Research On The Impact Of Equity Pledge On The Value Of The NEEQ

The NEEQ,as an important part of "multi-level capital market",have the characteristics of low threshold,low cost and flexible system.In recent years,many enterprises have begun to use this new financing platform to move towards capital market.However,there are still bottlenecks in the expansion of new three boards and the way of stock financing.Meanwhile,the new three boards are still greatly restricted by the way of stock financing.Under this background,as a bridge to effectively communicate the securities market and the currency market,the equity pledge is becoming more and more important as the new financing source of the new three board enterprises.The new three board enterprises have the difficulty of financing because of the low volume of trading and poor liquidity,and the equity pledge can provide the appropriate financing channels for them.Therefore,this paper has a great forward-looking and practical significance to explore the equity pledge and corresponding problems of the new three board enterprises.This paper mainly adopts the methods of literature research,case analysis,quantitative and qualitative analysis to study the impact of equity pledge on the value of the NEEQ enterprises.First,to explain the background and significance of this paper and the innovation and deficiency of this article.On the basis of combing the related literature at home and abroad,the influence of equity pledge on the value of the enterprise is clarified;secondly,the main financing ways of the NEEQ market are introduced and the status of the equity pledge of the NEEQ enterprises is analyzed;and again,XH enterprise As a case study,equity pledge is used to analyze the impact of equity pledge on enterprise value from the perspective of financial performance,non-financial performance and market performance.The results show that XH enterprises improve the corporate governance structure through equity pledge,provide financial support for the development of enterprises,and reduce the moral risk of the shareholders,market risk and the risk of disposal under the volatility of equity,thus promoting the promotion of enterprise value.Finally,this paper summarizes the paper and puts forward policy recommendations for the healthy development of the NEEQ enterprises' equity pledge business.