The Risk Prevention Of Equity Pledge In NEEQ On The Jiu Ding Group For Example

The financing methods of the new third board market are divided into direct financing and indirect financing.At present,in terms of direct financing,the main financing modes of the new third board enterprises are directional issuance and private debt of small and medium-sized enterprises,which have many limitations and many drawbacks,so it is imperative to use indirect financing mode.The increasing scale of the new third board market is the main financing channel for small and medium-sized enterprises in China,which provides a lot of help for them to solve the financing problem.But the new third board market continues to expand,equity pledge in the new third board market is more and more widely used,which also means that the risks it faces are increasing.The sooner the risk problem is solved,the better.Therefore,the risk of equity pledge in the new third board market deserves our attention and research.The research idea of this case study is "asking questions-analyzing problems-solving problems".Firstly,it raises questions: Why should we study the equity pledge in the new third board market? While equity pledge brings convenience to the new third board market,there are great risks.Then,analyze the problems: analyze the status quo of equity pledge in the new third board market,and get the risks faced by equity pledge and the reasons behind the risks.Finally,the problem is solved: the existing risk prevention of equity pledge in the new third board market is analyzed,and the relevant suggestions for the equity pledge company,pledgee and supervision department to strengthen risk prevention are put forward.Following the research ideas,the research contents of this paper are as follows: Firstly,this paper briefly introduces the research background,research significance,research content,behavior framework and research methods,and summarizes and narrates the relevant literature on the new third board market and equity pledge financing;secondly,it expounds the basic concepts and transaction modes of the new third board and equity pledge.This paper briefly summarizes the current market situation,pledge status,motivation,risks and existing risk prevention measures of the new third board.Then,it first introduces the reasons for choosing Jiuding Group as a case study,because of its representativeness,particularity and open availability of data.Then it introduces the basic situation of the company,analyses the status quo of the equity pledge of Jiuding Group,and finds that there are unreasonable places and risks in the equity pledge.Then it analyses the motivation for Jiuding Group to implement equity pledge,which lacks funds and needs financing.Compared with its alternative financing channels,it is found that equity pledge financing is a better choice.Then,the risks of equity pledge are analyzed comprehensively and systematically,including operating financial risks,equity value decline risks,liquidity risks,controlling shareholder change risks and moral hazards of pledged shareholders.Finally,the reasons behind the risks and the existing problems of risk prevention measures are briefly analyzed.Finally,this paper summarizes the full text,and puts forward relevant suggestions for the pledgee,supervisory body,pledgee and so on.At present,more attention is focused on the listed companies on the main board,and there are few papers on the risk of equity pledge in the new third board market.However,the continuous expansion of the new third-board market and the wider use of equity pledge in the new third-board market also mean that the risks faced by the new third-board market are increasing,so the risks of the new third-board market need to focus on.Taking Jiuding Group as an example,after studying the risk and risk prevention measures of equity pledge in the new third board market,this paper puts forward some pertinent suggestions on how to prevent the risk of equity pledge from three perspectives: pledgee(capital demand side),pledgee(capital supply side)and supervision mechanism(environment),so that equity pledge can better serve listed enterprises.But at the same time,there are some limitations in this paper.On the one hand,the research of foreign scholars mainly focuses on the off-the-counter market and financing risk.Because the research is on the new three-board market in China,there is a relative lack of foreign literature.On the other hand,the case study of this paper only analyses a single company.Although Jiuding Group is representative in the new third board market,each company has its own particularity,so the conclusions and suggestions of this study may not be of reference significance to all new third board companies.