| In recent years,as the focus of domestic economic growth has shifted to "steady growth" and in the context of financial deleveraging,the shortage of funds for private enterprises has also become more serious,and financing difficulties have become a common phenomenon,which has also given rise to corporate development.On June 24,2013,the Shanghai Stock Exchange and the Shenzhen Stock Exchange started the equity pledge business at the same time.The equity pledge is favored by enterprises for its advantages of low financing cost,simple and convenient operation,less restrictive conditions,and strong liquidity.However,while the equity pledge business is growing rapidly,the risks behind it are gradually becoming more prominent.On June 19,2018,there was even a "thousand-share stocks falling" phenomenon,which was mainly due to liquidity problems caused by systemic risks.For enterprises,maintaining sufficient liquidity is a prerequisite for sustainable development.At present,there is not much research on the liquidity risk of listed companies under the background of equity pledge,so this question has strong research value.This article is based on a case study and analysis,Yinyi Co.,Ltd.has been pledged and maintained since 2014,and its equity pledge ratio is higher than 50%.As of December 31,2019,Yinyi Co.,Ltd.'s equity pledge ratio ranked fifth in the A-share market,and its equity pledges were very frequent.Therefore,Yinyi Co.,Ltd.is selected as the research object to analyze its liquidity risk in the context of equity pledge.The article summarizes the literature related to equity pledge and liquidity risk,and puts forward the research significance and research ideas of the article.In the context of equity pledge,the Entropy-Topsis model was used to quantitatively evaluate the liquidity risk of Yinyi Co.,Ltd.and found that its liquidity risk has increased significantly.Based on this analysis,the internal and external factors that lead to liquidity risk are analyzed,and the relevant suggestions for preventing the liquidity risk of the enterprise under the background of equity pledge are also put forward.After the research in this article,it was found that after Yinyi Co.,Ltd.carried out a large number of equity pledges,excessive investment behavior and the infringement of the interests of the controlling shareholder by the controlling shareholder,which will directly affect the liquidity of the enterprise and may intensify to a certain extent the liquidity risk of the enterprise.In addition,the unreasonable asset and liability structure of the company itself,insufficient financing capacity,and insufficient management of the company and the impact of the external environment will have a greater impact on the liquidity of the company,leading to increased liquidity risk.In addition,the unreasonable asset and liability structure of the company itself,insufficient financing capacity,and insufficient management of the company and the impact of the external environment will have a greater impact on the liquidity of the company,leading to increased liquidity risk.In response to the above situation,this article puts forward the following suggestions.First of all,we need to strengthen themanagement of corporate investment behavior to avoid over-investment,and in order to prevent controlling equity from encroaching on the company's interests,we need to strengthen and improve the management of the company's internal governance mechanism.Second,we need to optimize the company's assets and debt structure,broadening financing channels to enhance corporate liquidity.Finally,it is also necessary to improve the level of corporate liquidity risk management and improve the ability to respond to changes in the external environment to strengthen the management of corporate liquidity risk. |
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