| In the context of the gradual tightening of bank credit policies,the tightening of approvals in the securities market,and the difficulty of financing private enterprise financing,equity pledges,a new type of financing method with low threshold and high speed,came into being and quickly swept the capital market.According to statistics from Wind data,the overall size of equity pledges in 2018 was 4.3 trillion,accounting for 8.97% of the total market value of A shares.Although the scale has declined compared with 2017,it is still very large.But we need to realize that the development of everything has two sides.Although the equity pledge as a financial tool can relieve the company's financing pressure and fill the company's funding gap,the high proportion and high frequency of equity pledge will also bring about separation of powers.The deepening of the degree will easily lead to problems such as the interests of the controlling shareholder's interests embezzlement and hollowing out.These problems will affect the company's stock price,company performance and company value to varying degrees.Private listed companies have relatively limited financing channels and large disparity in the shareholding ratio of shareholders.This situation has led to more prominent agency problems between controlling shareholders and small and medium shareholders,and frequent equity pledges by controlling shareholders will inevitably harm the interests of investors.Therefore,the intrinsic motivation of the controlling shareholder's equity pledge and the impact on the company are worthy of attention.Based on the above background,this article selects the small and medium-sized board high-tech company Maoshuo Power as the case analysis object,focusing on the company's operating status,shareholding structure,and the procedure and features of the controlling shareholder's equity pledge.Besides,to study the motive of equity pledge of Maoshuo Power's controlling shareholder.It is further found that the frequent high proportion of equity pledge financing by the controlling shareholders will bring poor short-term market effects and deteriorating performance.Aiming at the problems arising from the company,this paper analyzes the mechanism of the adverse impact of equity pledge on the company in combination with relevant theories.The equity pledge leads to a deeper degree of separation of the controlling shareholder's two powers,triggering the interests of the major shareholders to encroach on the interests,and ultimately has a great negative impact on the company's value.What is exposed behind the company's many management problems.Based on the case analysis results,thisarticle attempts to make optimization suggestions from multiple perspectives,hoping to give some inspiration to the case analysis objects and other companies,so as to avoid the adverse effects of equity pledges.According to the above case analysis content,the auther gets the following completions: First,the motive of the equity pledge financing of Maoshuo Power's controlling shareholders is on the one hand to ease the financing pressure of the company's scale expansion,and on the other hand to meet the shareholders' personal capital needs;Second,the controlling shareholder ' s equity pledge will affect the company ' s short-term market effect,resulting in a decline in excess returns and cumulative excess returns;third,the high percentage of equity pledges of Maoshuo Power 's controlling shareholders will have a negative impact on the company 's financial situation,making the company Both performance and company value have declined.Fourth,a high percentage of equity pledge will deepen the separation of the controlling shareholder ' s powers,which will easily trigger the controlling shareholder 's motivation to embezzle the company 's interests.Fifth,the study of the case can draw some Suggestions for optimizing corporate governance,and give corresponding enlightenment to regulators,pledgees and small and medium investors. |
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