Research On The Topic Of Reasonable Stock Pledge Rate In A-share Market

In recent years,the stock pledge business in the A-share market has flourished,and the stock pledge default has been increasing.The stock pledge of Shanghai-Shenzhen A-share listed companies has frequently exploded.The reasonable stock pledge rate of the A-share market studied in this paper is defined as a reasonable and feasible stock pledge rate,which can fully prevent the pledge risk and solve the financing dilemma.Based on the status quo,this paper analyzes the development and problems of the listed company's stock pledge business,mainly focusing on the reasonable determination of the pledge rate and the factors affecting the pledge rate.This paper mainly studies the reasonable determination of the stock pledge rate in the A-share market.It will start from the typical listed companies in the A-share market and deeply study the stock pledge market under the new situation.The status quo of development,using the VaR model and ES model to make a reasonable determination of the pledge rate.The VaR risk measurement method is used to combine the pledge rate determination of the stock pledge business with the pledge risk.Through the analysis of the risk characteristics and pledge period of the stock pledge business,the reasonable determination method of the pledge rate for different periods is given,which provides a realistic and feasible solution for the risk management of stock pledge business.Based on the previous studies,this paper synthesizes and improves the research methods of VaR and ES.Through the analysis of SSE 150 sample stocks,it selects the specific date and simulated stock pledge interval iteration to measure and break through the probability statistics,and compares the VaR model with The ES model estimates the pros and cons,and finally provides a feasible stock pledge rate determination scheme.Through empirical research,this paper analyzes many macro and micro factors affecting the stock pledge rate of A-share listed companies,and constructs the macro-economic indicators,company fundamental indicators and stock market indicators of A-share market as the statistical model of the factors affecting the pledge rate.The results of quantitative analysis and qualitative analysis are used as the analytical framework for the rationality of the stock pledge rate of A-share market enterprises.Finally,through the analysis and comparison of the stock pledge,while testing the above analysis framework,the in-depth analysis of the test results,the targeted recommendations of the stock pledge parties involved in the stock pledge business,alleviating the concentration crisis of the listed company's stock pledge risk,The benign health development of the A-share market provides some useful suggestions.This paper is divided into seven parts.The basic structure is introduction,literature review,overview of China's stock pledge development,theoretical analysis and research hypothesis,reasonable stock pledge rate based on VaR method,statistical results and empirical analysis,and conclusion.Theoretically,the paper makes a reasonable analysis on the reasonable determination of stock pledge rate,and discusses the rationality of using VaR method and the selection basis of macro-influence factors of pledge rate,and enriches the existing research theory of stock pledge.This paper studies the rationality test of inquiry methods after determining the reasonable stock pledge rate,which has high validity and sufficient theoretical basis.At the same time,this paper applies the VaR risk measurement method to fully consider the stock pledge risk,and uses the warning line and the stock line of stock pledge to measure and analyze the risk of the pledge stock.The theoretical method for determining the reasonable stock pledge rate is given.The concept of “reasonable stock pledge rate” and the use of relevant data of listed companies for argumentation research make the calculated stock pledge rate reasonable and feasible,effectively applied to the determination of stock pledge rate in stock pledge business,and fully prevent potential stock pledge risk.Finally,this paper hopes to find a reasonable and feasible way to determine the stock pledge rate of listed companies in the A-share market,ease the risk crisis of stock pledge,and provide targeted suggestions for the pledgee and pledgee to participate in the stock pledge business.In the face of increasing stock pledge financing scale and pledge risk,it is of great practical significance to study the rationality of stock pledge rate.