| In recent years,equity pledges have swept the financing market like a tropical storm with the advantage of low cost and speed.According to statistics,as of February 14,2018,a total of 2,312 listed companies in the A-share market have not been pledged,and the total number of pledged shares that have not been released is 529.2 billion shares.The reference market value of the equity pledge market reached 6.7 trillion yuan,accounting for about 11% of the total market value of A shares.At the moment when the equity pledge sweeps the stock market,its drawbacks are increasingly prominent.When the stock market fluctuates and the stock price continues to fall or even breaks the liquidation line,if the company fails to remedy it in time,it will lead to the transfer of control of the listed company.Generally,the equity pledge makes the controlling shareholder absorb the required funds while maintaining the controlling position,resulting in the separation of control rights and cash flow rights,which may hide the controlling shareholders’ access to the private benefits of control.In order to study the risks brought by the equity pledge to the company,this paper selects the case of the controlling shareholder pledge of Z company,one of the company whose equity pledge was force to liquidate in the A-share market in 2017,and analyzes the impact of the equity pledge on the company.The main contents of the case study are as follows: First of all,this paper introduces the overview of Z company,the controlling shareholder’s equity pledge and the compulsory pledge of the controlling shareholder’s pledge,and focuses on the background,process,characteristics and the major events of the equity pledge.Secondly,it studies the motives of the equity pledge of the shareholders of Z company,the pledge behavior and the short-term market effects caused by the liquidation of the stocks,and the company’s operating risks caused by the equity pledges,and combines relevant theories to analyze the influence mechanism of equity pledges on the company.Finally,based on the results of the case analysis,the optimization proposal is proposed from the perspective of management system,and the corresponding case revelation is proposed from the perspective of small and medium shareholders and financial institutions and market supervision.According to the above case study,the following conclusions are drawn:(1)The motive of the equity pledge of Z company is to raise the demand for financing,reduce the risk of controlling shareholders and maintain control to achieve the purpose of holding.(2)The equity pledge of shareholders of Z company will have a short-negative impact on the stock price of listed companies.(3)The continuous fermentation of equity pledges,causing the company’s aggressive investment to fall into a cash flow dilemma,and the risk of financial crisis caused by poor internal operations.(4)High proportion of equity pledge will intensify holding Separation of control of shareholders and cash flow rights.(5)A high proportion of equity pledges may induce the controlling shareholder to encroach on the company’s interests.(6)From this case study,we can draw recommendations for the optimization of institutional management,the corresponding enlightenment to small and medium shareholders and financial institutions,legal supervision and macro market. |
