The Risk Management Of New Three Board Listed Enterprises Through Equity Pledge Financing

Since the expansion of "New Three Board",more and more small and medium-sized enterprises entered "New Three Board" Market,in order to obtain more financing channels and cheaper financing cost.Small and medium-sized enterprises can transfer the company’s shares being listed through the "New Three Board",however,only really getting funds, can further help enterprises to grow rapidly.In this context,"New Three Board" equity pledge will become an important channel to help them solve the financing needs.Equity Pledge Financing is very essential for our country securities market.It seems like an effective communication bridge between securities market and money market.As a new source of funding for listed companies, as an important part of credit trading system, Equity Pledge Financing shows i more and more important.The study of equity pledge financing is very forward-looking and has practical significance. Because the key to the healthy operation of the equity pledge financing business is to ensure the the pledged securities varieties category and pledge ratio, establishing perfect risk-control system.As a result, the research object of this paper is the feasibility of the "New Three Board" listed enterprises through equity pledge financing in our country;and the risk management in the process of equity pledge financing, especially focusing on equity pledge financing risk management model based on VaR model.