Risk And Countermeasures Of Equity Pledge Of Major Shareholders In Listed Companies

Equity pledge is to take the equity in the hands of shareholders as the subject matter,the relatively fixed equity in the hands of shareholders into liquid assets,the capital market and the money market to connect,a good way to promote the development of the two.In 1995,China's Guarantee Law for the first time proposed that equity can be pledged,with legal provisions to clarify that equity can be used as a pledge.As a means of financing,equity pledge has been widely used by shareholders of listed companies in China because of its convenience,speed,efficiency and flexibility.As China's equity pledge supervision measures still have loopholes,the content of the pledge clause mainly depends on the meaning of the parties to the pledge,control is not strong and other reasons,easy to induce risk.In the world economic situation is depressed,the stock market volatility fell at the moment,it is very easy to produce a gathering of closed positions,the phenomenon of opening positions,to the capital market to bring serious impact,equity pledge risk control is particularly important.After the occurrence of similar risks,shareholders will choose to pass on the risk to the listed company,and the risk arising from the active equity pledge by the major shareholders shall be borne passively by the listed company and other small and medium-sized shareholders.Therefore,this paper hopes to stand from the perspective of listed companies,study the risk identification and countermeasures of listed companies after the equity pledge of major shareholders,and put forward some suggestions to reduce the risk caused by the pledge.In the first chapter,this paper introduces the concept of equity pledge,sorts out the related research trends,and summarizes the existing literature.The second chapter introduces the related theories.The third chapter uses the risk matrix to subdivide the risk of pledge,and analyzes the risk process,risk assessment and risk response.The case analysis part takes Tahoe Group as an example to analyze the risk type of the large shareholder's equity pledge and analyze the relevant strategies of its risk control.Through the study of the case,it is concluded that the different motivations ofthe large shareholder's equity pledge have different influence on the listed company,the large shareholder's equity pledge helps the capital needs of the listed company,the main business of the listed company is solid and the risk tolerance is high,is the core of reducing the risk of equity pledge,and the company's merit sand can not be judged by the pledge rate,the investor should judge dialectically.It is hoped that this case study can provide reference for the risk management of equity pledge of other listed companies.