关键词: 股票质押,司法冻结,民营企业,两高一剩行业

Abstract: In recent years, with the rapid development of equity pledging business, the judicial freezing risk of large shareholders’ stock pledge has caused widespread concern. Based on the pledging data and judicial freezing data of listed companies from January 2010 to April 2016, this paper makes an analysis of the influencing factors on judicial freezing of stock pledging and their countermeasures. The results show that supervisory penalties on major shareholders and the industry distribution of underlying securities are the two most important factors affecting judicial freezing. If the major shareholders are punished by the regulatory authorities and the underlying securities belong to high energy consumption and excess capacity industries, the pledge will be faced with greater risk of judicial freezing. In addition, when the pledged shareholders are private enterprises and the holding target belongs to the high energy consumption and excess capacity industries, the major shareholders will be faced with even greater risks of judicial freezing under the circumstances of higher debt ratio. Therefore, to establish information sharing mechanism in the financial industry, to clarify business bottom line thinking and to carry out the task of supply-side reform and reducing production capacity shall be the countermeasures to prevent the risk of judicial freezing of pledge.

Key words: stock pledging; judicial freeze; private enterprise；high pollution，high energy consumption and excess capacity industries