Study On Risks And Countermeasures Of Equity Pledge For Enterprises In NEEQ Market

Since the nationwide expansion of NEEQ,equity pledge has become a new financing method for listed companies.However,due to the institutional features of NEEQ,such as the relatively low threshold of listing,the lack of a daily limit for price adjustment,the high threshold for the entry of investors,resulting in a lack of liquidity and a high risk of equity valuation;meanwhile,due to the pledge ratio of NEEQ is unlimited,also created a unique risk points of equity pledge.For the listed companies,the pledge of equity risks can not be ignored.Such as financial risks and risks of change of the company's control.Therefore,how to avoid the risks brought about by the equity pledge?This article gives more practical suggestions respectively from the listed company,the pledgee and NEEQ marketThis article uses case analysis to take Columb company as an example,combined with the historical open financial data and it's financial indicators.And then we deeply analyze the risk points brought by the pledge of the company equity.Then the article analysis the motivation of the risk,such as due to the negligence of the board of directors,reliance on the actual controller,the failure of the corporate governance mechanism to function effectively and the lack of information disclosure,and the poor communication with the supervisors.Then we draw the conclusion that the listed company should clearly defined the pledge ratio and purpose,focusing on the company continued operations,stabilize the stock price,improve the company's internal control system,control the rights of controlling shareholders and other recommendations.At the same time,from the pledge side and NEEQ market point of view to put forward the proposal of avoiding risks.By improving the risk supervision mechanism of equity pledge,can the equity pledge be realized its true value in the NEEQ marketThe main contribution of this paper is to supplement the case of the NEEQ market equity pledge risk research on the one hand,and on the other hand to provide reference for the development of the NEEQ market equity pledge business.And this paper gives more practical advice from the perspective of the educated side,which is different from the research ideas of most of the current literatures on how to explore the risk of the pledge party and the coping strategies.It is the innovation point of this article.