Research On H Share Company's Major Shareholders' Stock Pledge Risk Management

With the implementation of the Science and Technology Board in 2019 and the reform of the GEM in 2020,the capital market reform is being deepened in an all-round way.As an important part of the capital market,securities companies have both regulatory pressure and their own motives for profitability,both of which rely on Risk Management.At present,the stock pledge business is still in a state of risk,and the new reform requires securities companies to strengthen risk management to better serve the capital market.This article first introduces the significance of the research background and the current research status at home and abroad.From the biggest risk of stock pledges comes from the collapse of listed companies' stock prices,and even the delisting brings great risks to securities companies that the borrowed funds cannot be recovered.For large shareholders,Pledges may lead to actions that tend to take: information disclosure manipulation,earnings management manipulation,and low-quality audit options;For the securities companies,research on precise pricing of stock prices,identification and prevention of actions against major shareholders,and risk of securities companies Improvement of management structure and realization of risk control.Secondly,taking the stock pledge repurchase business of the major shareholder of H Securities Company as the research object,an in-depth analysis of the business process and the current status of risk control was conducted,revealing that the risk control system and risk control indicators of the stock pledge business of the major shareholder of H Company were before,during,and after The shortcomings in the identification and disposal of post-incident risks and corresponding solutions are given: 1.Strengthen the monitoring of the behavior of the major shareholders,increase the information disclosure,audit pricing,earnings management and other automated risk control indicators.2.Rely on financial technology,use big data,artificial intelligence and other emerging technologies to build a powerful centralized risk control system,and shift the risk control front to the centralized risk control mode.3.For restricted stocks,strengthen the application of judicial liquidation.At the same time,it is proposed that the internal control of risk management be implemented in an interactive mode.Finally,it is recommended that the supervisory layer change the plight of the securities company's stock pledge and close the position,and increase the penalties for those responsible for information disclosure violations of listed companies.This article aims to reduce the risk of stock pledge of securities companies and better serve the financial market,and hopes to use the stock pledge business as an opportunity to guide the transformation of the entire risk control model and control model,and build a flagship securities company for China's capital market.