The Equity Pledge Of Listed Companies

In recent years, the listed company’s equity pledge with the vigorous development of the capital market in China, become one of the important ways of financing of listed companies.On the one hand, equity pledge to its inherent advantage solved the problem of the listed companies financing difficulties. On the other hand, equity pledge has brought the money at the same time, also brought all sorts of risks.The risk of the listed company’s equity pledge is it lead to falling equity value, empty large shareholders of listed companies, failure to meet debt due control transfer risk.However, the legal system of equity pledge in China started relatively late.It is referring to a number of the relevant provisions of different department laws.The rules between different department laws have conflicts,and unable to form a unified legal system. The principles of law are too general, and lack of operation standard, which bring huge risk to equity pledge.These problems show that the law of equity pledge can not meet the need of reality at present.The law of equity pledge must be changed for stopping the development of equity pledge.This article from the basic theory of equity pledge of listed companies, through case analysis, point out the risk in the listed companies in China equity pledge. Finally proposed the risk prevention mechanism and their own legislative proposals.This thesis mainly consists of five parts.The first chapter is an overview of the listed companies’ equity pledge.First, defined the concept of equity pledge of listed companies. Second,introduces the development status of the listed company’s equity pledge, and listed equity as collateral subject of eligibility to be explored.The second chapter is about the setting of listed company’s equity pledge.Combined with the present legal system of the listed company equity pledge to set up rules, probes into the current listed company registration system of pledge of stock rights deficiency, points out its objectively restricts the positive role of stock pledge in the capital markets.The third chapter is the realization of listed company’s equity pledge.Analyzes the listed company equity pledge implement the general provisions and special provisions.The fourth chapter is risk analysis Letv equity pledge case.By means of case to point out the existing problems in the listed company’s equity pledge and risk, such as the disposal of the risk, moral risk and market risk.The fifth chapter is suggestions to improve the listed company equity law. For risk prevention and the related problems, combined with China’s national conditions, follow the principle of safety,efficiency and fairness of preferential, puts forward the suggestions of perfecting our country’s legal system of the listed company’s equity pledge.