Research On The Risk And Prevention Of Equity Pledge Of The New Third Board Company

In recent years,with the continuous development of the securities market,more and more small and medium-sized enterprises use the National Equities Exchange and Quotations to enter the capital market.Compared with state-owned enterprises and large listed companies,SMEs of the National Equities Exchange and Quotations can choose fewer ways to finance.Equity pledge as a way of financing,because it does not lose control,does not require regulatory approval,and the pledge of restricted shares can become the first choice for many SMEs to finance,but the active cause of the equity business The related risks caused by it have gradually emerged.So how to prevent the risks caused by this financing method has become a major concern of financial institutions and the National Equities Exchange and Quotations listed companies.In order to explore the prevention mechanism of equity pledge risk,this paper first reviews the domestic academic literature on equity pledge,then introduces the basic theory related to equity pledge,and introduces the core concept briefly,and then analyzes the development of China's current National Equities Exchange and Quotations equity pledge.The status quo,after analyzing the case company Feng Shengyang equity pledge process,the company's controlling shareholder conducted four frequent pledges within four months,by analyzing the market reaction and financial response before and after the company's pledge,judging the frequent shareholders Pledge not only increases the company's liquidity risk,financial risk and credit risk,but also seriously affects the company's performance,and greatly damages the minority shareholders' rights and interests.The essential reasons for these risks are the lack of independent directors,and the company's pledge funds are not standardized.The controlling shareholder lacks risk awareness and insufficient external supervision.From the perspective of listed companies,this paper puts forward corresponding countermeasures to provide reference for other enterprises.It is suggested that the company should set a strict and clear pledge ratio,and at the same time add independent directors to represent the interests of small and medium shareholders,then strengthen information disclosure and improve the equity pledge risk supervision mechanism.In order to ensure the stable development of the market,the company will realize the healthy and orderly use of equity pledge in the National Equities Exchange and Quotations market.