Research On The The Excessive Equity Pledge Of "Jinyi Culture" Company

With the accelerating process of economic globalization,the financing needs of enterprises are expanding day by day,and their financing channels are also developing to diversification.As a simple and easy way of debt financing,equity pledging has become one of the preferred ways for shareholders to raise funds.However,although the pledging of equity can quickly and effectively solve the financing problems of companies to a certain extent,some risks also follow.Especially when the degree of equity pledge reaches "excessive" pledge,it usually leads to serious pledge consequences,such as the decline of corporate performance,the collapse of stock prices,and even the transfer of control.In recent years,the domestic economic growth has slowed down,especially under the influence of the global COVID-19,many listed companies’ production and profitability have declined significantly,and even some controlling shareholders have partially lost control of the company in frequent and high proportion of excessive pledge.Based on this economic background,this article is divided into the following parts:The first part is an introduction.It introduces the research background and importance of equity pledging,and outlines the development of equity pledging in the Chinese capital market and the monitoring status quo.The link needs to be improved.In the literature review part,it describes the author’s research status at home and abroad from two different perspectives of funding and infringement of interests,and briefly presents the research methods and avenues.research this article.The second part is a theoretical overview of capital pledging and the definition of related concepts,focusing on defining whether capital pledging is"excessive","excessive" behavior subject and behavior characteristics,and explains the theoretical basis of this article.The next part is an overview of the case.It first presents the concept of research and the current situation of the pledge market,and then introduces the basic situation of "excessive" equity pledge of Jinyi culture.It focuses on the specific pledge situation of Jinyi culture,which is in line with the judgment of "excessive" equity pledge behavior in this paper.At the same time,it briefly reviews the company’s pledge situation,stock price crash and control right Transfer and other issues.The fourth part is the case analysis part,which specifically analyzes the different motives of "excessive"pledge,and deeply analyzes its pledge consequences from four aspects of business performance and company value.Finally,in the fifth part,this paper expounds the conclusions and Enlightenment Based on the above analysis,which has certain enlightenment significance for ordinary investors,listed companies themselves,and related government departments.Investors should pay more attention to the announcement of equity pledges by shareholders of the target company,improve the awareness of risk prevention,and timely identify potential risks.Listed companies should strengthen the control of the proportion of shareholders’ pledge in their shares,timely disclose information,and improve the bottom-up internal supervision.Relevant regulatory authorities should further limit the proportion of shareholders’ overall pledged equity in the total share capital,improve relevant regulatory laws and systems,strengthen top-down external government supervision,prevent and resolve a series of pledge consequences caused by excessive pledge,and protect the interests of small and medium investors.