Study On The Risk Of Pledgee In Equity Pledge

Equity pledge has become one of the main financing methods for NEEQ enterprises due to its advantages such as low financing cost,non-dilution of shares,and non-impact on shareholders' control rights.However,with the expansion of the equity financing scale of the NEEQ,the market has revealed its defects such as low activity,poor liquidity and lack of standardization.Especially in the process of equity pledge,the pledgee borrows funds to obtain the equity certificate,but the equity does not have material bearing and real possessory property,it is only an intangible right established according to the law and does not have practical value,which leads to great risks for the pledgee.So,effective control of the risk of the pledgee in the process of equity pledge in the NEEQ can not only protect the right and interests of the pledgee,but promote the stable development of the NEEQ,which has important research significance.This paper takes fengshengyang company as an example to study the risk of pledgee in equity pledge.First,through the study of relevant literature,understand the situation of domestic and foreign equity pledge.Secondly,it expounds the situation of company,the pledge of the shareholder's equity and the risks the pledgee bears.Thirdly,the risk of the pledgee in the process of equity pledge is measured by historical data:from the perspective of the cost of the controlling shareholder's tunneling company after the pledge,the moral risk is measured by comparing the financial status of the company before and after the pledge.The Z-score model and the property analysis of pledged shares are used to measure the disposal risk.The GARCH-VaR model was used to calculate the reasonable pledge rate of company's equity pledge and compare it with the actual pledge rate to measure the market risk.The study found that the pledgee in the equity pledge of company bears great risks,which are caused by the imperfect internal corporate governance system,unreasonable ownership structure,the absence of relevant laws and regulations,and the weak risk awareness of the pledgee.Finally,it provides relevant enlightenment for preventing the risk of pledgee in the future equity pledge on the NEEQ,and promotes the healthy and rapid development of equity pledge business on the NEEQ.