Research On Motivation And Economic Consequences Of Stock Pledge—Taking DuoXiAi As An Example

In recent years,equity pledge financing is popular in the market because of its simple approval procedure of pledge,few restrictions on the mortgagor and flexible way of pledge.Enterprises have joined the ranks of equity pledge financing,the A stock market almost appeared the situation.More like shares are one of them,and its controlling shareholders pledge 100% of their shares to finance them.This article selects many favorite shares as the research object,discusses the controlling shareholder's equity pledge financing motive and the economic consequence in detail,not only enriches the research about the equity pledge financing motive and the economic consequence,but also standardizes the use of the equity pledge for other enterprises This financing method provides reference.This article selects the A stock market overall pledge proportion high,has the typical case company —— Duo Xi Ai.Based on the theory of financing motive and economic consequence of equity pledge,this paper studies it.This paper first combs the relevant documents of equity pledge financing,then introduces the basic situation of multi-loving shares,and probes into the motive of controlling shareholders to carry out equity pledge financing from the aspects of maintaining control position,obtaining personal funds,encroaching on the interests of the company and transferring risks.Then the paper analyzes the problems exposed in the process of pledge,and studies the economic consequences of multi-loving equity pledge financing from the perspective of shareholders and companies.Research It is found that from the perspective of shareholders,equity pledge financing failed to achieve the purpose of maintaining control,but instead lost the status of actual controller,some shareholders although initially obtained personal development funds but in the later passive reduction,resulting in equity dilution.There are also those minority shareholders who have not carried out equity pledge financing,have to bear the consequences of equity pledge,their legitimate rights and interests are not protected.From the point of view of more favorite shares,shareholders' equity pledge financing will affect the company's stock price and financial situation.Large-scale,high proportion of equity pledge financing made the company's stock price once appeared cliff-like decline,financial statements Bad situation.Finally,the comprehensive analysis found that although the motivation of multi-loving shares to carry out equity pledge financing has been realized,but its economic consequences are bad,so the parties involved in equity pledge financing,that is,the mortgagor,the pledged enterprise,the mortgagee and the external regulatory agencies,all put forward suggestions,hoping to standardize the use of equity pledge this financingmethod.At the same time,we also hope to provide reference for other companies to create a good financing environment for equity pledge.