Equity pledge of research topics
Return ListDate：2017-10-16Read：663
Equity pledge issued new regulations, short-term impact on the construction industry smaller
In September 8th, Shanghai, Shenzhen, Chinese settlement released "stock pledged repo transactions and registration and settlement business measures (2017 draft)", including positioning, further focus on the service of the real economy to strengthen risk management, standardize business operation three aspects. To understand the construction industry this year in the practice of pledge rate is generally lower than 60%, this one by the new regulations is not affected, while the stock market overall industry pledge in good condition, liquidity is relatively strong, good risk control ability, so the new regulations in the short term on its spread is relatively small. The provisions of the new regulations mainly again into the main body, the use of funds, pledge, pledge rate, financing scale and other aspects, focusing on the stock pledged repo transactions based on the service of the real economy, standardize business operation, prevent the occurrence of risk control, is conducive to equity pledge business more standardized.
Equity pledge revitalize private capital and stimulate investment enthusiasm
Equity pledge as a way of financing, the lack of liquidity in the company when there is an effective way to add liquidity (subject to regulatory restrictions, at present, can see the new board company do more). Shareholders of listed companies through equity pledge business, into the capital, the majority of shareholders to adopt a positive strategy, will improve corporate governance and management capabilities, improve performance, while enhancing the value of the company through financial leverage. For private entrepreneurs, tend to expand other industries, shareholders into the funds will be injected into other industries, which for private economy is positive for the better. The financing of enterprises can activate redundant assets by way of pledge financing, increase business opportunities and the amount of financing, can solve the lack of cash flow problems of small and medium-sized enterprises, enables enterprises to expand production or purchase of equipment, to enhance the market competitiveness. Stock pledge makes the market flow of capital increase, and the market investment enthusiasm is driven.
Four dimensional consideration of equity pledge of the industry, the 5 pledge need to continue to pay attention to equity pledge, the risk of forced liquidation due to falling stocks. When the stock price dropped to the warning line, the need for additional cash pledge stocks, margin or early repurchase shares, otherwise it will be a penalty, when to open line, will be forced open, and pledge to shareholders will bring losses. At present, from the closing price below the closing price, the theory of pledge pledge starting date of closing price than the closing price decline, large shareholders pledged a total of more than 50% of the equity pledge, the pledge of accounts for the proportion of shareholders is the sum of the construction industry in four dimensions of higher consideration of equity pledge, of which 5 pen pledge needs to continue to pay attention to the total for. The custody of 1% equity, the proportion is still relatively small.
Investment advice
At present, the small and medium-sized private enterprises, equity pledge to expand financing channels, to solve the problem of financing, to stimulate private investment enthusiasm, revitalize the private capital, to better promote the transformation and expansion of private enterprises. The promulgation of new regulations is conducive to the equity pledge business more standardized, and promote more long-term and healthy development of the market. At present, the construction industry equity pledge situation is good, the risk control ability is relatively strong, maintain the whole construction industry "stronger than big city" rating.
