| In recent years,private economy has flourished,and with its development is the tightening of financing channels of private listed companies.Reducing holdings as one of the important channels for controlling shareholders to obtain funds in previous years,In 2017,the CSRC revised the reduction,reducing holding-shares to cash out becomes difficult.New rules have also been issued for private placement financing,which has been greatly reduced in size.Meanwhile,bank lending rates have been rising year after year.At this time,equity pledge financing,which had been relatively unpopular,was gradually sought after by private listed companies due to its advantages of low threshold,low cost and fast approval.However,the phenomenon of "no stock bet" in A stock market soon exposed the risk.In 2018,it was affected by many factors,the increasing downward pressure on the domestic economy and other factors,the stock market is in the dumps,according to statistics,the three major A-share indexes fell by more than 20% throughout the year,shares pledged by listed companies frequently appear the risk of bursting positions,the A-share market is volatile.On November,General Secretary Xi Jinping proposed the concept "bailout" at a symposium on private enterprises,emphasize to dissolve the risk of equity pledge of listed companies and ensure the stability of financial market.Local governments actively responded to the central government’s call,private enterprise bond financing support instrument,special bailout debt,bail-out funds,bail-out asset management programmes were appeared.Various government rescue measures have greatly resolved the equity pledge risk of listed companies,according to Oriental Wealth data show,as of November28,2019,about 300 listed companies received more than 120 billion bailout funds,the share pledge ratio of controlling shareholders decreased by 40% compared with 2018.This paper takes the equity pledge risk of Bailing out Originwater by The Beijing government as a case study.Firstly,it gives a brief overview of Originwater’s own situation,rescue process and effect;Secondly,from the government,state-owned capital,green water source itself and other aspects of the rescue motivation;Finally,event study and entropy weight method were used to quantify the rescue effect index of Blue blood source.According to the research findings,support private economy,promote economic development within its jurisdiction,the industry has policy dividend,expand market breadth and accelerate the construction of strategic blueprint are the government and state-owned capital to help the main reason for the green water source bailout.The blue water source itself in addition to the performance of the stock price decline caused by the equity pledge risk and liquidity risk,also want to rely on the platform of state-owned capital to open up a wider market.In addition,in terms of bailout effect,the bailout effect is good no matter in terms of market reaction or financial performance,however,equity bail-outs have a better short-term market response than debt bailout.This paper studies the cause and effect of the rescue of clear water source not only broadens the research Angle of equity pledge risk of local government bailing out listed companies,but also enrichis the rescue case study of our country has warning effect on the abuse of equity pledge financing by private listed companies and provides a new idea for private enterprises to ease the risk of equity pledge.In addition,it can also help private enterprises to understand the government’s orientation towards the target of the bailout and increase the probability of being bailed out,it has certain reference significance to promote the rescue of high-quality private enterprises in China.From the bailer’s point of view,it can also provide some reference for reasonable selection of bailout targets and flexible planning of bailout programs. |
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