| As an innovative and convenient financing method,equity pledge has been widely used by major shareholders of listed companies in recent years.By the end of2018,more than 3,400 listed companies have pledged their shares,with a stock market value of 6 trillion yuan.With the continuous expansion of the scale of equity pledge,a high proportion of equity pledge will not only increase the repayment risk of the pledgee,but also bring risks to the listed company itself and minority shareholders.How to resolve the risk of equity pledge has become an important challenge facing the market and regulators.This paper hopes to put forward more targeted countermeasures and Suggestions for the regulators by studying the risk of equity pledge for major shareholders of listed companies.Firstly,this paper analyzes the status quo of equity pledge of listed companies in China,and understands the development process of equity pledge from the perspective of system,scale and trend change reasons.By comparing different sectors and the pledge scale of the pledgee to understand the main undertakers of risk,the main motivation and possible impact of the pledge of the major shareholders are further elaborated.Secondly,analyze the risks of equity pledge is the main body,mainly including high pledge risk positions for major shareholders,control of the listed companies face hollowed risk and share price volatility risk,transfer risk,the pledgee under the pledge of liquidity risk,credit risk and moral risk,the risk of small and medium shareholders’ interests are violated.Finally,according to the risks faced by different subjects,this paper puts forward measures to mitigate risks and Suggestions for long-term prevention of risks,further improves laws and regulations and information disclosure system,establishes equity pledge database and negative list,strengthens information sharing,and improves risk awareness of investors. |
