The Research On Countermeasures Of Preventing The Liquidation Risk Of Equity Pledge Financingby

In recent years,equity pledge financing has become the preferred way for listed companies to raise funds and solve financing problems because of their advantages of flexibility,efficiency and convenience.According to the preliminary statistics of WIND China Securities Database,as of the end of December 2018,the overall transaction size of equity pledges of A-share companies reached 637.188 billion shares year-on-year,and the market value reached 4.31 trillion yuan,accounting for approximately 9.94%of the total market value of A-share companies in the past two years.However,equity pledge financing is a double-edged sword,and it has unique risks that cannot be ignored:with the increase in the number of equity pledges,equity pledge financing has caused a burst of liquidation events,a large number of listed companies' stock prices are approaching the margin line,and controlling shareholders have fallen into more Debt disputes lead to default risks,and the interests of small and medium investors have suffered significant losses.Therefore,the risk of liquidation and even the risk of ownership transfer caused by debts are crucial issues for the company.Therefore,it is particularly important to prevent the risk of equity pledge financing and liquidation.This article analyzes the closing risk brought by the equity pledge financing of QS company,studies the countermeasures to prevent the liquidation risk,theoretically enriches the research on the equity pledge financing risk of listed companies,and helps to expand the prevention of equity pledge in practice.Ideas and methods of closing positions as a means of financing.This paper firstly combs the research on the motivation,risk,evaluation methods,preventive measures and impact on the economic benefits of listed companies' large shareholder equity pledge financing through literature analysis.Secondly,it analyzes the listed company's large shareholder equity pledge financing The current status of the financing industry.Then,the case analysis method is used to explain the corporate governance structure,risk management,internal control,operating situation and closing risk of equity pledge financing of the QS company,and the risk assessment system chart method and questionnaire survey are used to identify the equity pledge of the QS company.The main risk factors of the liquidation risk are the strategic diversification risk,the risk of imperfect organizational structure,financing risk,stock price changes and investment risk;the analysis of the liquidation risk through the event analysis method leads to the risk of closing the equity pledge financing of QS company The reasons for the risk assessment,and the case inspiration and countermeasures to prevent the risk of liquidation.The following conclusions are obtained through research:(1)The company's diversified strategic expansion is too blind,which is the main reason for the risk of equity pledge closing;(2)The unreasonable investment and financing structure is an important factor leading to the risk of equity pledge closing;(3)The unreasonable corporate governance structure leads to the lack of rationality of the company's investment decisions;(4)The lack of internal risk management mechanism is the key factor in the outbreak of QS company's liquidation risk;(5)The continuous decline in stock price is the trigger for the liquidation risk.The enlightenment and suggestions obtained through the research are:To prevent the closing of the equity pledge,it is necessary to establish an early warning mechanism for closing the position;To establish a sound corporate governance structure;To improve the risk management control;To improve the internal Control system;carefully formulate company strategy and strictly implement it.The research in this paper can provide specific reference for preventing the liquidation risk of medical machinery and equipment enterprises that need to pledge financing in terms of the company's financing structure,corporate governance,strategic decision-making,etc.,and also have certain reference and inspiration for enterprises in other industries significance.