Legal Regulations Of Stock Pledge Of Controlling Shareholders Of Listed Companies

Stock pledge refers to a kind of financial behavior that shareholders take their own shares as pledge guarantee and integrate funds from financial institutions.In China,there are a large number of controlling shareholders of A-share listed companies to finance through stock pledge.The stock pledge of controlling shareholders of listed companies is characterized by high proportion,circulation and rolling.The controlling shareholders of Listed Companies in China usually hold the actual control right of listed companies,which affects the development strategy and business performance of listed companies.If the stock pledge information of controlling shareholders of listed companies is not transparent,the public investors can not re evaluate the investment value of listed companies,and can not adjust their investment strategies,thus suffer investment losses.In the securities law,the compulsory information disclosure system is an important public investor protection system.Through the continuous information disclosure system,public investors can obtain important information that affects the stock price of listed companies,so as to reassess the investment value of listed companies and make investment decisions again.In view of the risks exposed by the stock pledge and the disposal ofthe default of the pledge of the listed company,the regulatory authorities have issued a number of regulatory measures,and the relevant systems in the securities law of the people's Republic of China(2019Amendment)(hereinafter referred to as the "new securities law")also play a regulatory role in the control of the stock pledge of the listed company.However,the existing system still can not effectively solve the problem of controlling shareholders' stock pledge endangering the interests of public investors.In order to protect the public investors from the damage of controlling shareholders' stock pledge,this paper puts forward the following suggestions: first,continue to improve the securities issuance registration system to ensure the balance of supply and demand in the securities issuance market;second,further strengthen the transparency of controlling shareholders' stock pledge information of listed companies;third,strengthen the communication and coordination of regulatory agencies to supervise the flow of stock pledge financing funds Fourthly,the listed company's controlling shareholder's stock pledge touching the closing line should be listed as the reason of stock suspension;fifthly,the controlling shareholder should promise not to pledge the stock in the period of limited sale and performance compensation.