Every shareholder will enjoy the benefits brought by the company's equity. This is the income right enjoyed by shareholders. The more share capital they have, the more money they get. The following are the similarities and differences between the stock usufruct transfer and the pledge repurchase agreement compiled by Bian Xiao, for reference only, hoping to help everyone.
What are the similarities and differences between the transfer of stock income rights and the pledge repurchase agreement?
The similarities and differences between stock pledged repurchase and equity pledged financing lie in the difference of collateral. Stock pledged repo transaction (referred to as "stock pledged repo") refers to a transaction in which qualified financiers (referred to as "financiers") pledge their stocks or other securities to qualified financiers (referred to as "financiers") for financing, and agree to return the funds and cancel the pledge in the future.
Equity pledge is a kind of pledge of rights, which means that the pledgor and the pledgee agree that the pledgor will use the shares it holds as the pledge, and when the debtor fails to perform the debt at maturity, the creditor can be compensated at a discount of the shares or sell the shares in accordance with the agreement to obtain the benefits of priority compensation.
Among them, the debtor or the third party is the pledger, the creditor is the pledgee, and the equity is the pledge.
The so-called equity pledge loan refers to the borrower applying for a loan from a bank with the equity of a listed company, unlisted joint stock limited company or limited liability company that can be transferred and pledged according to law or held by a third party as collateral. Equity pledge loan is an innovation of financing guarantee, which will greatly increase the financing opportunities of enterprises, help to improve the innovation ability of these enterprises, accelerate the upgrading and industrialization of their products, and become a magic weapon for enterprises, especially high-tech small and medium-sized enterprises.
The transfer of stock income right is not the equity, but the income of this part of equity. Its essence is that shareholders hand over the company's equity to the trust company, and the trust company issues a trust plan to raise funds with equity income. After the expiration of the trust plan, the original shareholders will generally buy back. The transfer of general equity income right includes two parts, one is the income from the transfer of equity, mainly the dividend income, and the other is the repurchase premium. For investors, there are certain risks in this way, and the operating losses and bankruptcy of the target company will affect the income.
The standards for repurchasing company shares at a premium are different. If it is bought by the company itself, it will be decided by the company itself. If it is bought by other companies, it will be decided by the merged company according to the development prospects and current value of the acquired company.
List of advantages of stock pledge
1. A wider range of securities are accepted.
A-share stocks, bonds and funds listed and traded on the Shanghai and Shenzhen stock exchanges; Restricted shares, individuals lifting the ban on restricted shares and state-owned shares can all participate;
2. The starting point of participation is low.
Permission to apply: there is no time limit for opening an account, and there is no need to open a new account. From RMB 1 10,000 yuan for each transaction.
3. Time limit is more flexible. The longest trading period shall not exceed three years.
According to the actual use of funds, customers can choose to buy back in advance or postpone the purchase at any time. There is no need to pay liquidated damages, and the expected annualized interest rate remains unchanged. Calculated according to the actual use days. If housing finance is an asset management plan, whether to allow early repurchase or delay repurchase depends on the agreement in the transaction agreement.
4. The transaction is different.
When participating in pledged repo business, the underlying securities need not be transferred. Instead, the pledge is registered directly in the customer's securities account, which avoids a series of trading restrictions and information disclosure problems brought about by the transfer of securities.
The funds were received soon.
Pledge repurchase procedures are fast, and notarization, transfer and other procedures are eliminated. The capital efficiency is extremely high. T+ 1 Enable pledged repo authority. Apply for trading on t day, and use funds on T+ 1 day.
6. unlimited use. There are no clear restrictions on the purpose of obtaining funds. Customers can continue to invest in securities or withdraw restricted shares from funds for production and operation. Individuals can lift the ban on restricted shares and state-owned shares.
Is it good or bad to pledge stocks?
In fact, in the stock market, investors have many different ways to invest in stocks, and different stocks trade in different investment methods. However, how much do you know about the common stock pledge methods in the stock market? What does stock pledge mean? Let's have a look.
The full name of stock pledge is stock pledge repurchase transaction, which pledges eligible funds to the stocks held by the parties, usually to banks or brokers. Banks or brokers will provide funds to the stock pledge party, and both parties will also make an agreement that in the future, the fund integration party will return the funds and cancel the pledge transaction. Therefore, stock pledge is mainly used to solve the problem of capital turnover difficulties of listed companies.
However, we can't simply say the quality of pledged stocks. Because pledge belongs to a kind of security interest. The biggest difference between mortgage and pledge is that mortgage does not transfer collateral, but pledge must transfer the possession of pledged goods, otherwise it is not pledge but mortgage. The second big difference is that pledge cannot pledge real estate (such as real estate), because the transfer of real estate is not possession, but registration.
Equity pledge of the largest shareholder means that the largest controlling shareholder of a listed company uses its stock (equity) as collateral to apply for a loan from a bank or provide a guarantee for a loan from a third party. Generally speaking, equity pledge is not necessarily bad. For example, when a company needs cash, it can pledge loans to banks with shares, which may be beneficial in itself.