First of all, you should look at the growth of the company and whether it is worth taking a stake. Not the best joint-stock system, you will have more shares after restructuring. Shareholding is not as simple as signing an agreement! ! How to recalculate wages? Minimum working years? Did the original shareholders' meeting agree? Are the rights and interests of new shareholders equal? Wait, a lot of questions.
It is generally impossible to withdraw shares, but it is still possible to realize or be acquired after listing. If you can't do this, that's the risk you face.
What is the risk responsibility of equity?
Equity guarantee has the following risks: 1. The operating condition of the company where the pledged shares are located plays a decisive role in the effectiveness of the equity pledge. 2. The equity value of unlisted companies is difficult to measure. The equity price of non-listed companies is generally calculated by the net assets method. 3. Lack of early warning mechanism of stock pledge value fluctuation. 4. There are few ways to realize the equity pledge of unlisted companies.
legal ground
According to the provisions of Article 425 of the Civil Law, if the debtor or a third party transfers his movable property to the creditor to guarantee the performance of the debt, and the debtor fails to perform the due debt or realize the pledge according to the agreement of the parties, the creditor has the right to be paid in priority for the movable property. The debtor or the third party specified in the preceding paragraph is the pledger, the creditor is the pledgee, and the delivered movable property is the pledged property.
What are the risks of equity and risk prevention?
Risk of equity: 1, risk of pledge selection; 2. The risk of value fluctuation of pledge; 3. The publicity method of equity pledge lacks security; 4. Value realization risk in the process of collateral disposal. Equity risk prevention: 1, carefully choose collateral; 2. Carefully verify the legality of equity pledge. In order to prevent banks from losing the right to realize creditor's rights due to invalid pledge, the legality of equity pledge should be carefully verified.
legal ground
Article 425 of the Civil Code stipulates that if the debtor or a third party delivers the chattel output to the creditor for possession to guarantee the performance of the debt, and the debtor fails to perform the due debt or realize the pledge according to the agreement of the parties, the creditor has the right to be paid in priority for the chattel. The debtor or the third party specified in the preceding paragraph is the pledger, the creditor is the pledgee, and the delivered movable property is the pledged property.
What is equity pledge financing loan and what are its risks?
1. What is an equity pledge financing loan?
Equity refers to the loan that is issued with the equity held by the borrower or a third party as the pledge according to the pledge method stipulated in the Guarantee Law. The borrower or the third party specified in the preceding paragraph is the pledger. Equity refers to the unlisted shares of a joint stock limited company registered and managed in Zhejiang Securities Registration Center and the capital contribution certificate of a limited liability company. Lenders refer to commercial banks, policy banks, urban and rural credit cooperatives, trust and investment companies, leasing companies and other financial institutions in the province. The lender is also a pledgee.
Second, the risks faced by equity pledge financing loans
(A) the market risk under the fluctuation of equity value. Equity pledge is like equity transfer, and the pledgee accepts the equity pledge, which means the market risk of taking over the equity from the pledger. The frequency and amplitude of stock price fluctuation are much greater than the traditional physical assets used for guarantee. Whether it is the business risk of the pledged enterprise or other external factors, the final result is passed on to the price of the shares. When an enterprise is faced with operational difficulties and insolvent, the price of equity falls, and the income from equity transfer may not be enough to pay off debts. Although the law stipulates that the price of the pledged property is not enough to pay off the debt, the debtor will continue to pay off the insufficient part. However, due to the reality of small and medium-sized enterprises, the costs and benefits that lenders keep recovering are often disproportionate.
(2) Moral hazard under the lack of credit of the pledgor. The so-called moral hazard of equity pledge refers to the phenomenon that equity pledge may cause shareholders of the company to "circle money twice" or even empty the company. Because the value of equity depends on the value of the company, the preservation of equity value requires the pledgee to continuously evaluate the company. However, the governance mechanism of unlisted companies is relatively imperfect and the information disclosure is opaque. At the same time, because the third-party equity company is not the subject of the contract, it is difficult for the pledgee to continuously track and control its production, operation, asset disposal and financial status, which may easily lead the enterprise to empty the assets of the equity company and suspend the bank's creditor's rights through related party transactions.
(3) Legal risks caused by imperfect legal system. There are many defects in the current stock pledge system, which bring the following risks to the pledgee: First, the risks implied by the particularity of the priority right of compensation. The priority right of compensation stipulated in the equity pledge system is different from the general security interest and has its particularity. When the pledged company goes bankrupt, the equity pledgee does not have the right to exclude the collateral from the pledged equity, because the value of its equity is close to zero when the company goes bankrupt, and the right to claim the profit distribution and participate in the company's affairs contained in the equity is worthless, so the pledge cannot be realized. The second is the risk of foreign-related equity defects. China's Foreign-invested Enterprises Law stipulates that the registered capital authorization system is adopted to allow investors of foreign-invested enterprises to pay their contributions after the establishment of the enterprise, that is, the acquisition of equity is not based on the actually paid contributions, and shareholders of foreign-invested enterprises can pledge their unpaid contributions, which will bring risks to the pledgee.
(4) Disposal risk under the imperfect stock exchange market. In equity pledge financing, if the enterprise returns the financing money irregularly, the proceeds from the disposal of the pledged equity will become the guarantee for creditors not to suffer losses. At present, although the property rights exchanges established in various places can transfer the shares of unlisted companies, they have been unable to form a unified stock rights transfer market for unlisted companies due to the relevant provisions of the Notice on Clearing and Rectifying Off-site Illegal Stock Trading Scheme (Guo Ban Fa [1998] 10). Due to the imperfection of the property rights trading market, it is difficult for most non-listed companies to form an equity pricing mechanism, and it is difficult for the pledgee and pledgor to reasonably evaluate the equity value. If the valuation is too low, the pledgor will not be able to obtain more financing; If the value evaluation is too high, the pledgor's pledge right will be difficult to be effectively guaranteed, which also limits the scale of equity pledge financing for small and medium-sized enterprises to some extent.
The risk introduction of loan stocks ends here.