| As SMEs have some gaps with large-scale listed companies in terms of information transparency,regulatory compliance and financial status,their anti-risk ability is relatively weak and they face a long-standing financing problem.The emergence of the NEEQ,especially the introduction of the market maker system,increased the liquidity of the shares of the NEEQ listed companies and the accuracy of stock price assessments.The NEEQ provided a platform for SMEs to demonstrate their own business.The transparency of corporate information is upgraded,the financial system is more standardized,which brought convenience to the financing of enterprises.Healthy development of a multi-level capital market is once again mentioned in the 19 th Report of the Communist Party of China held in October 2017.As an important part of the multi-level capital market,the NEEQ will help the development of many small and medium-sized enterprises.As of October 24,2017,the number of NEEQ listed companies totaled 11,690.From the beginning of the year to September 29,2017,about 30.8 billion shares of stock were traded and the transaction value reached 167.6 billion yuan.The NEEQ has become an important financing platform for SMEs.The study of the equity pledge of the NEEQ can provide a new solution to the classic problem of financing difficulties for small and medium-sized enterprises.In addition,the pledge of equity has been rapidly developing in the NEEQ since the beginning of 2015.The reason behind this is worth exploring.Therefore,it is of theoretical and practical significance to study the applicability of the equity pledge in the NEEQ.This paper first briefly reviews the development history of the NEEQ,then summarizes the financing of the NEEQ,and then briefly introduce the case of Yuan Ding technology and analyze it.The part of case analysis first analyzes the feasibility of equity pledge in the NEEQ from the theoretical,legal and practical aspects,that is to say,to confirm the pledge of equity in the NEEQ are feasible in theoretical and legal aspects,combined with the actual situation of Yuan Ding technology to prove that NNEQ’companies have realistic demands for equity pledges.Secondly,this paper explores the financing effect of equity pledge in the NEEQ from three aspects: financing aging,financing cost and capital usage flexibility.Then further analysis whether equity pledge can improve the financial status of the yuan Ding technology.This part mainly include Z value warning,solvency and profitability of the relevant indicators.Through the good financing effect the equity pledge in the NEEQ and the improving effect of financial indicators to prove that the effect of equity pledge in the NEEQ is not only practical,but also has strong applicability.Although the equity pledge has the advantages of low cost,simple procedure and convenient operation,it has practical significance for the operation improvement of the NEEQ’s enterprise.However,due to the information asymmetry in the pledge of equity and the low liquidity of equity of the NEEQ’s enterprise,The NEEQ’s companies are vulnerable to the impact of the macroeconomic environment,equity pledge has a certain risk.So the case analysis section also detailed analyzes the possible risk factors in pledged shares of the NEEQ,the risk of equity pledge in the new NEEQ to needs to be concerned by the parties of the pledges.Finally,based on the problems and risks existing in the pledge market of NEEQ,the paper puts forward.Some countermeasures and suggestions from the macroscopic level and the micro level,with a view to make a contribution to the development of the equity pledge in the NEEQ in the future. |
