Research On The Legal Risk Prevention And Control Of Stock Pledge Of Listed Companies

At the Forum on private economy on November 1,2018,General Secretary Xi pointed out that "the three mountains faced by private enterprises in China are the iceberg of market,the mountain of financing and the volcano of transformation".In order to alleviate the "financing mountain",most private enterprises will choose the path of equity pledge.As equity pledge has become an important financial instrument,it plays an important role in the financing of shareholders' funds of private listed companies,and also promotes the development of financial service entity economy.In the era of slowing economic growth in our country,financial deleveraging policies are promoted layer by layer,liquidity is also gradually tightened,and strengthened supervision makes financing and Pledgors face greater tests,and shareholders default due to the sharp drop in stock prices.If there is no sufficient supplementary pledge or lack of the ability to raise funds to repay,the stock will face the risk of passive closing or the transfer of control to others.In this case,in order to alleviate the liquidity crisis,for the shareholders with high proportion of pledge,they can only transfer their equity or control rights.At the beginning of 2018,Shanghai and Shenzhen Stock Exchange issued the measures for stock pledged repo and registration and settlement business.The objective and positioning of equity pledge to serve the real economy are once again clear.Strengthening risk management and leverage control has become an important guiding ideology,and the business operation is more standardized.Therefore,it is of great significance for enterprises,financial institutions and capital market to prevent the risk of equity pledge.In order to fully demonstrate,this paper will be divided into five aspects.The first part summarizes the current situation of equity pledge financing,starting from the origin of equity pledge,summarizes the legislative thinking and process.The second part is to discuss the legal risks of equity pledge,which are embodied in the system risks such as too many mandatory norms,imperfect rules of pledge,lack of the concept of equality of private rights,and market supervision risks such as illegal information disclosure and illegal occupation of funds by shareholders.The third part focuses on the practical experience of preventing the risk of equity pledge financing of Listed Companies in China under the background of strong supervision,such as the introduction of the guiding opinions on regulating the asset management business of financial institutions,the measures for stock pledge type repurchase transactions and registration and settlement business(draft of the opinions)and the exploration of rescue funds,which are of great significance for preventing the risk of equity pledge financing ? The fourth part combs the rule of law principle of risk prevention of equity pledge financing,balances the value of "safety","efficiency" and "fairness",and aims to achieve Pareto optimality.In addition,in order to improve the efficiency of capital operation,this paper explores the reduction of mandatory norms and the improvement of equity pledge rules.On this basis,we should pay attention to the protection of private rights among different subjects.The fifth part puts forward the supervision suggestions on the risk prevention and control of stock pledge.From the internal point of view,we should improve the information disclosure system guided by penetrating supervision;from the external point of view,the regulatory agencies should strengthen cooperation to maintain the smooth operation of the market.