A Study On The Risk Of Major Shareholders' Stock Pledge

Due to its advantages of easy valuation,convenient circulation,low threshold,etc.,equity pledge financing is sought after by many enterprises and shareholders.In recent years,with the continuous expansion of the size of stock pledge,the event of the equity pledge settlement of major shareholders has been increasing year by year.As the major shareholder has a significant impact on the company's business activities,the crisis hidden behind the high proportion of major shareholder's massive stock pledge cannot be ignored.How to identify,analyze and prevent and control the risk related to the pledge of major shareholder equity has become an urgent problem to be solved.Given that the pledge of major shareholder's equity has a great impact on the company and related stakeholders,whether the pledge of major shareholder's equity hides the tunneling motive,whether it will affect the company's future stock price,and what risks it will bring to the company and its stakeholders will be the focus of this paper.This paper takes Coship Electronics,which is the major shareholder that makes frequent pledge and finally defaults,as an example.Using the case method to analyze large shareholders equity pledge moral risk,market risk and disposal of the risk,finally from the perspective of stakeholders and external supervision,risk problems of large shareholders equity pledge are proposed.After a brief introduction to the basic situation of Coship Electronics and the situation of major shareholders' equity pledge in previous years,this paper,combined with the theoretical analysis framework,reveals the risks of major shareholders' equity pledge of Coship Electronics:First of all,by analyzing the motivation of the pledge of shares of major shareholders of Coship Electronics and the behavior after the pledge,the moral risk is evaluated;Secondly,study of market risk,using Case study analyze the influence of different degree of the pledge of share price volatility,and risk probability method is used to measure large shareholder's equity pledge shares hit a cordon and open line the possibility of measuring the size of the risk positions,after the disposal of liquidated stock company ownership structure changes in risk analysis and control of change;Finally,the risk of disposal is analyzed from different angles according to the case of Coship Electronics.Through the analysis of the equity pledge risk of major shareholders of Coship Electronics,this paper draws the following conclusions:Firstly,abnormal motives of major shareholders and unreasonable economic behaviors will lead to the increase of equity pledge risk;Secondly,a high proportion of equity pledge will increase the risk of closing position and change of control right of major shareholders' equity pledge.Finally,the current development of the equity pledge market is incomplete and immature.The internal and external supervision mechanism and the current laws and regulations cannot effectively regulate the equity pledge behavior of major shareholders of the company.In view of the above situation,the following enlightenment is obtained in this paper:first,the total amount and proportion of pledge of major shareholders' equity needs to be limited;Secondly,minority shareholders should strengthen risk prevention and control ability,improve risk awareness and protect their own interests.Finally,the regulatory authorities should demand to improve the information disclosure system,reduce the occurrence of information asymmetry between the company's major shareholders and medium and small shareholders,and further reduce the possibility of the major shareholders to conduct private manipulation of information.