How To Deal With Equity Pledge Financing Of Small And Medium Sized Enterprises
The pledge of shares will revitalize the static equity in small and medium-sized enterprises as the available working capital, and provide a new financing channel for SME loans.
In recent years, with the gradual improvement of national and local laws and regulations and the active participation of market participants, equity pledge financing has become an ideal choice for SME financing and has developed rapidly.
The pledge of shares is a pledge of rights. It points out that the pledge and the pledgee agree that the pledgee shall take the shares held by him as the pledge, and when the debtor is unable to fulfill the debt, the creditor can compensate the share discount according to the agreement, or sell the shares and give priority to the payment of the proceeds.
Among them, debtors or third persons are pledgee, creditors are pledgee and equity is qualitative.
The so-called equity pledge financing means that the shareholders of the company give the company shares or the third party holding the shares that can be pferred according to law to the bank or others.
Financial institution
The way to get loans is financing.
The equity pledge is a guarantee that the civil main body guarantees the performance of its own or others' debts, and the creditor's right that the creditor agrees with the creditor's right to enjoy the lawful disposition right is pferred to the creditor's possession or the pledge fact is registered in the corresponding organ to publicize. The creditor has not actually sold the property at the expiration of the debt performance period to give priority to the compensation of the creditor's right.
Stock pledge generally has the following characteristics:
The subject matter of equity pledge is equity.
Share ownership belongs to property right. It is neither a claim nor a real right.
Property right is a concept corresponding to personal rights. It is a civil right with property as its content.
But not all property rights can be used as the subject of pledge of rights.
For a right to be a pledge, two basic conditions must be satisfied.
First, it must be a kind of property right, which can be pferred and possessed, suitable for quality, that is, materiality; secondly, it should have exchange value and be pferable, that is, pferability.
Equity shares these two attributes, so it can follow the statutory procedures for pledge financing.
pledge of stock rights
The symbolism refers to the fact that the value entity as the subject matter of the equity pledge does not have the pfer of possession, and the actual pfer of possession is only the equity certificate representing the rights and interests of shareholders.
However, because shareholders represent only a kind of "abstract right of the abstract" property rights that shareholders enjoy, it is difficult to assume that shareholders actually control and master, so the rights of shareholders are not as arbitrary as entity, so they can be arbitrarily punished.
When disposing of shares, they must not only deliver property under the equity certificate, but also pfer the stock certificate itself.
It can be seen that the subject matter of equity pledge is different from the discretionary entity, but a voucher representing certain values and rights.
The general pledge is to pfer the possession of the subject matter as an important element. It is necessary to continue to occupy the subject matter, and the pledgee has the obligation to properly keep the pledge.
Equity pledge, on the one hand, because of the need to pfer ownership of stock certificates, so its publicity role is particularly obvious, which has a positive effect on preventing the unlawful infringement of the pledgor or other third party; on the other hand, because of the pfer of possession of the goods, the pledgor can not exercise the right of return claim before the liquidation of the debt. The disuse of this kind of use and disposition can give the debt a greater mental pressure to prompt its voluntary performance as soon as possible.
debt
So as to recover the equity certificate at an early date.
Therefore, it has the advantage that mortgage is incomparable in highlighting the guarantee function of pledge.
Compared with other real estate, chattels and rights, the value of shares has great volatility, so the guarantee function of equity pledge is relatively unstable.
When the value of equity is devalued, the function of the main creditor's right of equity guarantee will be weakened, and the guaranty interest enjoyed by the pledgee on the equity will be affected.
At the same time, the pledgor is unable to take timely relief measures when the stock right depreciates when he loses his possession of the certificate of ownership.
Therefore, the quality of equity ownership has a certain degree of risk to both parties.
Based on the above characteristics, when the concept of real right has broken through the physical property, the stock pledge has become an indispensable part of the modern hypothecation guarantee system, and shows its potential of financing.
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