The number of high -proportion of the controlling shareholders pledged the number of listed companies to 250, nearly eight, and nearly eight became the "cooked noodle holes" in the same period last year.

Reporter Xing Meng

In recent years, the pledge market of A -share stocks has continued to improve, and the phenomenon of "unscrupulous" has changed significantly, and market risks are generally controllable.

On the evening of August 8th, a number of listed companies such as Zhenjiang Co., Ltd. issued some of the controlling shareholders' shares to cancel the pledge announcement. After the pledge was lifted, the share pledge ratio of the company held by the controlling shareholders decreased, and the risk of pledge was further reduced.

According to Flush iFind statistics, as of August 9, 2311 listed companies have pledged 401.7 billion shares, accounting for 4.94%of the total A shares, a year -on -year decrease of 0.72 percentage points. Among them, the controlling shareholder's high proportion pledge company (pledge ratio of over 80%) was 250, a year -on -year decrease of 8.09%.

"For a long time, the securities regulatory authorities have continued to strengthen the supervision of the stock pledge business, prevent the risk of resolving stock pledge, regulate financial institutions to carry out business, increase the level of governance in listed companies. "Attorney Gao Peijie, Beijing Jingshi Law Firm, told the Securities Daily reporter.

The reporter observed that this year's controlling shareholder's high -proportion pledge company showed two significant characteristics: nearly eight have become small and medium -sized market value companies (market value below 10 billion yuan), and nearly eight became the "cooked noodle holes" in the same period last year.

According to Flush iFind data, as of August 9, among 250 controlling shareholders pledged companies, 197 market value was less than 10 billion yuan, accounting for 79%; , Accounted for 78%.

Fu Rao, executive director of the Hong Kong International Economic Research Institute, told the Securities Daily that the small and medium -sized market value listed companies have greater demand for funds, but most of them are difficult to meet the re -financing requirements, and the financing channels are relatively single. The controlling shareholders can achieve the separation of control and cash exfoliating through pledge stock financing, and they can obtain funds and will not lose their control of the company.

For the "cooked noodle holes" in the high -proportion pledge list, Gao Peijie said that on the one hand, it shows that these companies may have a shortage of funds and limited financing capabilities. On the other hand, if listed companies excessively rely on stock pledge financing, they often need to roll pledge in a way of "relying on new and old" to maintain the stability of the company's funds and it is difficult to solve their difficulties in a short time.

Equity pledge financing is to put the "double -edged sword". Reasonable financing can activate the stock funds of listed companies, meet the financing needs of financing, and promote business development. However, excessive pledge ratio is often risks such as hidden control of control, which will be accelerated when the market is down.

Liu Chunyan, an associate professor at the School of Law of Tongji University, said that stock pledge financing is a normal behavior of financing to financing institutions with the stocks held by shareholders with its stocks. Regarding the high -proportion of the controlling shareholder pledge, once the debtor does not fulfill the due debt or the substantive real right agreed in the parties, the creditor has the right to give priority to the right to the pledged equity. The specific method is that the creditors have the right to auction and sell the pledged equity.

Gao Peijie believes that the biggest risk of the high -proportion pledge of the controlling shareholders is that they may lose their control. When the stock market fell, stock pledge may cause forced liquidation. If the controlling shareholders are unwilling or unable to remedy, they may lose their control of the company.

Gao Peijie suggested how to better regulate stock pledge behavior. First of all, the regulatory authorities should strengthen the industry supervision of stock pledge inside and outside the market, control increment, reduce the stock, and resolve the risk of stock pledge of listed companies. Second, strengthen the regulatory authorities and financial institutions and financial institutions The role of market -oriented guidance can alleviate the company's financing pressure, ensure that the market trend of stock pledge is stable, and the risk is controlled as a whole; in the end, listed companies should enhance the company's governance capabilities, improve the risk of stock pledge risk to prevent and control the stock pledge risk of listed companies and major shareholders, and avoid pledge The risk of breach of contract during the process.

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