当出现融资渠道收窄时，如果发行人是上市公司或有上市子公司，进行质押该公

当出现融资渠道渠道收窄时，如果发行人是上市公司或有上市子公司，进行质押该公司或子公司的股票以达到融资目的不失为一种好方法，那么当银根紧缩或减少到导致公司或子公司的市场价值下降而需要补充流动性时，就会导致流动性危机，这又会导致债券违约。 。的

当出现融资渠道收窄时，如果发行人是上市公司或有上市子公司，进行质押该公司或子公司的股票以达到融资目的不失为一种好方法，但是如果股权质押比例过高，则可能会引发股权质押风险。当银根紧缩或股价下跌导致公司或子公司的市场价值下降需要补充流动性时，就会导致流动性危机，这又会导致债券违约。神雾环保就是其中一个典型的案例。

When the financing channel is narrowed, if the issuer is a listed company or has a listed subsidiary, it is a good way to pledge the shares of the company or subsidiary to achieve the purpose of financing. However, if the proportion of equity pledge is too high, it may lead to equity pledge risk. When the market value of a company or subsidiary declines due to tight money supply or falling stock price and liquidity needs to be replenished, it will lead to liquidity crisis, which in turn will lead to bond default. Shenwu environmental protection is one of the typical cases.<br>