Research On The Risk Of Equity Pledge Of Guirenniao Holding Shareholders

Equity pledge,as a financing method that has emerged in recent years,has been favored by a large number of fund demanders because of its convenience and high efficiency.Among them,there are many controlling shareholders of listed companies.The phenomenon of controlling shareholder equity pledges frequently occurs in China's listed companies.The scale of equity pledges in the entire market continues to expand and the momentum of development is rapid.Although equity pledge financing has alleviated the funding pressure to a certain extent,it has also resulted in an increase in the number of liquidation events year by year,and the interests of controlling shareholders and the transfer of control rights have occurred frequently.The risks contained in equity pledges have gradually erupted and have a greater impact on the capital market.Therefore,through the analysis of the equity pledge case of the controlling shareholder,studying the risks arising from the equity pledge,and proposing relevant measures for risk response are of great significance to the healthy development of the equity pledge business.The content of this article is roughly divided into the following parts: First,the research background,purpose and significance of the selected topic are elaborated,and the literature of domestic and foreign scholars is organized and summarized from the four aspects of motivation,economic consequences,risks and risk response of equity pledge.Secondly,the concepts and theories involved in the equity pledge of the controlling shareholder and the transmission mechanism of the equity pledge risk are explained.In addition,the case study method is used to introduce the background of the selected case company Guirenniao,combing the process,characteristics and motives of the equity pledge of the controlling shareholder of Guirenniao Company,and focusing on the analysis of the ethics brought by the shareholder pledge behavior Risk,market risk,disposal risk.Finally,according to the risks generated,the countermeasures are proposed from the perspective of different entities.The analysis of the risk of equity pledge of the controlling shareholder of Guirenniao found that the separation of control rights and cash flow rights after the equity pledge of the controlling shareholder deepened,which aggravated the contradiction between the principal and the agent.Encroachment,which brings moral hazard.The controlling shareholder's equity pledge behavior triggered short-term market risk and long-term market risk,exacerbated short-term and long-term fluctuations in stock prices,and had a large negative impact on stock prices,resulting in significant market risks.The controlling shareholder's equity pledge behavior will bring greater disposal risksto the controlling shareholder,the listed company,and the pledgee at the stage of disposal of the pledged equity.Through the analysis of these three types of risks,on the basis of summarizing the causes of risks,this article proposes a total of five-point coping strategies from the perspective of internal and external regulators and pledgees of the company.I hope this article can give other listed companies and related stakeholders in the market a warning,and play a role in regulating the pledge behavior of the controlling shareholder's equity,and promote the good development of the capital market.