会计学院知识库

我国市场经济变革正促使众多企业寻求发展，融资方式在此过程中不断迭代 更新，股权质押担保融资方式也愈发受到重视。然而，股权质押担保融资行为在 实践的过程中也伴随有新的现象：一些上市公司的股东被股权质押担保融资的便 利且可快速到账的优势所吸引，从而频繁进行大规模的股权质押以满足其融资需 要，但控股股东做此行为后控制权转移风险加重，其为维持控制权反而会对公司 经营和发展不利，最终在财务上产生风险。如何有效应对此背景下企业的财务风 险问题是众多企业必须要面对的。 本文以国内外相关研究为基础，运用控制权理论解释股权质押行为如何影响 财务风险，运用财务风险管理理论进行上市公司财务风险的研究，将炼焦企业美 锦能源作为典型案例，采取文献分析法、案例研究法等进行具体剖析。首先挖掘 美锦能源及其控股股东的相关基本信息、股权结构。其次对案例过程进行说明： 控股股东股权质押动机-控股股东股权质押过程-美锦能源发生财务风险路径。再 次从财务活动环节的角度识别美锦能源四大财务风险：从美锦能源发展战略、资 产扩张、资本引入战略和财务结构对筹资风险进行识别，从费用类项目情况和投 资使用效率进行投资风险识别，从存货质量、销售回款管理水平和总体营运资本 情况等方面对资金回收风险进行识别，从利润分配情况及相关指标对利润分配风 险进行识别。最后利用新 Z 值模型进一步对财务风险进行综合评价，证实美锦能 源在控股股东股权质押的过程中财务风险总体处于预警区间。 针对上述问题，建议以完善美锦能源财务风险应对框架体系为重中之重，比 如在事前，要设立专职部门监察控股股东美锦集团此类经常性质押担保行为；在 事中，要布局融资多元化，尽可能降低成本费用，强化销售回款管理能力，控制 利润分配；在事后，建设好美锦能源财务风险预警机制，进一步健全美锦能源财 务风险应对框架。通过上述策略和建议，希望可以为美锦能源及相关炼焦能源型 企业处理控股股东股权质押引起的公司财务风险问题提供参考价值。

The reform of China's market economy is prompting many enterprises to seek development, and the financing methods are constantly iterative and updated in this process. Equity pledge has slowly appearing and turn into significant financing form. The process has different dilemmas: some listed companies’big shareholder follows with interests the characteristics that equity pledge has many advantages, so they carry out equity pledge frequently and on a large scale to meet their own financing needs. However, after the equity pledge, the controlling shareholders face the risk of control transfer, which will be detrimental to the operation and development of the company, Finally, there are financial risks. How to effectively deal with the financial risk of enterprises under this background is a problem that many enterprises must face. Based on the current research, this paper uses the control right theory to explain how the equity pledge affects the financial risk, uses the financial risk management theory to study the financial risk, takes the coking enterprise Meijin energy as a typical case, and takes the literature analysis method and case study method to make a specific analysis. Firstly, the basic information and shareholding structure of Meijin energy and its controlling shareholders are excavated. Secondly, it explains the case process: the intention of shareholders' equity pledge - the process of controlling shareholders' equity pledge - the path of financial risk of Meijin energy. Thirdly, identify the four major financial risks of Meijin energy from the perspective of financial activities: identify the financing risks from the development strategy, asset expansion, capital introduction strategy and financial structure of Meijin energy, identify the investment risks from the cost projects and investment use efficiency, and identify the capital recovery risks from the aspects of inventory quality, sales collection management level and overall working capital, Identify the risk of profit distribution from profit distribution and relevant indicators. Finally, the new Z-value model is used to further comprehensively evaluate the financial risk, and it is confirmed that the financial risk of Meijin energy is generally in the early warning range in the process of pledge of controlling shareholders' equity. In view of the above problems, it is suggested that the top priority should be to improve the financial risk response framework system of Meijin energy. For example, in advance, a special department should be established to supervise such regular pledge and guarantee activities of Meijin group; In the process, we should diversify financing, reduce costs as much as necessary, boosting the collection rate, and control profit distribution; Afterwards, it is suggested to promote the risk early warning  construction and attach importance to the financial risk response framework system of Meijin energy. I hope it can help Meijin Energy and other similar companies to deal with such problems, which is of reference significance.