Study On The Financial Risk Of The Stock Pledge Of The Controlling Shareholder Of The Listed Company

In recent years,the controlling shareholder equity pledge financing method has become more and more popular among large shareholders due to its convenience.However,the development of the pledge market is immature and the relevant laws and regulations are not perfect.The equity pledge financing method also has greater risks.The most direct economic consequence is that there are 772 in the A-share market as of December 28,2018.More than half of the listed companies pledged.However,the listed companies in the equity pledge market that have not yet revealed a crisis are the main components of the equity pledge market.How to identify their potential financial risk behavior is also one of the main research characteristics of this article.In listed companies,the more frequent the shareholder's equity pledges,the easier it is to aggravate the degree of separation of the two powers,which in turn provides more convenience for the controlling shareholders to embezzle their interests.If the controlling shareholder makes a series of financial actions that may hollow out the listed company by expanding the enterprise industrial chain at this time,the financial risk of the listed company will be further exacerbated,which will further affect the sustainable development of the listed company.The existing literature research lacks the research on the impact of equity pledge from the perspective of financial risk.Therefore,the research on the financial risk of the equity pledge of the controlling shareholder of the listed company is very meaningful.Based on the above analysis,this paper introduces the specific case of the controlling shareholder's equity pledge ratio is high and frequent pledges.Guangdong Dehao Runda Electric Co.,Ltd.for research.Mainly on the basis of frequent equity pledges of DHL Runda controlling shareholders,through the identification of excessive investment,related party transactions,connected transactions and related purchases and sales of DHL Runda controlling shareholders after equity pledges,and using single indicators to raise funds Activities,investment activities,and capital operation activities were used to analyze the financial risks of DHL in detail.Finally,a multivariate model was constructed to verify,that is,the Z score model and F score model were used to further verify and evaluate DHL Runda's financial risk and the possibility of bankruptcy in the future financial situation.Then,put forward some targeted policy suggestions on how to regulate the disclosure of equity pledge information and how to effectively prevent the risk of equity pledge.Finally,it was concluded that as DHL Runda 's pledged equity of the controlling shareholder continued to rise since 2013,its existing financial risks also gradually increased,especially after the controlling shareholder pledged almost all of the company 's equity held in 2016.It triggered a series of subsequent financial risks.For example,DHL Runda directly suspended and the equity pledged by the controlling shareholder was completely frozen,and a series of financial risk diffusion paths after the controlling shareholder pledged equity increased the financial risk of DHL Runda.The essential.