Research On The Value Effect Of Tongwei Shares Introducing Bailout Funds Under The Background Of Equity Pledg

Private economy occupies a pivotal position in the national economy,and private enterprises have played a great role in promoting the development of national economy.For a long time,our government attaches importance to the healthy development of private enterprises,but because of various reasons such as financing difficulties,the way of development of private enterprises is very difficult.In 2018,China’s stock market experienced three sharp declines,the second of which was from March 12,2018 to April 23,2018,mainly because the trade war between China and the United States became the trigger for the sharp decline,and domestic deleveraging entered a critical stage.The third time of sharp decline was from May 22,2018 to July 5,2018,when the trade war escalated comprehensively and the RMB depreciated,resulting in the uncertainty of the market economy,which led to the outbreak of credit risks.As a result,most of our private enterprises have a liquidity crisis when the equity pledge rate is high.If we cannot deal with it in time,it will cause systemic risks in the stock market and even the financial system,and spread to the whole economic system.In order to give confidence to private enterprises and investors,the state and local governments have made clear instructions and working arrangements for the rescue of private enterprises at many levels in solving the problem of equity pledge risk of private enterprises.In this context,this paper reviews the previous literature on equity pledge and rescue fund,selects TONGWEI CO.,LTD as the case study object,through its information,financial data and stock price data related to equity pledge from 2017 to2021,combined with the risk background of equity pledge,The value of TONGWEI CO.,LTD shares before and after the introduction of rescue fund is analyzed by the horizontal and vertical comparison,and the value effect of the introduction of rescue fund on TONGWEI CO.,LTD shares is studied.In this paper,the event study method,factor analysis method,EVA model and case analysis method are used to compare the changes of the results before and after the introduction of rescue fund to enterprises,and the conclusion is that the rescue fund has a positive impact on the whole enterprise.Based on the above analysis,this paper proposes suggestions on improving the value effect of rescue fund on enterprises.The case selected in this paper is the first enterprise bailed out with special products in the insurance industry,and the bailer becomes the strategic shareholder of the enterprise to help the enterprise optimize the governance structure,which is a successful rescue case.It has certain marginal contributions to similar private enterprises in expanding financing channels and exploring various ways to support the financing needs of the enterprise.