会计学院知识库

  近年来，股权质押作为一种有效的融资方式，在我国资本市场上被广泛运用。然而正是因为其融资方式灵活、保持控股股东对上市公司控制权等优势，使得控股股东开始大规模、高比例的进行股权质押以满足融资需求，在这种现象的背后，控股股东会面临严重的控制权转移风险，而为了规避该风险的发生，控股股东便会做出对上市公司发展不利的行为，导致财务风险的加剧。那么如何有效防范控股股东在股权质押后对上市公司财务的影响是大部分公司需要考虑的。

  本文选取京蓝科技为案例公司，以国内外关于控股股东股权质押和财务风险的研究为基础，运用委托代理理论、信息传递理论、信息不对称理论以及风险管理理论，解释上市公司控股股东股权质押如何影响财务风险，通过案例研究法进行深入剖析。首先说明我国股权质押的制度背景及现状、案例公司的股权结构、质押现状，分析其股权质押动因。其次说明案例公司股权质押行为导致财务风险产生的路径：从控股股东股权质押动机到控股股东的潜在风险，进而影响公司财务行为，导致财务风险加剧。从公司具体经济活动出发，识别其在股权质押前后筹资活动、投资活动以及经营活动财务指标的变化，并利用Z计分模型对股权质押后的财务风险进行综合分析评价，最终证明京蓝科技在控股股东高比例的股权质押期间，财务风险加剧，财务状况较差。

  基于上述分析，本文从三个方面提出了防范建议，首先要约束控股股东的股权质押规模，根据质押比例对其权力进行限制。其次加强对控股股东的监督，完善公司的治理结构，引导控股股东将重心放到公司的经营发展上面。最后公司自身还需提高核心业务的竞争力，避免盲目激进投资，精心经营主营业务，提高公司的盈利能力，更好的防范抵御公司的财务风险。通过以上建议，希望可以为京蓝科技及园林工程行业存在控股股东股权质押引起的公司财务风险问题提供参考。

  Recently,equity pledge is a powerful financial method used widely in the capital market of our country. Such a flexible financial and regulatory method of shareholders that will begin to take equity in large and high proportion to meet the financial needs behind this phenomenon.  Controlled stockholders must face the serious risk of transferring control and to avoid the emergence of this risk.Controlled shareholders will do something not useful for the development of the registration company.  This led to a greater financial risk, so how to protect the shareholders that control the shareholders after pledge the equity on the financial effects of a registered company is a majority company that needs to be considered.

  In this paper, Jinglan technology is selected as a case enterprise. Based on research at home and abroad to control shareholders' equity and financial risk, this paper uses the theory of information transfer theory and asymmetric theory of information and risk management theory to understand the shareholders' equity and the impact on the financial risk of listed companies analyzes the case.First, we explain the background and current situation of the equity pledging system, the equity structure and current situation of the case companies, and analyze the motivation of equity pledging. Second, we explain the path of financial risk arising from the financial risk behavior of the case company. The company is responsible for the following:controlling shareholders' capital; controlling potential risks to shareholders; and increasing financial risks to the company. Changes in procurement activities from specific economic activities of the company financial indicators investment attraction activities and corporate activities pre-and post-stock commitments financial risk post-equity commitments that should be comprehensively analyzed and evaluated using the Z-score model when identity is identified jinglan technology is the controlling stock .This proves that when the main share ratio is high, the financial risk worsens and the financial situation worsens.

   Based on the above analysis, the paper makes precautionary recommendations on three fronts. Firstly, the amount of pledging of shares by controlling shareholders should be limited and the power of controlling shareholders should be limited in line with the degree of pledging. Secondly, the supervision of controlling shareholders should be strengthened, the governance structure of the company should be improved, and controlling shareholders should be guided to focus on the development of the company's business. Finally, the company itself must improve the competitiveness of its core business, avoid blind and aggressive investments, manage its core business prudently, improve profitability and better prevent the company's financial risks. Through the above suggestions, we hope to provide a reference for the enterprise financial risks arising from the controlling shareholder's equity in Jinglan Technology and the landscape industry.