| Equity pledge is a way to raise funds.Pledgee will hold shares as a pledge to obtain loans as an act of obtaining loans.Most of the listed company's equity pledged acts as a pledger to use its own equity to finance its own financial assets.The openness and liquidity of equity allow financial institutions to provide loans to shareholders.In the rapidly developing economic society,the most emerging form of financing for equity pledges has attracted attention from the society.Controlling shareholders have frequently used this behavior to raise funds.At the same time,all kinds of risks arising from equity pledges have also emerged.The financing behavior of equity pledges allows the controlling shareholders to maintain their controlling position while merging the necessary funds and realizing the cash flow rights.Using the case analysis method——Xintai Electric Co.,Ltd.,a compulsory delisting enterprise on the GEM,was selected as the research object for the high proportion of pledges of its controlling shareholders to analyze the motives and the behavior of the controlling shareholders,and this behavior affects the company's value.path of.According to the book value of the company's equity and the market reaction before and after the pledge,the separation of the two powers may lead to the hollowing out of the controlling shareholder.The company's value is negatively related to the controlling shareholder's pledge ratio and will have a negative impact on the listed company's estimation in a short time.Finally,with regard to the entities within the company,the creditors themselves,and the regulatory authorities,they put forward suggestions on strengthening the internal governance of the company,increasing the supervision of the controlling shareholder behavior,perfecting the information disclosure system of equity pledges,and jointly participating in the creditor's equity,etc.To reduce the risk of equity pledge of listed companies. |
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