，我国上市公司担保的发展过程可以划分为以下三个阶段：
1.为大股东提供担保阶段（1990--2000.6）。在这一阶段初期，上市公司担保行为并没有引起外界的特别关注。由于上市公司尚属新鲜事物又拥有募集资金的权利，外界普遍认为上市公司贷款相对较容易。在相关法律尚未完善的情况下，大股东利用其控股地位迫使上市公司为其借款提供担保，使一个又一个上市公司成为大股东们的“提款机”。
针对此，证监会于2000年6月发布《通知1》，明确规定：“上市公司不得以公司资产为本公司的股东、股东的控股子公司、股东的附属企业或者个人债务提供担保。”此外，《通知1》还要求上市公司把担保事项列为年报和公告要求的信息披露事项。至此，我国上市公司的担保事项开始接受社会公众的监督。《通知1》下发后，上市公司直接为大股东提供担保的现象有了明显的减少，但是上市公司之间互相担保以及连环担保的新问题开始显现。
2.相互担保阶段(2000.6-2003.8)。《通知1》下发后，许多上市公司开始寻求新的担保途径。由于《通知1》中未对上市公司之间相互担保的情况作禁止性规定，再加之上市公司之间相互提供担保可以促进资金的融通，有利于上市公司良好的发展，因此一些上市公司开始为其他上市公司或其他上市公司的大股东进行担保。上市公司之间的互保成为这一阶段上市公司对外担保最显著的形式。然而上市公司之间互相担保易形成环环相扣的“唇亡齿寒”的关系，一旦链条上的某一环节出了问题，就可能出现“多米诺骨牌”式的连环倒塌，殃及一系列公司的经营，严重的还可能引发地区性金融危机。
针对此，2003年9月，中国证监会和国资委联合颁发了《通知2》对上市公司在对外担保方面的违规现象给出了具体的限制:(1)上市公司不得为控股股东及本公司持股50%以下的其他关联方、任何非法人单位或个人提供担保;(2)上市公司对外担保总额不得超过最近一个会计年度合并会计报表净产的50%;(3)对外担保应当取得董事会全体成员2/3以上签署同意;不得直接或间接为产负债率超过70%的被担保对象提供债务担保;(4)上市公司对外担保必须要求对方提供反担保，且反担保的提供方应当具有实际承担能力;(5)按照《上市准则》及时履行信息披露义务。《通知2》的发布虽然对上市公司互相担保行为和担保圈的蔓延起到了抑制的作用，但是，并没有有效地遏止违规担保现象。
3.为控股子公司提供担保阶段（2003.8-今）。由于上市公司为大股东担保和互保现象得到了一定的约束，许多上市公司开始转而为其控股子公司提供担保上市公司为子公司提供担保，多是因为子公司资金出现紧张，上市公司为支持子公司的发展而出手为其担保从银行获得资金。其潜在的风险是上市公司易利用其控股地位占用这笔资金，同时大多数子公司属于非上市公司这一情况更加大了监管者和投资者的监管难度，从而加大担保风险。为子公司提供担保，已成为上市公司担保的新趋势。
2005年11月中国证监会与银监会联合发布了《通知3》。与之前发布的两则通知相比，《通知3》不再明文禁止上市公司对特定对象提供担保，也就是自2006年度起《通知1》《通知2》中关于禁止上市公司及其控股子公司向特定对象提供担保的规定废止。由于《通知3》不再明文禁止上市公司对特定对象提供担保，而对这些特定对象提供担保具有较高的风险，因此《通知3》同时改进了上市公司担保的内部决策程序，并强化了上市公司的信息披露责任。
三、国内外研究现状
1.国外研究现状。西方建立自由市场经济体制已有很长的历史，与金融及投资担保业相配套的信用制度和投资顾问制度也十分完善。国外对于担保问题的研究大部分是关于信用担保方面，现代信用担保问题的研究起步较晚，真正把信用担保作为经济学重要课题进行研究开始于上世纪70年代。时至今日，现代经济学界对信贷融资担保问题的研究取得了一系列的重大进展，出现了风险转嫁理论、信贷交易成本理论、逆向选择理论、道德风险理论和信号传递理论等相关的信用担保理论。在英法美等国家，很早就对公司对外担保问题予以关注，在长期的实践中国地质中形成的研究成果亦较多，相应的法律法规也较完善。由于我国同英法美等国家市场经济发展的程度不同，特别是由于国情的不同，我们对其研究成果也只能是在一定程度上的借鉴。
2.国内研究现状。在国内，一些专业界实证文章对影响担保问题的因素进行了研究。关于公司治理方面的影响因素，我国学者曾得出过以下结论：
冯根福（2005）认为：公司的收益水平对上市公司提供担保和相互担保有显著正影响，而对接受司对外担保的主要原因是(1)缺少对管理者的激励约束机制；(2)公司控制权市场、经理人市场不发达；(3)财务信息披露不充分；(4)缺少金融机构的监督；(5)缺少对小股东的法律保护。
王立彦，林小驰（2007）认为：（1）控股股东持股比例越高，上市公司越不倾向于对外担保; （2）流通股比例越高，上市公司越倾向于对外担保（3）在对外担保的上市公司中，国有股比例越高，公司越倾向于采用互保作为风险防控的措施;且上市公司所担保的债务期限同国有股比例呈显著正相关。（4）负债比例高的公司，对外担保比例也高，公司越倾向干过度对外担保，并且倾向于选择互保防控措施。（5）规模对上市公司担保行为特征的影响主要体现在:规模越大，上市公司越不倾向于过度对担保则有显著负影响；抵押和质押能力对上市公司提供担保具有显著负影响，但对接受担保和相互担保的影响不明显；控股股东的控制能力对上市公司提供担保和相互担保有显著负影响，对接受担保具有不太显著的正影响；《通知2》对上市公司提供担保和相互担保产生了显著正影响，而《通知1》则产生了显著负影响；两者对接受担保的作用均不明显。
罗艳梅（2006）认为：影响上市公外担保，越倾向于采取反担保作为风险防控措施;公司的规模还与担保债务的期限有显著的正相关。（6）控股股东持股比例对上市公司对外担保行为的特征影响较为复杂。控股股东持股比例越高，上市公司越不倾向于对外担保，也越不倾向于过度对外担保;在对外担保的上市公司中，控股股东持股比例与担保比例呈显著负相关，但与上市公司所担保的债务期限呈显著正相关；（7）流通股比例越高，上市公司越倾向于对外担保;而在对外担保的上市公司中，流通股比例越高，公司越倾向于采取风险防控措施。（8）在对外担保的上市公司中，上市公司所担保的债务期限同国有股比例呈显著的正相关，且国有股比例越高，公司越倾向于采用互保作为风险防控的措施
我们可以看出，在我国目前的资本市场状况下，上市公司对外担保现象普遍，但是担保质量并不高。由于我国上市公司担保行为历史较短，加之相关法律规章制度不够完善，使得我国上市公司对外担保出现大量违法行为，这严重损害了投资者的利益和影响了我国资本市场的资源配置。上市公司自身应加强对外担保的风险防范意识，证监会也应加强对上市公司对外担保的审查，促使我国上市公司的整体素质不断朝着一个良好的方向发展，提高上市公司的整体担保水平，才能使证券市场的发展走向良性之路。
外文文献
CREDIT GUARANTEE SCHEME FOR SMALL BUSINESSES
PURPOSE OF THE SCHEME
The Credit Guarantee Scheme for Small Businesses is sponsored by the Central Bank of Barbados in an effort to assist small businesses in obtaining adequate security for their loans from credit institutions.The Scheme is designed to offer a substantial degree of protection to credit institutions against possible losses in respect of the credit granted to small enterprises.Any credit institution desirous of participating in the Scheme may apply to the Central Bank to do so and, upon approval, provide credit facilities to eligible borrowers.
ELIGIBILITY
The borrower may be an individual, partnership, a corporate body, or an association of individuals, and must have the ability to contract loans and other credit facilities. To qualify as an eligible small business the borrower must either be a company incorporated under the Companies Act and approved as a small business in accordance with the Small Business Development Act, 1999-23 or meet the eligibility criteria listed below:-
(a) Gross sales/revenue must not exceed $2,000,000 per annum.
(b) Stated or paid-up capital must not exceed $1,000,000.
(c) Is majority Barbadian-owned.
(d) Is not controlled by a business whose reserves and/or capital or non-Barbadian ownership exceeds the limits above.
(e) For an enterprise engaged in agriculture; acreage under cultivation must not exceed 25 acres. In addition to the criteria listed above, eligible small businesses should clearly demonstrate a need for financial assistance and/or security. Guarantees will be given on behalf of those small businesses which demonstrate the greatest need in relation to their operating potential. Eligible small business borrowers must have or make an equity contribution of at least 20% of the loan facility being sought. The borrowers’ contribution may be in the form of equity in the business, a cash injection or tangible security with an equivalent net realizable value. Credit institutions may apply for guarantees not only on behalf of small businesses already established but also on behalf of those about to be established or contemplating expansion.
TYPES OF FACILITIES GUARANTEED
Credit facilities which may be guaranteed include demand loans, term loans, overdrafts, discounts, letters-of-credit, acceptances, payment guarantees, tender bids and contract bonds. The Central Bank will guarantee short-term as well as medium-term credit facilities. Short-term facilities are guaranteed for a maximum of two (2) years and medium-term facilities for a maximum of seven (7) years. Short-term loan facilities, up to a maximum of $80,000, will be guaranteed by the Central Bank where such facilities are for the purpose of meeting working capital requirements, (i.e. for the purpose of purchasing raw materials, fertilizers, trade merchandise, etc. and meeting labour costs and other direct operating expenses). Bids for Government or private contracts which require an initial deposit or bond are also included in such short-term facilities. The repayment period for working capital may be extended for seven7) years in cases where the working capital can be classified as “permanent working capital” and is directly related to loans granted for fixed asset purchases. Medium-term loan facilities, up to a maximum of $150,000, will be guaranteed by the Central Bank where such facilities are for the purposes of purchasing fixed assets, machinery and equipment. Guarantees will be granted for a period not exceeding the useful life of the assets acquired or for a maximum period of seven (7) years, whichever is shorter. In addition, the Central Bank will guarantee technical assistance loans up to a limit of BDS$50,000 for any one borrower (i.e within the overall cost of BDS$150,000 for medium term facilities), where such facilities are for the purpose of market or product research, marketing, product costing, promotion, production/plant layout, accounting and/or information systems, staff training, management/entrepreneurial training, business reorganisation/restructuring or any other relevant areas of technical assistance. The cost of preparing loan proposals may be included in the principal amount of any loan guaranteed under the Scheme. The maximum amount that may be included for this purpose is limited to $10,000.
EXTENT OF GUARANTEE
The Scheme offers commercial banks and other credit institutions protection against losses arising from the failure of borrowers to repay their loans. The risks covered under the guarantee are:
(1) Insolvency of the borrower
(2) Protracted default by the borrower.
All advances given under short-term and/or medium-term guaranteed facilities will remain covered. In the event of loss, the Central Bank will indemnify the credit institutions to the extent of 80% of the loss sustained. Thus, credit institutions will only bear 20% of any loss. The maximum amount of loss to be borne by the Central Bank shall not exceed $64,000 in respect of short-term loan facilities or $120,000 in respect of medium-term facilities. However, in the case of a new (start-up) business the Central Bank will guarantee up to 90% of the loan provided there is an equity contribution of at least 20% (i.e of the guaranteed loan) by the borrower and the business has not been in operation for more than eighteen months.
HOW TO OBTAIN A GUARANTEE
Commercial banks and other credit institutions approved by the Central Bank, which are desirous of obtaining guarantees for loans to small businesses, should apply on the prescribed forms, to the Foreign Exchange & Export Credits Department of the Central Bank. Credit institutions should evaluate loan proposals from small business applicants and indicate the extent of their loan participation to the Central Bank. Guarantee applications should be accompanied by all relevant documents and evidence supporting the borrower’s financial position and creditworthiness. Where necessary the borrower should be required to maintain adequate security for the credit facility extended. However, in no case would the lack of adequate security be considered by the Central Bank as the prime reason for refusing a guarantee application. Credit institutions providing loan facilities to small businesses and which are registered under the Financial Institutions Act may apply to the Central Bank of Barbados for permission to approve loans for guarantee under delegated authority. The maximum limit for loans approved under delegated authority is $25,000. Special conditions apply to the credit institutions to which this status is granted and to the loans guaranteed. The following credit facilities will not be eligible for guarantee under the Scheme:
(i) Any credit facility in respect of which risks have already been covered by Government or under any other scheme.
(ii) Any credit facility which does not conform to the credit regulation policy of the Central Bank of Barbados.
(iii) Any credit facility granted to the borrower who had defaulted on any other credit facility made available to him under the Scheme.
(iv) Any credit facility to refinance an existing debt except where the Central Bank is satisfied that such refinancing has not arisen from default or inability of the borrower to repay an existing debt.
OBLIGATIONS
• Borrowers: It shall be the responsibility of the borrower to provide the credit institution with reliable and up-to-date information concerning the business in order that a complete assessment of the financial needs may be undertaken and the appropriate guarantee be provided by the Central Bank. The borrower must provide the credit institution and the Central Bank with timely reports on the operation of the business as may be required from time to time. The borrower will ordinarily be required to comply with the terms and conditions of any loan granted to him by a credit institution and must ensure that the repayment schedule, as specified under the terms of the Central Bank’s Guarantee, is complied with. Failure by the borrower to meet any of the abovementioned obligations could result in the revocation of any credit guarantee issued on his behalf by the Central Bank.
• Credit Institutions: It will be the responsibility of the credit institutions to ensure that loans granted under the Credit Guarantee Scheme are used for the intended purpose. To this end, the credit institutions should monitor the loans and report to the Central Bank, without delay any misuse of funds guaranteed under the Scheme. Credit institutions must comply with the terms and conditions of credit guarantees and ensure that the terms on which credit facilities are given do not in any way conflict with the provisions of the Credit Guarantee Scheme. The Central Bank’s approval must be sought for any modifications to credit facilities guaranteed under the Scheme. Credit institutions will be required to certify that financial and other data submitted to the Central Bank on behalf of borrowers are relevant and adequately represent the current status of borrowers. Before extending credit facilities to borrowers under the Credit Guarantee Scheme, credit institutions should obtain adequate proof as to the eligibility of borrowers. The Central Bank should be notified promptly of those borrowers who cease to meet the eligibility criteria. At the end of each month credit institutions will be required to submit to the Central Bank, details of all credit guarantee applications declined during the month. Enhancements, renewals and extensions of credit facilities guaranteed under the Credit Guarantee Scheme must be submitted to the Central Bank for approval. Requests for such enhancements, renewals and extensions should reach the Central Bank at least seven (7) days prior to the intended effective date. Credit institutions will be required to take all normal and reasonable steps to deal with borrowers in default and to notify the Central Bank, in due course, of the necessary action taken against such borrowers. In accordance with the terms and conditions of the Credit Guarantee Scheme for Small Businesses, credit institutions will be required to comply with any directives issued from time to time by the Foreign Exchange and Export Credits Department of the Central Bank of Barbados for the purpose of administering the Scheme.
RATES OF INTEREST AND PREMIUM
The rate of interest on loans guaranteed under the Scheme shall be determined by the individual credit institution. Such rates of interest should be determined after taking into consideration the percentage of the loan guaranteed and the risks associated with the entire loan. A guarantee premium shall be payable by credit institutions at the rate of 1½ per cent per annum on the highest amount of the facility outstanding at any time during any one calendar quarter. The liability to pay the premium shall be that of the credit institution.
BENEFITS
Small businesses which make use of the facilities provided under this Scheme could derive substantialbenefits, including:
• Adequate security for loans
• Increased working capital
• Expansion of fixed assets, machinery and equipment
• Increased cash flow
• Increased sales and profits
• Lower rates of interest
• Expansion and diversification of operations
• Opportunity to employ more people and new skills
• New technology
• New products
Similarly, credit institutions which participate in this Scheme may derive several benefits, including:
• Added protection for loans
• New business from new clients
• Additional business from existing clients
• Lower losses from loan defaults
• Better working relationships with small clients
• Opportunity to provide advisory services
译文
小型企业信贷担保计划
一、计划目的
小型企业的信贷保证计划是由中央银行为了帮助小企业充分获得保障他们的贷款而设立的信用机构。这个计划旨在对信贷机构给予小型企业可能造成的损失提供一个相当大程度的保护。任何信贷机构都希望参加到中央银行采取的这种计划中，因为一经批准，符合条件的借款人将会享受银行给予的提供信贷的便利。
（一）申请资格
借款人可以是个人，合伙，法人团体，协会或个人，必须有签订合同贷款和其他信贷设施的资格。根据小企业发展法，有资格作为一个合格的小企业借款人必须是根据公司法的批准注册成立的公司。1923年至1999年符合资格的标准列举如下：
1.总销售额/收入不得超过2,000,000美元每年。
2.实收资本不得超过100万美元。
3.国有控股。
4.是由一个商业的储备或资本或巴巴多斯拥有超过上述限额。
5.该企业从事农业;种植面积不得超过25英亩。
除了上面列出的标准，符合条件的小企业应清楚地表明，需要财政援助或安全。那些最需要担保的具有经营潜力的小企业将得到保证。符合条件的小企业借款人必须至少有20 ％的贷款要求。借款人可能会以股票的形式为公司作出贡献，在商业，现金注资或有形担保具有同等变现净值。对于信贷机构来说，可申请担保不仅代表小企业已经确立，而且还代表那些将要设立或考虑扩张。
（二）担保保证的类型
信贷担保需求包括贷款，短期贷款，透支，折扣通知书信贷，承兑，付款担保，标书和合同债券。中央银行主要经营短期保证和中期信贷。短期担保保证最多两年，中期设施最多七年。短期贷款设施，最多为80,000美元，将保证中央银行设置保证的目的是满足周转需求，（即是为了购买原料，肥料，贸易商品等和上劳动力成本和其他直接业务费用）。政府出价或私人合约需要初始存款或债券，就属于这种短期设施。在直接相关的批出贷款用于固定资产购买的情况下偿还期可以延长七年，周转周期可归类为“永久周转金”。中期贷款，最高限额为150 000美元，将保证中央银行购买固定资产，机械及设备这些目的的实施。保证的期限为不超过资产收购的最长期限（7年），以较短者为准。此外，中央银行对任何一个借款人提供的保证技术援助贷款最多不超过150,000美元（即在整个企业发展服务的中期设施费用为150 000美元） ，这些设施的目的是为市场或产品的研究，市场营销，产品成本计算，晋升，生产/工厂布局，荷兰国际集团帐户/信息系统，人员培训，管理/企业培训，企业重组/重组或任何其他相关领域提供技术援助。费用准备贷款建议中要包括本金保证在内的任何贷款的计划，最高限额为1万美元。
二、担保范围
该计划可以提供商业银行和其他信贷机构的保护，防止借款人未能偿还贷款造成的损失。这种情况包括：
1.借款人破产
2.借款人长期违约
所有预付款将同样针对短期和/或中期保障设施。在发生损失时，中央银行将赔偿信贷机构损失范围内的80 ％。因此，信贷机构将只承担20 ％的损失。中央银行对短期贷款损失赔偿的最高金额不超过64000美元，对中期贷款损失赔偿的最高金额不超过120000美元。但是，对于一个新启动的业务中央银行将为借款人提供超过18个月的高达90 ％的担保贷款，借款人至少承担担保贷款的20 ％。
三、如何获得担保
商业银行和其他信贷机构批准的中央银行，如果希望获得贷款的信贷担保，对于小企业，应适用于向外汇交易和出口信贷部的中央银行订明的形式。信贷机构应评估贷款建议小企业的申请人，并说明在多大程度上中央银行参与其贷款。担保申请应附有所有相关文件和支持借款人融资的证据。在必要的情况下，借款人须保持足够的稳定性，这样可以扩大信贷额度。然而，在任何情况下，缺乏足够的安全性将被中央银行认定为拒绝担保申请的主要理由。向小企业申请担保贷款的信贷机构必须是适用于中央银行担保贷款保证授权去壳批准的注册金融机构。贷款按授权核准的最高限额是25,000美元。适用于被授予担保贷款的信贷机构。下面为该计划下没有资格提供担保贷款的情况：
1.任何已经享有政府或任何其他计划提供的降低这方面风险的信贷机构。
2.任何不符合中央银行信贷调控政策的信贷设施。
3.任何拖欠其他信贷机构提供给他的信用贷款的借款人。
4.任何符合中央银行条件的除现有债务外的还没有出现再融资借款人违约或无力偿还的债务。
四、义务
借款人：申请担保贷款时，中央银行应负责对为借款人提供贷款的机构所提供的有关的信息进行适当的评估，以便全面保证财政需要。在企业的经营可能需要不时，借款人必须提供信贷机构和中央银行的及时报告。根据中央银行的担保规定，借款人通常必须遵守提供担保给他的信贷机构的任何贷款相关规定的条款和条件，必须确保按照规定的时间表偿还。否则，借款人没有履行上述任何一项义务可能导致中央银行以他的名义发表撤销任何信贷保证。
信贷机构：确保贷款的担保信贷计划用于预定目的是信贷机构的责任。为此中央银行应毫不拖延地监测和报告，信贷机构的贷款，阻止任何滥用资金保障的行为。信贷机构必须遵守的信用担保的条款和条件和保证的条件，不与信贷保证计划的任何规定相冲突。为了的到中央银行的批准，必须相应的根据该计划修改信贷担保规定。信贷机构将被要求证明，财政及其他数据提交给中央银行后，信贷机构要证明代表和有关的借款人符合现实情况。在提供信贷担保时，信贷机构应对借款人的资格做过相关调查后，启动信贷担保计划。中央银行应及时通知借款人谁不再符合申请资格。在担保申请拒绝月的每个月底的信贷机构将所有信用担保情况上报给中央银行。为了增强监督，更新和扩展的信贷服务保证的信贷保证计划必须提交中央银行批准。要求新业务和扩展业务在至少7天的限期内上报中央银行。信贷机构必须采取一切正常和合理的步骤来处理借款人违约，并通知中央银行，在适当的时候采取必要的措施调查借款用途。根据该小型企业信贷担保计划的条款和条件，中央银行的目的是信贷机构发出的外汇和出口信贷都要遵守规定以便于管理该计划。
五、利率及保费
贷款保证的利息率应由个人信贷机构决定,决定时应考虑到贷款贷款的比例，有关的风险与整个贷款的关系。信贷机构须缴付的保证保费利率为1.5厘，信贷机构应每半年的任何一个日历季度任何时候按最高金额缴交保费。
六、利益
小型企业可根据本计划获益,其中包括：
•充分保障贷款
•提高周转
•扩大固定资产，机械及设备
•提高现金流量
•提高销售和利润
•低利率的利息
•扩大和多样化的业务
•聘用更多的机遇和新技能的人
•新技术
•新产品
同样，信贷机构参与这一计划可能会获得一些好处，其中包括：
•时间担保贷款
•新业务的新客户
•额外的业务来自现有客户
•低损失贷款拖欠
•更好的工作关系，小客户
•机会提供咨询服务
文献来源：A Global Perspective.Credit Guarantee Schemes for Small Business Lending. VolumeΙgraham Bannock and Partner Ltd.1997．
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