Research On The Risk Of Equity Pledge Of The Controlling Shareholders Of Zhengye Technology

With the rapid development of the domestic economy,the rapid increase in the demand for funds by enterprises,the search for more convenient,faster,less restrictive financing methods is the enterprise yearning,more and more controlling shareholders began to pledge equity for the main financing methods of enterprises,in recent years occupy a large market and rise rapidly.However,from the media reports,it is shown that the financial and stock market fluctuations brought by equity pledges to the company often occur.Therefore,in terms of equity pledge,which is becoming increasingly prominent,this article will study the risks brought to enterprises,controlling shareholders and small and medium-sized shareholders under the equity pledge of controlling shareholders,and put forward relevant opinions on the risks arising therefrom,so that enterprises can raise funds and develop on a relatively stable road.Taking Zhengye Technology as the research object,this paper first introduces the research background,purpose and significance of this paper,as well as related literature.Then,starting from the background of the concept of equity pledge and related theories,the case analysis method is used to explain the background,equity structure,pledge process and pledge motivation of Zhengye Technology in detail.From the case introduction,it can be seen that Zhengye Technology has a high proportion of equity pledges,and then analyzes the specific risks according to its motivation and impact mechanism.Among them,risks can be divided into three categories: market risk,stakeholder risk and financial risk.When the equity pledge is displayed in the announcement,it has a negative impact on the company’s recent stock price and short-term market fluctuations.Enterprises also show a downward trend in finance,and once the stock price plummets,resulting in a default of the share pledge,it is another challenge to the absolute control position of the controlling shareholder.Moreover,in the case of lax supervision,it is easy to encroach on the interests of small and medium-sized shareholders by controlling equity.Finally,this paper puts forward corresponding opinions from the perspective of the national system,the internal mechanism of the enterprise,the information disclosure system of the equity pledge,the communication angle between the pledge parties and the perspective of small and medium-sized shareholders,so as to promote the long-term and benign development of listed companies.