Big Shareholders Equity Pledge Loan Fund Use Risk Assessment

Since 2014,the equity pledge scale into a rising trend,alone since 2015,two city a total of 1370 listed companies by its shareholders equity pledge financing 6498,involved 174.9 billion shares pledge,calculate according to the closing price of the stock pledge start date,a total reference value of 3.15 trillion yuan.For 2016 years,the market tumbled 20%in just two weeks,the pledged shares hit a line or the risk of open line surge.Equity pledge,for major shareholders of listed companies,is an important channel to solve the problem of liquidity.But behind the equity pledge,highlights the current situation of the deterioration of the listed company's cash flow,especially small and medium-sized listed companies.Rising market equity pledge can be said to be the wind,but along with the market all the way down,equity pledge risk spurt of detonation storehouse.In recent years,with the entity economy downward,the listed company's capital chain problem increasingly prominent,equity pledge of systemic risk is yet to be released.When we found after cobwebs of equity pledge of each link,equity pledge money there is a difference.From Shanghai and shenzhen two cities of the listed company's equity pledge announcement you can see that the equity pledge funds into at least four:on the pledge of pledge of shareholders themselves,to be listed companies,to a third party,and into the unknown.But often in the listed company issued by the controlling shareholder equity pledge announcement,it is difficult to see on equity pledge money to borrow money.Relationship between the controlling shareholder equity pledge their money its own interests,the equity pledge will differ?Big shareholders equity pledge frequently,often for equity capital uses do not disclose,highly leveraged investment,bad economic consequences,affect the value of the company.This article mainly from the big shareholder equity pledge by the economic consequences of this perspective,it is concluded that major shareholders equity pledge loan risks of capital operation,and the fund use of large shareholders equity pledge loan risk evaluation,apart from a variety of self-help measures to take temporary solution not effect a permanent cure,from two aspects of internal governance and external regulation related Suggestions are put forward.