Research On The Risk Of Equity Pledge Of Huayi Brothers

Pledge of Stock Rights refers to a financial activity in which an owner of an interest has used his or her rights as a pledged asset to obtain funds from other institutions.At present,more and more capital demanders use the equity pledge to obtain the required funds,and the company's actual controller pledge is particularly frequent.The equity pledge has the characteristics of quick financing for the pledgor.For the pledgee,it has the characteristics of good liquidity and low risk.This paper mainly analyzes from the perspective of the producer.Although this method is fast financing,with the increase in the amount and frequency of equity pledges in the market,many companies have been forced to close positions and control rights have changed.This paper adopts the case method,starting from the fact that the controlling shareholder of the company frequently carries out the equity pledge and thus intensifies the basic pledge of the separation of the two powers.First,through the calculation of the interest encroachment behavior of the controlling shareholder and the change of the company's value and operation,A detailed analysis of the moral hazard brought about by the equity pledge.For example,between 2013 and 2017,Huayi Brothers has a high proportion of non-operating accounts,and the company's value is declining year by year.Second,the risk of disposal is also an aspect of this paper.In the case of Huayi Brothers' negative news such as "tax yin and yang contract",and the stock price has plummeted,the proportion of equity pledge is still increasing,and no countermeasures are actively taken.These problems can lead to disposal risks.Finally,the investment risk is identified and analyzed.Whether the actual controller's equity pledge behavior is in good faith or malicious,it will cause many risks.After identifying and analyzing the risks,the author also proposed corresponding countermeasures.Through this series of risk analysis and response,the author hopes to give warning to other listed companies in the capital market and media industry,and finally promote the healthy development of capital markets and listed companies with the correct use of equity pledge.