PAGE\*MERGEFORMATI摘要中小企业挂牌上市后，股份价值及流动性得到提升、公司治理及信息披露得到完善，股权质押融资作为一种较为灵活的融资方式，对其具有较强的适用性，能拓宽中小企业挂牌后的融资渠道，补充新三板市场的融资功能。但是中小企业板市场交易量小、流动性较弱、直接融资规模较小等问题一直制约着它的融资功能。本文通过分析中小企业股权质押融资现状，得出以下结论：第一，股权质押有利于缓解中小企业融资难的问题；第二，股权质押融资业务的开展并非高枕无忧的，面临市场风险、道德风险、处置风险以及法律风险；第三，VAR方法测算质押率具备一定的理论基础和数据支撑，可行性较高，值得国内发展中小企业股权质押融资风险评价在实践中的运用或参考。最后提出中小企业股权质押融资贷款风险的防范措施，力图为国内中小企业寻求更多融资途径、解决融资难题提供借鉴和参考，同时对完善股权质押融资市场的功能及效率提供新思路。关键词：中小企业；股权质押融资；风险价值PAGE\*MERGEFORMATIIAbstractSmallandmediumenterpriseslisted,thestockvalueandliquidity,improvecorporategovernanceandinformationdisclosurehasbeenimproved,sotheequitypledgefinancingasamoreflexiblewayoffinancing,andhasstrongapplicabilitytothesmallandmedium-sizedenterprises,canbroadenthefinancingchannelsoflisting,thenewthreeboardmarketfinancingfunction.However,thesmallandmedium-sizedenterpriseboardmarkettransactionvolumeissmall,theliquidityisweak,thedirectfinancingscaleissmallandsoon.Inthispaper,throughtheanalysisofsmallandmediumenterprisesequitypledgefinancingsituation,drawsthefollowingconclusions:first,equitypledgetoeasethefinancingproblemofSME;second,equitypledgefinancingbusinessisnottheoppositesideofsleepwithoutanyanxiety.Thegrim,facemarketrisk,moralrisk,managementriskandlegalrisk;third,VARmethodtomeasurethepledgeratehaveacertaintheoreticalbasisanddatasupport,highfeasibility,worthyofthedomesticdevelopmentofsmallandmedium-sizedenterprisesequitypledgefinancingriskassessmentinpracticeorreference.Finally,thesmallandmedium-sizedenterpriseequityfinancingpledgeloanriskpreventionmeasures.Thispapertriestoprovidesomereferenceandreferencefordomesticsmallandmedium-sizedenterprisestoseekmorefinancingwaysandsolvefinancingproblems.KeyWords：Smallandmedium-sizedenterprises；Equitypledgefinancing；ValueatRisk武汉理工大学本科生毕业论文PAGE\*MERGEFORMAT23第1章绪论1.1研究背景及意义1.1.1研究背景随着我国宏观经济下行压力增大，资本市场上的资金流动性不足，我国公司越来越难融到资，并且融资的成本也越来越高。股权质押这一新兴的融资手段在这一经济背景下受到了大股东的关注。究其原因，一是对于商业银行、担保公司等金融机构来说，股权易转让、交易成本低、操作简便等优势，致使其很乐意接受股权这种担保品，实现风险管控。二是对于股权所有者来说，相比股权转让获取资金，股权质押融资不但能获取