Research On Evaluation Of Stock Pledge Value Of Geo-jade Petroleum Corporation's Controlling Shareholders

Equity pledge refers to the pledger pledges the equity as the subject matter.When enterprises are experiencing financial constraints,equity valuation procedures are simpler and faster in the evaluation of real estate and movable property.It is more convenient to operate in the process.Therefore,equity pledge has become an efficient method favored by enterprises.It is expected that the scale of equity pledges will continue to expand in the future,and risks will also accumulate.The reasonable pricing of equity pledges is the primary defense against risk,and it is also significant for the financiers.At present,the pledgee controls part of the risk by controlling the pledge rate,but the pledge rate is regulated on the basis of the evaluation result of equity value.In this case some companies tend to improve the assessment results in various ways,strive for a higher loan amount.If the evaluation result is higher than the intrinsic value,there is a certain risk for the pledgee.Therefore,it is necessary to introduce a scientific and rigorous method of value evaluation of pledged equity.This article was theoretically analyzes the risk of equity pledge,starting from the purpose of establishing pricing valuation model,pledged equity value by the equity valuation model serves for both the financer and the pledgee,reflects the intrinsic value of the equity pledge,analyzes and quantifies the risk of the pledge,determines the loan amount of the equity pledged.After comparing the three value types of market value,pledged loan value and liquidation value,the author believes that both the market value and loan value can be used to determine the equity pledge value.Related indicators can provide value reference from different perspectives.When constructing a valuation model for the equity pledge of listed companies,the market value of pledged equity will be the main.The assessment results can help the pledgee to preliminarily determine the benchmark of the intrinsic value of the listed company's equity,Considering the quantification of risk factors in equity pledges and correcting and adjusting market values in the form of risk adjustment factors,Get a pledged loan value of a listed company's equity that is relatively stable over the term of the loan.First of all,analyzing the factors affecting the value of the equity pledge risk,the risk of fluctuations in the value of equity is from the listed company itself,the size of the risk depends on the development in the future management of the enterprise,through the reasonable evaluation of the intrinsic value of the equity of listed companies to control;Liquidity risk mainly lies in the possibility of the equity pledge not timely liquidation,stock liquidity premium theory reference to determine A liquidity index,to listed companies and the a-share market liquidity index ratio to determine the liquidity risk adjustment coefficient;Adverse selection and moral hazard need to consider the credit status of the pledger,can draw lessons from the credit rating of 5P element analysis method,through to the various grade evaluation index to determine the moral risk adjustment coefficient.Next,briefly analysis of enterprise value assessment methods of listed companies,the traditional method of cash discount are not to use market comparison approach,and using the real option method which can better reflect the listed company for the future development of flexibility,can be more reasonable assessment of the listed company's equity value.Finally,combined with the thinking of the above analysis and conclusions,can complete the listed company's equity pledge to construct evaluation model,the input variable mainly have three key parameters: one is made by real option method to evaluate the market value of listed companies,the second is to consider the adjustment coefficient of liquidity risk,the third is to consider the adjustment coefficient of moral hazard.In addition,the data of the case company is brought into the verification,which indicates that the establishment of this evaluation model reduces the risk of the pledger,which is more practical for the equity value of listed companies.It can effectively control the risk brought by the controlling shareholder to the pledge right.