Research On The Risk Assessment Of ST Yinyi Based On The Equity Pledge Of Controlling Shareholders

In recent years,with the development of economy,the investment opportunities increase,and the capital demand of enterprises expands.Equity pledge has the advantages of low cost,simple audit procedures,strong liquidity,and the controlling position of shareholders is not affected.With the rapid development of equity pledge,the crisis behind it is gradually revealed.There are frequent problems in listed companies due to the pledge behavior of shareholders.The decline of stock price will make the Pledged Shares touch the warning line and closing line.Shareholders must make up positions or buy back in advance to avoid the default of pledge business.However,the high proportion of equity pledge of controlling shareholders will lead to insufficient shares and funds to make up positions or buy back,and the Pledged Shares will be forced to close positions.The stock rights of Listed Companies in China are generally concentrated,and the behavior of controlling shareholders using stock rights pledge for financing will affect the whole listed company.First of all,this paper combs the relevant literature at home and abroad,analyzes the motivation of the controlling shareholders’ equity pledge,the risks faced by the listed companies under the equity pledge,and the related risk evaluation and prevention theory.Secondly,taking ST Yinyi as the research object,combining with tunnel effect,information asymmetry theory and signal transmission theory,this paper identifies the risk faced by ST Yinyi under the controlling shareholder’s equity pledge,and selects risk evaluation indicators based on the literature summary,uses entropy weight method to determine the weight of objective indicators,uses AHP to determine the subjective indicators and comprehensive weights,and combines matter-element extension Method to establish the evaluation model.Finally,the established risk assessment system is applied to the risk assessment and analysis of ST Yinyi,and corresponding risk prevention measures are put forward based on it.The results show that the high ratio of controlling shareholders’ equity pledge will make listed companies face management risk,market risk,credit risk and sustainable development risk.According to the risk evaluation and analysis,the paper puts forward suggestions for Yinyi: improving the corporate governance mechanism,establishing the relevant risk early warning mechanism,etc.Through the relevant research of this paper,we hope to provide some reference and reference for Yinyi and other companies with similar risks,so as to help the company reduce the risk.