Appled Research On The Evaluation Of Equity Pledge Value Of Listed Companies

The essence of equity pledge is the pledge loan business.It is characterized by its simple and quick operation and convenient operation.It has developed rapidly in the current difficult situation of private enterprises,and has become one of the favorite financing methods for the shareholders of small and medium-sized listed companies.However,as its scale continues to expand,its risks are accumulating.Under the current economic war between China and the United States,global stock markets have fallen sharply,and the Ashare market has not been spared.As the stock market continues to fall,equity pledges Risks have also been gradually exposed.Since the beginning of 2018,there have been substantial defaults in the pledges of 20 companies' stocks,and many companies' stocks have been forced to liquidate when they fall below the closing line.In December 2018,Xingye Securities announced that it had prepared for the impairment of RMB 600 million for the four equity pledge business,and the risk of equity pledge was gradually transferred to the pledgee,although the pledge party(mostly securities,banks and other financial institutions)The risk will be controlled by controlling the pledge rate and setting the warning line and closing line.However,the pledge party often sets a uniform pledge rate according to its own preferences and expected business scale.However,the operation status of different procedural companies Not the same,the possibility of future default is different.Therefore,for the pledgee,it is necessary to find a scientific and rigorous valuation method of pledge equity and to formulate a reasonable loan amount.This paper first reviews the domestic and foreign literatures,discusses and analyzes the value types of pledge asset valuation,and argues that the pledge loan value type emphasizes the principle of prudence and reflects the intrinsic value of pledge equity.Then this paper constructs a valuation model of equity pledge value of listed companies.Based on the market value evaluation of pledge equity,the risk factors of pledge equity are considered and the market value is revised and adjusted in the form of risk adjustment coefficient to obtain a loan period.Relatively stable value of pledged loans pledged by listed companies.The model has three main parameters: First,the market value of the listed company's equity,and the method of evaluating its value.After comparing the market,cost and income methods,the income method pays more attention to the long-term sustainable maintenance of the pledge assets.Factors,pay more attention to the future benefits of assets,combined with the status of the case company and industry characteristics,the economic value added(EVA)valuation method in the income method is used as the evaluation method of the equity value of listed companies.Second,the liquidity risk adjustment coefficient,based on the stock liquidity premium theory,draws on the method of calculating stock liquidity designed by the predecessors to determine a liquidity indicator.The third is the moral hazard coefficient.Based on the 5P factor analysis method in the credit rating,the credit rating of the quality person is analyzed to determine a moral hazard coefficient.Bringing the case company data into the model,the pledge rate determined based on the obtained evaluation value is slightly lower than the average pledge rate in the current market.It can be seen that the value of the pledge loan obtained by this model is cautious and can effectively help the pledgee control the risk of equity pledge.