an empirical study has been implemented to the stock pledge loan for a - share of the shanghai stock exchange and shenzhen stocks exchange from 1997 - 2001.
通过1997-2001年上海和深圳证券交易所的a股交易数据对本文提出的平价抵押率模型进行实证;
inventory pledge loan is the chief fund source to solve smf financing problem. there is a lack of analysis of the supervisor in existing literatures.