Research On The Risk Control Of Stock Pledge Repurchase Of Hangzhou Hi-tech Rubber Materials Co.Ltd

In June 2013,the Shanghai and Shenzhen exchanges formally launched a brand-new repurchase business.This business is carried out on-site and falls within the category of stock pledges.The main role is to bring help to corporate financing.At the same time,assisting the current real economy,the on-floor stock-pledged repurchase business is highly regarded by securities companies and major shareholders of listed companies.Participating securities companies rapidly expand capacity,steadily increase the number of financing entities,and expand business scale.However,after the rapid adjustment of the stock market in 2015,listed companies that had pledged large amounts of equity began to expose the risk of changes in the ownership of equity.Regulators gradually reviewed and supervised the behavior of pledged repurchasing of large shareholders' stocks,especially the proportion of pledges.High shareholders of listed companies and those who have pledged shares account for a high percentage of total shares held.This article is taking Hangzhou Hi-tech stock pledged repurchase business as an example to analyze the risk of the equity pledge of Hangzhou Hi-tech Co.,Ltd.and propose risk protection measures in order to stabilize the equity value of listed companies and protect the interests of small and medium-sized investors.Because the pledged party's major shareholders have a special position in the listed companies,once the mortgage-backed repurchase crisis is faced,it may lead to changes in the control rights of the listed companies,which will have a significant impact on the company's stock price,operating performance,and information disclosure.The significance of this study is to stabilize the equity value and control right of listed companies and protect the interests of small and medium investors.The thesis first analyzes the listed companies,the operation steps and development of Hangzhou Hi-tech stocks pledge business,the status of Hangzhou Hi-tech shareholders structure and stock pledge,and the stock price fluctuation of Hangzhou Hi-tech secondary market.Then,according to the external market volatility and the internal governance of the company,the risk of the stock collateral repurchase is analyzed.In addition to possible credit and other risks of the shareholders,various risks encountered in the market operation,risks of changes in the equity value of listed companies,The risk of transfer of control of listed companies and the risk of illegal and irregularities of listed companies.Through the major shareholders' own cash flow rights and control rights,the majority shareholder has pledged equity accounts for the proportion of shares held over the high status of excavation of risk causes.Afterwards,using the La-Var model to construct a risk control mechanism for the stock repurchase business of Hangzhou Hi-tech stocks,calculating the stock pledge rate,the final result shows that the mortgage risk under this model will be reduced,and then proposed separately from the business front-end stage Specific mechanisms for risk control.Finally,based on the risks and causes of the high-tech stocks pledged repurchase of Hangzhou,this paper puts forward the guarantee measures for the risk control mechanism of the pledged repurchase of Hangzhou Hi-tech stocks.Establish a reasonable internal governance mechanism,strengthen the disclosure of information on listed companies' stock pledged repurchase,strengthen the supervision and coordination on the pledged repurchase of listed company stocks,balance the disadvantages of ordinary investors with respect to information asymmetry of listed companies,and protect small and medium shareholders And the rights and interests of ordinary investors,to achieve a stable listed company's stock price,and to prevent the transfer of control of listed companies.The innovation of this paper is that the equity pledge is the hot topic of supervision.The article considers the issue of stock collateral repo risk from the perspective of the listed company,and uses the La-Var model to construct the risk control mechanism of the stock pledge,and proposes that the listed company is under a strong regulatory environment.The safeguard measures that control the risk mechanism of stock pledges provide certain reference for listed companies to control the risk of decentralized equity pledges and protect the interests of small and medium shareholders.