Research On The Legal System Of Stock Pledge Of Listed Companies In China

In recent years,with the continuous development of the financial market,the existing financing efficiency has been difficult to meet the capital needs of listed companies.Listed companies are seeking more efficient financing methods.In this context,as a new way of guarantee,equity pledge is more and more popular with the major shareholders of listed companies.However,equity pledge is a double-edged sword.On the one hand,equity pledge can supplement the capital flow of Listed Companies in a short time;on the other hand,equity pledge gives the possibility of change of ownership to the pledging shareholders.The risk of equity pledge of listed companies has been high with the substantial growth of the number of corporate pledges.The risk of pledge is mainly attributed to the factors such as the malicious tunneling of listed companies by the pledgor,the stock price drop caused by the pledge of equity,and the transfer of controlling equity caused by the failure of the pledgor to fulfill its obligations when due.The main reason for this result is that there is no systematic regulation to restrict the business of equity pledge in China,and the relevant regulations start relatively late.Although there are provisions on equity pledge between laws,regulations and various regulations,However,some provisions are seriously lagging behind,lack of coordination in actual operation,and the specific provisions of some provisions are not clear and even some legal provisions conflict with each other,which cannot be well connected.This leads to legal loopholes in the operation of equity pledge business,which keeps the risk of equity pledge high.These problems in practice have confirmed that the current legal norms of equity pledge of listed companies can not properly solve the legal problems in the actual operation of equity pledge,which is not conducive to the sound cycle development of equity pledge.Based on the theory of the establishment and effectiveness of the equity pledge and the equity pledge of listed companies,this paper analyzes the limitations of the public way of the equity pledge of listed companies,the difficulties of the preservation and Realization of the equity pledge,the lack of the protection of the rights of the pledgor when the equity pledge,and puts forward its own reasonable suggestions on the relevant issues.In the process of discussion,this paper takes the basic theory of equity pledge as the starting point,makes a comparative study with foreign countries and discusses the actual legal problems in the process of pledge in China.From the perspective of empirical study,the representatives of the civil law system: Germany,Japan,Taiwan region of China and the representatives of the common law system,the basic situation of equity pledge of Listed Companies in the United Kingdom,learn from its advanced and mature legal experience,and incorporate it into China’s legal provisions in combination with China’s actual situation.Finally,the paper puts forward the risk prevention mechanism and its own legislative suggestions to provide theoretical support for the government and regulatory departments to conduct more efficient supervision.