Research On The Risk And Transmission Mechanism Of Stock Pledge

In general,it is a normal behavior for the large shareholders of listed companies to use the funds obtained from equity pledge to expand the company scale and increase innovation investment.When the stock market runs smoothly and the stock price does not fluctuate greatly,the potential risks brought by the high proportion of stock pledge will not be exposed.However,when the stock market fluctuates due to market reasons or other uncertain factors,the stock price will fall sharply.If the stock price falls to the warning line or even falls below the closing line,the pledge will require the pledgor to replenish the security deposit quickly,which will make the listed company fall into liquidity crisis.If the security deposit cannot be replenished in time,the listed company may be forced Risk of closing positions.This paper studies the risk and transmission mechanism of equity pledge from the perspective of the impact of equity pledge on capital market and banks.Combined with the corresponding theory,this paper analyzes the impact of liquidity risk and default risk caused by equity pledge on the stock price volatility risk and bank credit risk of listed companies.On the basis of clear demonstration mechanism,this paper studies the impact of equity pledge on the stock price volatility risk and bank credit risk of a shares(excluding gem and SME Board companies)in Shanghai and Shenzhen.The negative return skew coefficient and the fluctuation return rate of stock return are selected as the index to measure the risk of stock price fluctuation,and the non-performing loan rate is selected as the index to measure the risk of bank credit.According to the research hypothesis,the regression model is established to demonstrate the impact of equity pledge on the risk of stock price collapse of listed companies and the impact of equity pledge on bank credit risk.The data used in the regression model comes from the relevant data of listed companies from 2014 to 2018,and the multiple regression model of fixed effect is used for empirical research.The results show that: because of the difference in the proportion of major shareholders' equity pledge,the higher the proportion of pledge,the stronger the positive effect of equitypledge on the risk of stock price fluctuation.When the financing constraints are tightened,the higher the pledge ratio,the stronger the marginal effect on the risk of stock price fluctuation.And when the risk of stock price collapse occurs,the higher the proportion of equity pledge,the more credit risk of banks will be intensified.Based on the empirical research results,this paper puts forward the following suggestions: first,from the perspective of listed companies,we should strengthen the cash flow management of listed companies,prevent companies from falling into Liquidity Dilemma,and strengthen the management of the use of funds from equity pledge financing channels;second,from the perspective of policy authorities,we should strengthen the management of high proportion equity quality At the same time,more measures should be taken to solve the problems of single financing channel and high financing cost of listed companies,especially small and medium-sized enterprises.