A Study On The Legal Issues Of Share Pledge In The National Equities Exchange And Quotations Listed Companies

In recent years,with the trend of encouraging business startups and activing the real economy,NEEQ has been being important in promoting the construction of multi-level capital market and stimulating innovation and development of enterprise.Most companies are directed at the financing purpose to register the NEEQ,but with expansion of the NEEQ market,lower liquidity and more depression,listed companies have more difficulties on finance.With the failure of financing,it will choose other paths to obtain working capital.Equity pledge which is selected by companies is one of them,because of its short time to finance,flexible,non-diluted shares and other characteristics.However,China's equity pledge-related system cannot prompt market flourishing and keep market in line.It is remarkable in NEEQ listing.There exist some problems which include non-safety of publicity,effect of lien without guarantee,pledge preservation which cannot be carried out and so on.Not only that,the equity pledge is full of risk and uncertainty caused by imperfect system of the NEEQ listed companies' equity information disclosure.In addition,when we talk about the rights and obligations of the pledger and the pledgee,we always deliberately emphasize the rights and obligations of one of the parties and ignore the other party.At the same time,the balance of rights and obligations of stakeholders is particularly important.Following the above researches,this paper is divided into five parts:The first part mainly discusses the NEEQ equity pledge.This part has an introduction to the basic concept of the NEEQ equity pledge,the causes and origin of the NEEQ market and the reasons why the equity pledge is popular in the new three-board market.The second part mainly discusses the registration rules of the NEEQ equity pledge.This part is the keynote of this essay,which mainly discusses the general rules of and the deficiencies of the NEEQ equity pledge registration system.Through five aspects which includes that the registration of equity pledge of the NEEQ company is legally enforceable,that the equity does only be remark,instead of transferring possession,that the equity pledge registration restrains the disposing right of the pledger,that lifting the pledge registration is the prerequisite of disposing the pledge,that publicity of the pledge registration of the stock has a legal validity,this part of essay has an argument about the General Rules for the Registration of Equity Pledge on the NEEQ.In addition,the weaknesses of the NEEQ equity pledge registration system is elaborated on a statement under weakening of publicity,deficiency of lien effectiveness and the dilemma of pledge preservation.The third part mainly discusses the existence of the NEEQ equity pledge.The core of this part is to emphasize the main problems in the existence of the NEEQ equity pledge,including the period of existence,preservation,fruit ownership,the moral hazard and the weaknesses of pledge information disclosure system of the NEEQ equity pledge.The fourth part mainly discusses the realization of the NEEQ equity pledge.There are some argumentations about the conditions and means of the realization of the NEEQ equity pledge,disposition of equity pledge matter and balance of rights and obligations of the interested parties and so on.The fifth part mainly focuses on the above-mentioned suggestions on solving the disadvantages of the system,prompting the registration system of the NEEQ equity pledge,perfecting the information disclosure system of the NEEQ equity pledge,balancing the rights and obligations of the interested parties,and perfecting the system of the relevant laws of the NEEQ equity pledge as final.