Research On Risk And Prevention Of High Proportional Pledge Of Equity Of Film And TV Listed Companies In China

The essence of equity pledge is a kind of mortgage financing.Because of its simple and convenient procedure,it has developed rapidly in the capital market.Among them,the behavior of large shareholder’s equity pledge is the most obvious.In addition,in recent years,the supervision of the film and television industry has continued to increase,and major shareholders of film and television listed companies have made a high-proportion pledge of equity in order to quickly obtain financing,becoming a "hard-hit area" for equity pledges.Therefore,it is of high research value to study the risks and countermeasures of the high proportion pledge of shares of major shareholders of film and television listed companies.In theory,it has enriched the research on the high proportion pledge of shares of film and television listed companies;In practice,it can be used as a reference for the behavior of equity pledge of listed companies in the same industry.This article starts from the current situation of the high proportion pledge of domestic equity,and summarizes the phenomenon of the high proportion pledge of major shareholders of film and television listed companies in the media industry.This paper analyzes the reasons of its high proportion pledge from the aspects of system,environmental impact and industry characteristics.However,the high proportion of the pledge is accompanied by great risks,and it is influenced by the external environment and internal factors to form a risk transmission mechanism,which has a different impact on major shareholders,film and television listed companies,quality owners,and small and medium-sized shareholders.For example: the risk of clearance of major shareholders,the risk of liquidity weakening of film and television listed companies,and the risk of equity disposal of the owner.Secondly,based on the financial data from 2014-2018,the author analyzes the high proportion pledge behavior of the majority shareholder of the listed companies in film and television,and analyzes the risk of the pledge.Finally,according to the existing risks,from the perspective of the supervisory layer,film and television listed companies and small and medium-sized investors,some rationalization suggestions are put forward,including improving relevant laws and regulations,effectively integrating regulatory resources,improving the quality of the company,and strengthening the information disclosure system.Through the research of this article,we hope to provide reasonable ideas for the film and television listed companies that have a high proportion pledge of equity.In 2019,under the strict supervision of the film and television industry,the equity pledge is used correctly as a financing tool to promote the healthy development of the company.