Research On Financial Risks Of Listed Companies From The Perspective Of Controlling Shareholders' Equity Pledge

With the rapid development and improvement of China's capital market,equity is gradually accepted by financial institutions with its rapid liquidity and non-physical characteristics.Equity pledge is more rapid and simpler than setting other pledges in setting guarantees.Especially for private companies with more serious financing constraints,the equity pledge undoubtedly opened up a more friendly financing path for them.Therefore,more and more listed companies,especially the controlling shareholders of private listed companies,choose to finance through equity pledge.However,the start and development of China's equity pledge financing method is relatively late,and relevant regulatory laws and regulations are still not perfect.The unreasonable application of some equity pledge financing methods has brought risks that cannot be ignored in listed companies and even the entire market.The news that a number of listed companies have been exploding in a blast crisis has sounded the alarm for the capital market.Once the listed company's equity pledge financial risk is concentrated,it will destroy the stability of the entire market.Therefore,in order to control the financial risk brought by the controlling shareholder's equity pledge to the listed company as much as possible,the article uses the information asymmetry theory,principal-agent theory,signal transmission theory and residual control theory as the theoretical basis to sort out the predecessors' literature.After that,based on the perspective of the controlling shareholder's equity pledge,the paper analyzes the main performance of the listed company's financial risk and the reasons for the risk,and puts forward some suggestions on controlling the financial risk caused by the controlling partner's equity pledge.The article analyzes the financial risks brought to the listed company in the process of controlling the shareholding pledge of the controlling shareholder through a series of governance actions of the listed company in the process of controlling the shareholding pledge of the controlling shareholder pledge by combining the case of the inter-continental oil and gas controlling shareholder Guangxi Zhenghe and the equity pledge.And analyze the causes of the risks.Finally,according to the enlightenment of the article case analysis,based on the controlling shareholder's equity pledge,it puts forward some suggestions on the financial risk control of listed companies,including controlling the controlling partner's equity pledge ratio;improving the corporate governance model,strengthening the supervision mechanism,and establishing the financial risk early warning system.Early detection of risks,control of risks;improvement of company information disclosure,strengthening of market value management awareness,and recommendations for government departments to strengthen supervision and strengthen the inquiry letter system.