会计学院知识库

       我国资本市场发展迅速，随之而来的还有上市公司对资金极大的需求，传统的融资方式难以满足新的资金缺口，股权质押便应运而生。股权质押是一种具有较多优势的融资方法，广受市场的青睐。影视产业由于具有“轻资产”的特征，在日益严格的贷款制度和监管背景下，影视公司尤其热衷股权质押融资方式，既以高效率筹得所需资金，又保留了公司控制权不丧失。但是，高比例高频率的股权质押会给公司经营带来一系列风险，使得公司难以维持正常运营。因此，研究影视公司控股股东股权质押案例，对风险进行全过程的管理，对于维持公司正常经营意义重大。
      本文选择影视行业多次进行股权质押业务的欢瑞世纪作为案例研究对象，研究控股股东股权质押的风险。首先，从股权质押动机、股权质押风险和风险防范三个方面对国内外文献进行梳理，奠定后文写作的理论基础；其次，对相关概念进行界定，并且阐述了文中所用到的理论；接着，对欢瑞世纪和股权质押概况进行介绍；然后，分别对股价波动风险、控制权转移风险、利益侵占风险、财务风险进行识别和评价，使用了事件研究法、Z值模型等定量研究方法，保证研究结论的科学性；再然后，从公司内部和外部进行风险成因的分析；最后，从上市公司、质权人和监管部门三个角度提出了防范措施。
      通过研究本文得出以下结论：第一，股权质押是一种具有较多优势的融资方式；第二，股权质押风险不可忽视；第三，股权质押风险产生的原因分为内部和外部；第四，可以从上市公司、质权人、监管部门多方合力降低股权质押风险。通过本文的研究，希望能给同行业公司开展股权质押业务提供借鉴经验，降低股权质押带来的风险，维持公司正常经营，保证资本市场健康发展；同时也督促监管部门及时改进相关法律法规，使股权质押业务能够行稳致远，更好地发挥自身融资优势。

      With the rapid development of China's capital market, there is also a great demand for funds from listed companies. The traditional financing method is difficult to meet the new fund gap, so equity pledge comes into being. Equity pledge is a financing method with many advantages, which is widely favored by the market. Due to the "asset-light" characteristics of the film and television industry, under the background of increasingly strict loan system and supervision, film and television companies are especially keen on equity pledge financing, which not only raises the required funds with high efficiency, but also retains the company's control. However, the high proportion and frequency of equity pledge will bring a series of risks to the company's operation, making it difficult for the company to maintain normal operation. Therefore, it is of great significance to study the case of equity pledge of controlling shareholders of film and television companies and manage the whole process of risk for maintaining the normal operation of the company.
       In this paper, Huanrui Century, which has conducted equity pledge business for many times in the film and television industry, is selected as the case study object to study the risk of equity pledge of controlling shareholders. First of all, from the motivation of equity pledge, equity pledge risk and risk prevention of three aspects of the literature at home and abroad to lay the theoretical basis for the writing; Secondly, the relevant concepts are defined, and the theories used in the paper are expounded. Then, introduce the general situation of Huanrui Century and equity pledge; Then, stock price fluctuation risk, control transfer risk, benefit embezzlement risk and financial risk are identified and evaluated, and quantitative research methods such as event study method and Z-value model are used to ensure the scientific conclusion of the research. Then, from the company's internal and external risk causes analysis; Finally, from the listed companies, pledgees and regulatory authorities three aspects of prevention measures.
      The following conclusions are drawn from the research: First, equity pledge is a financing method with many advantages; Second, the risk of equity pledge cannot be ignored; Third, the causes of equity pledge risk are divided into internal and external reasons; Fourth, the risk of equity pledge can be reduced through joint efforts of listed companies, pledgees and regulatory authorities. Through this study, we hope to provide reference experience for companies in the same industry to carry out equity pledge business, reduce the risks brought by equity pledge, maintain the normal operation of the company and ensure the healthy development of the capital market. At the same time, it also urges the regulatory authorities to improve the relevant laws and regulations in a timely manner, so that the equity pledge business can be stable and long-term, and better play its own financing advantages.