中 文 题 目：藏格控股股票质押融资风险探析英 文 题 目：An analysis of the risk of the pledge financing of zangge holding company limited摘 要股权质押是一种全新的筹资方式，有其独特的特点。由于便利易操作，上市公司股权质押规模逐年增大，几乎成了股票市场的普遍现象。但与此同时，高风险接踵而至，大股东“跑路”，股票市场频频“暴雷”，都表明股权质押的风险应当引起足够的重视。资本市场发展有待完善和上市公司的高股权集中现象，都为控股股东利用股权质押掏空上市公司提供了天然的机会，因此对股权质押下公司各方面的风险情况进行分析，做到事先器量、源头控制，有助于市场的稳定发展和公司的有序运营。本文首先阐述了股权质押的概念，通过选取具有代表性的藏格控股作为研究对象，分析了该公司的基本情况和质押现状，剖析了大股东质押动机与现状，就其导致的股权质押融资风险进行了分析，最后分别从微观和宏观层面提出了防范与应对股权质押风险的建议，以便上市公司在保持良好的运营情况下，合理利用股权质押解决融资需求，减少股权质押导致的利益侵占问题，同时有助于规范股权质押的现状，促进证券市场的稳定有序发展。关键词：股权质押；风险；融资IIIAbstractEquity pledge is a brand-new way of financing, which has its unique characteristics. Because of the convenience and easy operation, the scale of equity pledge of listed companies has increased year by year, which has almost become a common phenomenon in the stock market. But at the same time, high risk followed, major shareholders "run the road", the stock market frequently "thunder", all indicate that the risk of equity pledge should be given sufficient attention. The development of capital market and the phenomenon of high equity concentration of listed companies provide a natural opportunity for controlling shareholders to use equity pledge to empty listed companies, so the risk situation of the company under equity pledge is analyzed, so that the quantity and source control in advance can help the stable development of the ma...
