股权质押是免费的午餐吗？——印纪传媒股权质押风险
案例编号：
CN_2021KJYGSCW_1536
被浏览次数：
2348
案例名称：
股权质押是免费的午餐吗？——印纪传媒股权质押风险
译名：
Is equity pledge a free lunch? - A case study on the equity pledge risk of Yinji media
案例作者：
宋建波、刘雅露、李兆慧
作者单位：
中国人民大学商学院
译者：
-
案例企业：
印纪娱乐传媒股份有限公司
行业：
传媒与文化产业
学科领域：
会计与公司财务、其他
规模：
大型
案例语种：
中文
案例类型：
描述型
中文关键词：
股权质押；风险；控制权转移；印纪传媒
英文关键词：
Equity pledge; Risk; Transfer of Control Rights; Yinji Media
中文摘要：
股权质押是指股东将公司股权出质给金融机构，以获取贷款的一种财务行为。从2013年开始，这种高效便捷的融资方式广受市场欢迎。然而，高效并不意味着无风险。2018年底，我国资本市场掀起一阵“平仓”狂潮，影视传媒公司印纪传媒及其大股东因此深陷危机，成为市场关注的焦点。截至2018年，印纪传媒的大股东及其一致行动人所持近100%的股份（占总股本的66.52%）处于质押状态且全部跌破平仓线。一旦补救不力，印纪传媒很可能被迫易主。在此背景下，课程选取印纪传媒为研究对象，从风险视角对股权质押作深入解读与细致“诊断”。通过梳理股权质押风险的来龙去脉、深究风险爆发的前因后果、展现股权质押风险在不同阶段的表现形式，同时揭露内外部治理的薄弱环节，帮助学生正确认识股权质押融资风险，构建较为系统的思维模式。本课程涉及公司治理、财务管理、审计等多方面，有助于学生巩固所学理论，开拓研究视野，提升实践意识。
英文摘要：
Equity pledge is a kind of financial behavior in which shareholders pledge the company's equity to financial institutions in order to obtain loans. Since 2013, this efficient and convenient financing method has been widely welcomed by the market. However, being efficient does not mean being risk-free. At the end of 2018, the announcement of the liquidation of listed companies broke out in China. Yinji media and its major shareholders was in the crisis and become the focus of the market. By 2018, nearly 100% of the shares (66.52% of the total share capital) held by Yinji media's major shareholder and his co-activists had been pledged and had all fallen below the liquidation line. If the major shareholder fails to make a compensation, he will lose the control of the company. In this context, the course selects the Yinji media as the research object, and makes an in-depth interpretation and detailed "diagnosis" of equity pledge from the perspective of risk. By sorting out the cause and effect of the equity pledge risk, studying the causes and consequences of the risk outbreak, showing the manifestation of the equity pledge risk in different stages, and exposing the weak links of internal and external governance, students can better understand the risk of equity pledge and build a more systematic thinking model. This course involves corporate governance, financial management, auditing and other aspects, which helps students consolidate the theories they have learned, broaden their research horizons and enhance their practical awareness.
适用对象：
本科、硕士、MBA、EMBA
编写方式：
二手数据
开发时间：
2020
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