Analysis Of The Causes Of The Equity Pledge Of The Controlling Shareholder's Equity Pledge

In recent years,the phenomenon of stock pledges has occurred frequently.The fundamental reason is that many major shareholders of listed companies take their own stocks to pledge loans.When the pledge ratio is too high and the secondary market environment is not good,the stock price has fallen sharply.The risk of pledge will be further amplified.When the major shareholder is unable to add or pledge the pledge in time to make up the position,it will trigger the risk of the equity pledge.Stocks that are forcibly closed will be sold in large quantities,which will cause panic among small and medium-sized investors in the market,leading to further decline in stock prices and likely to affect stocks with similar conditions,which may eventually lead to systemic risks in the stock market.However,what is the driving force behind the pledge of the controlling shareholder's equity pledge is that few scholars have conducted research.Therefore,this paper selects the case analysis of the shareholding pledge of Wanrun Technology's controlling shareholder,and uses Lianchuang Optoelectronics as a comparative company to analyze the macro environment of the company using the PEST model,and to strategically operate the two companies.The decision-making level and the risk control level are compared and analyzed,and the deep-seated reasons for the company's equity pledge burst are explored in depth,and conclusions and countermeasures are drawn accordingly.Through the case analysis of the equity pledge of Wanrun Technology's controlling shareholder,it is found that at the macro level,the overall growth rate of the LED lighting industry is slowing down.The Sino-US trade war has a greater impact on the LED industry.At the same time,due to changes in the external policy environment,private The large financing constraints of enterprises have also aggravated the risk of pledge;at the strategic level,the strategic planning of Wanrun Technology's large-scale cross-border mergers and acquisitions has made the company's operating conditions extremely unstable,the company's value-creating ability and sustainable growth capacity.Significant decline;at the level of business decision-making,a large amount of goodwill is generated in the process of mergers and acquisitions,and the business performance of the subsidiary after the merger is excessively dependent on the business decisions of the subsidiaries,resulting in a decline in the profitability of the company,and at the same time,due to the flow of accounts receivable and inventory Insufficient management ability of assets,the company's cash rate and other indicators are reduced;at the risk control level,Wanrun Technology has insufficient control over fixed costs and high operating risks;these four levels of influence are all leading to Wanrun Technology.The motive of the controlling shareholder's equity pledge.