Analysis Of The Mechanism Of Relief Funds In Resolving The Financing Difficulties Of Private Listed Companies

Since 2018,with the escalation of international trade frictions between China and the United States and the entry of the domestic economy into the new normal,the stock market value has shrunk,the stock price has fallen,and the market operating environment has changed,so many enterprises are faced with liquidity risk.As an important part of China's economy,private enterprises play a role in the national economy and are the main source of tax revenue in China.Since the form of private enterprises is more flexible and changeable,full of vitality and potential.Private enterprises make full use of labor force,become an important way of entrepreneurial employment,and contribute greatly to the promotion of national employment.In recent years,equity pledge has become an important way to get money because of its fast financing and high efficiency.At present,with the pressure of national economic transformation,the stock price falls,and the private listed companies face the risk of closing the position of equity pledge.In addition,private listed companies operate extensively and have high liabilities.Under the background of "Deleveraging ",financial institutions are strictly regulated,and the debt crisis of the company leads to credit risk.In view of this,the government has issued relevant policies many times,and taken relevant measures to provide a way to solve the financing difficulties of private listed companies.Besides the government,financial institutions,brokers,fund associations and other relevant take measures to solve the financing difficulties of private listed companies.The relief fund was set up as a government-led fund and the short-term emergency mechanism of collecting all aspects of social capital to solve the debt risk and equity pledge risk of private listed companies.Since last year,stock prices have fallen,companies with high equity pledge ratios have faced unwinding cases,and many listed companies have shifted control in the course of bail-outs.The scheme has raised concerns over the settlement as the first privately-owned listed company to be rescued by the Beijing Municipal People's Government's bail-out fund without the transfer of control.This paper studies and analyzes the bail-out method of Jiaxun Feihong in the listed companies of equity pledge,and analyzes the rescued companies by combining the relevant theories of the bail-out fund and the current situation and problems of the listed companies of equity pledge in China.The paper tries to analyzes characteristics of cases,the operation mechanism of the rescue fund,and put forward relevant suggestions,ideas and direction for China's private listed companies in the settlement of equity pledge,stable control and other aspects.