Research On The Risk And Countermeasures Of Equity Pledge Of Listed Companies

After standardizing the business of Equity Pledge in 2013,because of its characteristics of flexibility and convenience,the equity pledge business has developed rapidly,which has become a hot financing behavior.As of August 17,2018,3,462 companies,or 95.2 percent of the a share,had a total of 4.9 trillion yuan,or 9.58 percent of the total market value of a shares.As a new financing channel,the financing problem of the enterprise is solved,but at the same time,there is some risk of such financing.If a large decline in the company's stock price leads to the large shareholders involved in the financing of the pledge of the equity to be close to or even to the early warning line,if the pledged stock is unsold,then will increase the risk of the shareholder's controlling equity sideline of the outstanding equity.Therefore,an in-depth analysis of the risk of large-shareholder mortgage financing and risk-response measures is not only of theoretical significance to the study of the risk of Supplementary Equity Pledge,moreover,it is of practical significance to deal with the risk of the major shareholder's Equity Pledge of listed company.In this paper,Leshi network shareholders pledge case as the object of study to study the risk of shareholders pledge.First of all,combing the relevant literature,most of the literature from the agency problem,the decline in the value of the company's equity,shareholders hollowing out the company to harm the interests of small and medium-sized shareholders,the company's ability to pay debts and other aspects to analyze the risk of equity pledge;Secondly,it introduces the theory of Equity Pledge and risk;thirdly,it introduces Leshi network case,analyzes the process and risk of equity pledge,and analyzes the short-term market reaction caused by equity pledge with event analysis method.Finally,in view of the foregoing discussion,this paper puts forward the corresponding risk prevention guiding principles,and from the supervision department,listed companies,pledgee,minority shareholders and pledgor five levels of risk prevention countermeasures.At the level of the supervisory department,we will improve laws and regulations,tighten disclosure of information about the pledge of shares,and increase the cost of breach of the pledge;at the level of the listed company,we will improve the corporate governance structure,strengthen risk management and control,and increase the binding force on shareholders;at the level of the Pledgee,strengthen the examination of the borrower's qualification and the legality of the pledge of shares,improve the pledge contract;at the level of small and medium-sized shareholders,build up the awareness of risk prevention and enhance their professional capacity;at the level of the pledger,control the proportion of the pledge of shares,set up a reasonable emergency fund.The research shows that:(1)equity pledge is the product of the development of financial market,(2)Leshi network has not taken enough measures to prevent the risk of Equity Pledge,(3)to prevent the risk of equity pledge requires the participation of regulatory authorities,listed companies,pledgee,etc.Take corresponding measures to limit the frequency and strength of the risk.