I摘 要中小企业挂牌上市后，股份价值及流动性得到提升、公司治理及信息披露得到完善，股权质押融资作为一种较为灵活的融资方式，对其具有较强的适用性，能拓宽中小企业挂牌后的融资渠道，补充新三板市场的融资功能。但是中小企业板市场交易量小、流动性较弱、直接融资规模较小等问题一直制约着它的融资功能。本文通过分析中小企业股权质押融资现状，得出以下结论：第一，股权质押有利于缓解中小企业融资难的问题；第二，股权质押融资业务的开展并非高枕无忧的，面临市场风险、道德风险、处置风险以及法律风险；第三，VAR 方法测算质押率具备一定的理论基础和数据支撑，可行性较高，值得国内发展中小企业股权质押融资风险评价在实践中的运用或参考。最后提出中小企业股权质押融资贷款风险的防范措施，力图为国内中小企业寻求更多融资途径、解决融资难题提供借鉴和参考，同时对完善股权质押融资市场的功能及效率提供新思路。关键词：中小企业；股权质押融资；风险价值IIIAbstractSmall and medium enterprises listed, the stock value and liquidity, improve corporate governance and information disclosure has been improved, so the equity pledge financing as a more flexible way of financing, and has strong applicability to the small and medium-sized enterprises, can broaden the financing channels of listing, the new three board market financing function. However, the small and medium-sized enterprise board market transaction volume is small, the liquidity is weak, the direct financing scale is small and so on. In this paper, through the analysis of small and medium enterprises equity pledge financing situation, draws the following conclusions: first, equity pledge to ease the financing problem of SME; second, equity pledge financing business is not the opposite side of sleep without any anxiety. The grim, face market risk, moral risk, management risk and legal risk; third, VAR method to measure the pledge rate have a certain theoretical basis and data support, high feasibility, worthy of t...
