Research On Market Value Management Strategy Of Listed Companies Under The Background Of Controlling Shareholder Equity Pledge

Equity pledge is a kind of secured loan with listed company equity as pledge.But there are two sides to everything,and the pledge makes people love and fear:the person who loves it loves it simply and quickly to get the money it needs without affecting shareholder control,but the person who is afraid of it is worried that the pledge will fall because of the company's share price,the mortgagee under the previously agreed pledge agreement,the stock price falls below the warning line to fill positions,shares fall below the liquidation line to sell directly,then the pledge will lose equity,or even build Transfer of control.In fact,the most direct source of this kind of risk is that the volatility and decline of stock prices cause the equity value to be worthless.If we can reasonably stabilize and enhance the equity value through some strategy or means,we can deal with the risk of control transfer.Since 2014,market value management has been included in the policy programmatic document,and its influence has been further strengthened.Market value management is to implement different industries and capital operations according to market value fluctuations through internal value creation and external value realization,so as to maximize shareholder value.Market value management can make up for the risk of equity pledge,improve the external negative signal of equity pledge,and deal with it reasonably External supervision,the literature has shown that the stock rights pledge of listed companies is often accompanied by market value management behavior.This paper is based on the theory of effective market hypothesis,control right theory,signal transmission theory,value management theory,and then on the basis of defining the concept of market value management,the specific means are further divided into two types:epitaxial market value management and implicit market value management.Then,the motive of controlling shareholder's equity pledge,the risk and preventive measures of equity pledge,the relationship between equity pledge and market value management,and the relevant documents of market value management are sorted out and summarized.Then this paper analyzes the mechanism of controlling shareholder's equity pledge affecting the market value management of listed company.Firstly,it is the motivation analysis:the controlling shareholder's equity pledge has strong intention to manage the market value Li,then further analysis of the controlling shareholder equity pledge after the transfer of control risk considerations,will make a market value management strategy choice.The case company Eyre Ophthalmology,selected in this paper,under the great opportunities and challenges brought to the company by the background of social medical reform,controlling shareholder Chen Bang has started the company's first equity pledge since 2011 in order to expand financing channels,improve the level of cash holding,and alleviate the shortage of funds such as operating production,R&D and innovation.The proportion of equity pledge has changed significantly around 2014.Before 2014,the proportion of pledge is low,the number of times is small,the company pays great attention to investor relationship management and dividend delivery and other market value management behavior;after 2014,the proportion of pledge is high,the number of times,the company has launched the "PE M&A fund" model and international M&A The expansion strategy continuously expands the industrial scale,absorbs the foreign technical and the senior specialized medical personnel.The different market value management strategy makes the stock price of Eyre Eye jump up,the risk of controlling shareholder's control transfer can be controlled and reduced,and the results of the evaluation model of market value management index also confirm the effectiveness and pertinence of its market value management.Through the above research,we find the following conclusions:first,low equity pledge leads to lower risk of transfer of control,under the risk of transfer of control,controlling shareholders have greater motivation to do intensional market value management,commonly used means are dividend and share delivery,increase holding,investor relationship management and so on can transfer good management good positive signal to help it reduce the unstable impact of information asymmetry on the company's stock price,thus stabilizing the stock price.Second,high equity pledge leads to higher risk of transfer of control,higher risk of transfer of control has greater motivation to do epitaxial market value management,commonly used means are M&A expansion,technology introduction,talent introduction and so on,can expand the scope of business scale of enterprises,quickly bigger and stronger,thereby increasing the stock price.Third,extended market value management may require large-scale and long-term capital investment will make enterprises have greater operational and financial risks,companies need to carefully formulate corresponding measures to prevent blind expansion of mergers and acquisitions the integration risk brought.This paper focuses on the analysis of the market value management process and strategy scheme of Eyre Ophthalmology,and uses the method of case study to explore the market value management measures in the face of the risk of transfer of control rights under the controlling shareholder equity pledge,to enrich the research on the coping strategies of the risk of equity pledge,and to provide reference for the practical application of market value management in listed companies.