Study On Financial Risk Of Equity Pledge Of Controlling Shareholders Of ST Zhongli

In September 2020,Xi Jinping proposed the development goal of carbon dioxide emission and carbon neutrality.Due to the characteristics of long payback period and high investment risk,it is difficult for new energy enterprises to obtain loans from financial institutions.Equity pledge of controlling shareholders has become the first choice for many new energy enterprises because of its few restrictions and low financing threshold.However,equity pledge of controlling shareholders is a "double-edged sword",while solving the financing problem,enterprises will also have financial risks,this could lead to volatility in capital markets and undermine investor confidence.Therefore,the financial risk of equity pledge of the controlling shareholders of new energy enterprises has become one of the key concerns of capital market investors,new energy enterprises and relevant government departments.How to reduce the financial risks caused by the equity pledge of the controlling shareholders of new energy enterprises will play an important role in improving the stability of new energy enterprises and the capital market.Based on principal-agent,signal transmission and PBC theories,taking ST Zhongli company as the case study enterprise,this paper aims to further study the financial risks of equity pledge of controlling shareholders through case study.Firstly,the motivation of equity pledge of controlling shareholders is analyzed.Secondly,it analyzes the transmission path of the financial risks of the controlling shareholder’s equity pledge,uses financial indicators to specifically analyze the financial risks of the controlling shareholder’s equity pledge from the three aspects of debt repayment,operation and profit,and uses Z-Score model and F-Score model to conduct a comprehensive evaluation of the financial risks of Zhongli company.It is found that the equity pledge of controlling shareholders will intensify the debt paying risk,operation risk and profit risk of enterprises.Finally,it is suggested to strengthen internal supervision to prevent interest encroachment,formulate sound development plans to avoid excessive investment,and choose multiple financing strategies to disperse financial risks,so as to prevent and resolve the financial risks of the equity pledge of the controlling shareholders of ST Zhongli to a certain extent,and provide reference and reference for other new energy enterprises.