A Study On The Risk Of Equity Pledge Of Controlling Shareholder In Guirenniao

In 2018,a large number of listed companies were affected by the risk of equity pledge of controlling shareholders,resulting in rapid decline of stock price,shortage or breakdown of capital chain,and other problems.The stock pledge of some controlling shareholders broke out,resulting in the risk of transfer of the company’s controlling rights,and also causing huge losses to the pledgers.The business of equity pledge was tightened rapidly,which seriously affected the regular order of the equity pledge market,caused huge impact to ordinary financing.The regulators try to control the risk of equity pledge system,and local governments at all levels also try to rescue listed companies from the risk of equity pledge liquidation economically,so as to prevent the systemic risks,which resulting from the centralized outbreak of equity pledge crisis,on the operation of listed companies.This thesis selects a typical enterprise of large-scale equity pledge of controlling shareholder,summarizes the causes of equity pledge,straightens out the process of equity pledge,analyzes the risks of equity pledge to listed companies.This will help Guirenniao to get out of the dilemma as soon as possible.Meanwhile,this thesis also provide case support for the decision-making and management of equity pledge of the controlling shareholders of other companies and provide reference for them to use equity pledge tools reasonably to develop their enterprises.Through the research of this thesis,the following conclusions are drawn:(1)The case of large-scale stock pledge of Guirenniao’s controlling shareholders reveals the possibility that the controlling shareholders get dual choice right after large-scale stock pledge,hollowing out and abandoning the listed company,which leads to the company falling into financial crisis.The stakeholders should keep enough vigilance while the controlling shareholders to pledge their shares to an excessive proportion,so as to prevent the damage to the operation order of the listed companies and the stock pledge market.(2)The purpose of the abuse of equity pledge is aimed to maximize the interests of the controlling shareholders,which is inseparable from the controlling shareholders’ use of Information Dominance to control the company and manage the market value of the company.Investors and creditors,especially the pledgee,need to reduce the information asymmetry and make decisions from the internal value of the company,so as to avoid the damage to the company value caused by the pledge of controlling shareholders’ equity.(3)There are huge defects in the equity pledge system,so that the original controlling shareholders still retain the control right of the company after the default of equity pledge.The supervisor should make up the loopholes as soon as possible,so that the company can be controlled by the real owner in time,to restore the normal operation order to the company.