| In recent years,there has been continuous forced equity liquidation of shareholders' pledge of listed companies,which has seriously damaged the capital market,the company itself and its shareholders.On the one hand,analyzes the major shareholder equity pledge increase company two rights separation and may lead to excessive investment and related party transactions risk influence on financial risk,on the other hand due to stake a pledge of mark particularity,makes the control of large shareholder equity pledge risk transfer closely connected with the company's stock price,stock prices fell to open line will trigger a strong risk.The continuous operation ability and profitability of listed companies is the foundation of the company's share price,the company's financial risk affect the ability to continue as a going concern,part of the profitability,risk and financial risk,so this article analysis,financial risk will be counterproductive in the control of large shareholder equity pledge shifting risk.Because the big shareholder equity pledge risk and the company financial risk interaction,each other is cause and effect.So the author thinks that on the one hand can be reversed transmission from strengthening financial risk management restrict big shareholder equity pledge is the possibility of over-investment and associated business risks,on the other hand,as long as the company's financial risk management scientific,effective,will improve the company's ability to continue as a going concern and profitability,laying solid foundation the company's share price,avoid transfer risk control.Based on the above analysis,company A,which has high proportion of shareholders and crisis in financial situation,is selected as the object of the case study in this paper.The research method of this paper is the combination of enterprise strategic objectives,business model and business characteristics,adopt the method of combining research and financial analysis,excessive investment and related transactions of the enterprise financial risk analysis and evaluation of the company's financial management present situation and defect,put forward Suggestions for improvement,hope that through improving financial risk management to guard against the risks of major shareholders equity pledge.In the course of operation,the excessive investment and related transactions of company A seriously lead to the accumulation of liquidity risk,financing risk,credit risk and profit risk.On this basis,company A carries out a series of risk management measures.But these management measures show the four shortcomings of company A: the company's strategic management is out of step with financial risk management;Lack of a separate risk management department,financial risk warning mechanism is not sound;Lack of unified and coordinated management of financial risks from the group level;Lack of direct protection against major financial risks.For A company faces financial risk and financial risk management present situation,this paper put forward A proposal for the following four aspects: financial risk management shall be integrated into the corporate strategy management;independent risk management departments should be set up to establish sound financial risk warning mechanism.Then,a relatively centralized financial management system should be established.Finally,targeted management measures should be implemented for major financial risks,such as liquidity risk,financing risk,credit risk and profit risk.At present academia for equity pledge risk prevention mainly from the perspective of law but the law and regulations of the manufactures,this paper studies mainly in the equity pledge under the current system,if based on the enterprise itself,through the study of the research of financial risk management to guard against the risk of equity pledge financing,have certain innovation.So as to further strengthen the management of financial risk,in order to prevent the risk of large shareholders equity pledge to the company. |
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