Research On The Risk Of Equity Pledge Based On The Pledgor

In recent years,with the development of the capital market,corporate financing needs have gradually increased,and financing methods are also diverse.Equity pledge financing is increasingly favored by financiers because the financing platform is more open and convenient.However,the risks involved in equity pledges cannot be ignored.After the company’s major shareholder has passed the equity pledge financing,if the company’s share price falls sharply,the price hits the warning line,and the major shareholder can’t replenish the fund or redeem the equity in time.The pledge stock will face the risk of strong liquidation,and will lead to serious Major shareholders lose control of the company.Therefore,the research on the risk of equity pledge of the major shareholders of Yaxing Chemical has certain representativeness and typicality.This paper selects the case of Yaxing Chemical,firstly introduces the development of the current equity pledge system,and introduces in detail the current situation of the development of equity pledge at home and abroad.Then in the case analysis part,the motivation of equity pledge is analyzed from three aspects: industry background,major shareholders’ own financing demand and equity pledge financing.According to the data,Yaxing Chemical’s several equity pledges during 2015-2017 and stock price The change analyzes the risk of stock price collapse,the risk of liquidation and the risk of losing the pledge of equity.The second is to explain that Yaxing Chemical Company adopts earnings management,borrowing new debt and stock suspension to avoid pledge risk,due to Yaxing.The method used by chemical companies to avoid the risk of equity pledge increases the market risk to a certain extent.Therefore,this paper proposes the countermeasures to regulate the equity pledge behavior from the means of Yaxing Chemical’s evasion of equity pledge risk.Finally,different revelations and suggestions are put forward from the perspective of stakeholders.