Deleveraging,Equity Pledge Of Controlling Shareholders And Financial Risk

In recent years,in the environment of deleveraging,it is an important practical issue to explore whether the stock pledge will increase the financial risk.In this paper,the case study method is used to study the impact of equity pledge on the financial risk under the macro environment of deleveraging.It is found that the "deleveraging" policy increases the uncertainty of economic development.In this macro environment,the controlling shareholders are prone to fall into the risk of capital chain rupture when they pledge their shares.At this time,according to the signaling theory and information asymmetry theory,the financing behavior of equity pledge transmits a negative signal to investors.Because of the biased cognition of investors,it will enlarge the risk point of the enterprise,and more importantly,it will perceive the negative effect of equity pledge on the listed company,which will aggravate the investor's "voting with their feet" to sell the shares of the listed company,and increase the financing difficulty of the listed company.However,there are problems in the financing.On the one hand,the listed company is unable to "borrow the new to repay the old",and there is a debt crisis.On the other hand,the main business of the listed company is also carried out it will be restricted,which will hinder the operation and development of the company and increase the financial risk.This study reveals that under the situation of deleveraging,it is an irrational behavior for controlling shareholders to pledge their shares,which not only damages the interests of listed companies,but also aggravates the volatility of the whole capital market,making the deleveraging policy face a more complex external environment.Therefore,this paper puts forward the following suggestions,so that under the background of deleveraging,the listed company can effectively prevent the aggravation of the financial risk of the company after the controlling shareholders pledge their equity.First,under the environment of external uncertainty,enterprises should control the investment scale to avoid blind expansion and liquidity crisis;Second,strengthen the information disclosure of the stock pledge behavior of the controlling shareholders to enhance investors' confidence in the listed company under the environment of deleveraging;Third,limit the proportion of stock pledge to prevent the excessive pledge of the controlling shareholders and bring the risk of stock pledge The risk shall be controlled within a certain range.