Research On The Capital Demand Of The New Third Board Company With Financing Of Controlling Shareholder Equity Pledge

With the vigorous development of the new third board market,government departments have continuously introduced relevant policies,more and more small and medium-sized enterprises,especially light asset-based technology companies,have chosen to list on the new third board market to increase the visibility of the company and enhance the liquidity of the company's equity,solve the problem of its financing difficulties.However,after the company listed the new three boards,it still faced financing difficulties,such as limited bank credit,inability of the capital market to reduce the scale of targeted issuance and so on.At present,more and more new third board company controlling shareholders use equity pledge financing to solve the company's financing difficulties.There are two main ways for controlling shareholders to equity pledge financing for the enterprise: one is the controlling shareholder as a pledger,signs a quality contract with a financial institution,guarantees debt with equity,and applies for loans to solve the problem of enterprise funds;the another one is the loan application from the enterprise to the financial institution,the guarantee company makes the guarantee,the controlling shareholder uses the equity pledge to provide a counter-guarantee to the guarantee company to obtain funds.The equity pledge financing has the advantages of high financing efficiency,limited use of restricted-sale equity,low financing cost and maintaining stability of equity structure.In 2017,the total number of shares in the new third board was 3380,u an increase of 32.14 times over 102 in 2013,and the number of enterprises with equity pledged increased from 29 in 2013 to 1731 in 2017,increasing by 58.69 times.Although the equity pledge financing is gradually increasing in the new third board market,the research on the financing difficulties of the controlling shareholders using the equity pledge financing to solve the new third board company is still relatively little.This article describes the new three board market development and the present situation of financing,based on the theory of enterprise financing demand and enterprise financing structure theory,it addresses the issue of whether the controlling shareholders can use the equity pledge financing to improve the capital demand of the company,selects new three board market representative firm—Every Gold company as a case company,Every Gold Company controlling shareholder currently conducts seven equity pledge financings,all adopting the first method to raise funds,and all the financed funds are fully invested into the company for the company's business development,which provides a basis for the study of this article.Firstly,it analyzes the law of the case company,internal source financing and external financing,and explains the feasibility of the equity pledge financing.Then comparative analysis the targeted issuance and equity pledge financing costs of the two,equity financing has more cost advantages,analyze the short-term reaction of the market to the controlling shareholder's equity pledge and believe that the impact of equity pledge on the market is relatively positive,through the contrast analysis of the controlling shareholders before and after the use of equity pledge financing business situation and the financial situation of the company,indicates that equity pledge financing for the company development has a good effect,and compared with the industry average,think equity pledge financing promotes the competitiveness of the company;at last,risk analysis shows that there are risks in the equity pledge financing method.Through case analysis,the author puts forward feasible countermeasures and suggestions on the existing problems of the pledgee,the new third board company and the new third board market.