Risk Constraints of Equity Pledge Financing Business and Financing Safeguard Mechanisms
It is a common yet high-risk financing approach for controlling shareholders of listed companies to pledge their equity holdings to financial institutions for financing.The standardized equity pledge financing business,while reducing risk and ensuring enterprise growth,is a re-search topic of practical significance.This paper first constructs a dynamic stochastic general equilibrium model to analyze the risk constraint of equity pledge financing business and its nega-tive impact on enterprise financing.Then,it introduces commercial bank wealth management subsidiaries and government support to ensure the supply of financing for enterprises and their stable development.Finally,it conducts welfare analyses of regulatory policy combinations to es-timate the improvement effect on social welfare.The results show that regulating asset manage-ment business and controlling leverage ratios can effectively reduce the risk of equity pledge fi-nancing business.Utilizing wealth management subsidiaries and government support can safe-guard enterprise development.The combination of risk reduction and stable growth can enhance social welfare.
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