Research On The Risk And Countermeasures Of Stock Pledge Financing Of Controlling Shareholders

With the continuous development of the capital market and the promotion of supervision in the financial field,the traditional financing mode has gradually entered the "bottleneck period ",and the financing difficulties of small,medium and high-tech enterprises have been gradually paid attention to.In order to solve this problem,many enterprises began to seek new financing channels,so equity pledge financing came into being with the national financial innovation policy.Equity pledge financing invigorates the stock assets of small and medium-sized enterprises,broadens the financing channels of enterprises,and thus obtains explosive growth.Overall,Wind statistics as of May 2018 show that A shares have 3425 listed companies(97.30% of total share A companies)exists in the case of equity pledge,and the market value of the pledge is 6.27 trillion yuan(accounting for 10.11% of the total market value of A shares),which shows that the scope of equity pledge in China is wide and the amount involved is large.With the continuous promotion of China's deleveraging policy and the downward trend of the stock market,the market value of equity pledge has fallen sharply,which leads to a sudden increase in the number of enterprises whose share price touches or falls below the level line,which affects the liquidity of the market.Meanwhile,the potential risks of equity pledge financing are gradually exposed: Choice as of August 11,2019,946 stockholders have already pledged their shares in the stock market,while Huachang Securities statistics show that 80 percent of the 732 judicial freezes that occurred in China in the middle of 2017-2018 are due to stock pledge transactions The failure to buy back or recover insurance normally has caused widespread concern in the market.ST Changsheng shareholders pledged 620 million shares of the exploding thunder,Letv president Jia Yueting pledged equity explosion,and so on are well known examples.This article takes Yinji Entertainment and Media Co.,Ltd(DMG for short)as the case study object,based on the theory of principal-agent,signal asymmetry and so on,this paper analyzes the whole process of equity pledge of controlling shareholder of DMG,and then analyzes the risk of controlling shareholder's improper behavior in the financing process of equity pledge of DMG from four dimensions: financial risk,operation risk,compliance risk and external risk,thus causing the financial crisis of the company.Based on the Z-Score model,this paper focuses on measuring the financial risk of DMG,analyzing the related party transactions and non-operating capital occupation of controlling shareholders,and making use of the relevant financial risk index and operating performance to analyze,and then draws a conclusion that controlling shareholders After the pledge of equity in their own interests,the company will take certain actions through absolute control,which will lead to the increase of the company's risk,and put forward some suggestions on how to prevent this risk,in order toprevent and resolve the possible risks in the future controlling shareholder's equity pledge business.