Research On The Impact Of Equity Pledge Of Major Shareholders On Corporate Financial Risk

In recent years,equity pledge,with its advantages of fast financing speed and low financing threshold,has attracted many major shareholders of listed companies,and has gradually developed into a very common financing method today.However,many cases in the past have shown that frequent and high proportion of equity pledges by maj or shareholders will lead to the "liquidation" of enterprises,which will become the trigger for the bankruptcy and bankruptcy of enterprises.It can be seen that the problem of increasing the financial risk of enterprises caused by the pledge of equity of major shareholders cannot be ignored.In order to explore this issue in depth,this thesis takes Shanghai RAAS as the research object to analyze how the equity pledge of major shareholders affects the financial risk of enterprises,so as to reduce the phenomenon of "thunder" due to equity pledge and stabilize the order of the capital market.Due to the long time and large scale of Shanghai RAAS,the obvious characteristics of pledge,and the significant impact on the operation of enterprises,the problems found in the analysis of the impact of equity pledge on the financial risks of enterprises are typical,so this thesis selects Shanghai RAAS as a case analysis enterprise.In this thesis,the improved Z-Score model and DuPont analysis system are used to measure the changes in the financial risk of Shanghai RAAS,so as to determine whether the pledge of equity of major shareholders will increase the financial risk of enterprises.Secondly,from the four perspectives of financing,investment,capital operation and profit distribution,it analyzes how the equity pledge of Shanghai RAAS’ major shareholders affects the financial risk of the enterprise,which aspects are specifically reflected,and supplemented by the data of the same industry as a comparison,excluding the influencing factors of the industry and improving the reliability of the analysis results.Finally,combined with the analysis and discussion of the previous article,it puts forward enlightenment suggestions from the internal and external supervision and investor levels of enterprises.After research and analysis,this thesis concludes that firstly,the pledge of equity of major shareholders will lead to an increase in the financial risk of the enterprise,and the higher the loan-to-value ratio,the higher the financial risk.Secondly,the pledge of equity of major shareholders will affect the four activities of financing,investment,capital operation and profit distribution of enterprises,and under the pledge of a high proportion of major shareholders,the financial status of enterprises and business decisions are different,which in turn will lead to an increase in financial risks of enterprises.Finally,the improved Z-Score model is similar to the measurement results of DuPont analysis system,and has certain reliability and applicability.In view of the fact that excessive shareholder pledge ratio will have a certain negative impact on the financial status and operating results of enterprises,this thesis draws the following enlightenment:at the internal level of enterprises,shareholders should control the pledge ratio,and enterprises should optimize the financing structure,rationally use funds,scientifically formulate dividend policies and strengthen communication with investors;At the external regulatory level,the relevant regulatory authorities should improve the information disclosure system for equity pledge,raise the pledge threshold,and strengthen supervision;At the investor level,investors should invest cautiously and rationally,control risks within their own tolerance.