Empirical Analysis Of The Impact Of Stock Pledge On Corporate Value Of Listed Media Enterprises

Since 2012,equity pledge has become more and more common in the securities market.At the same time,the hollowing time of listed companies caused by equity pledge has become more and more common.Whether it is Lexinet or Huayi Brothers or even Beijing Culture,stock price fluctuates greatly because of equity pledge.However,after equity pledge,controlling shareholders can replace the stock assets with liquidity.Funds provide more impetus for the development of listed companies,and can further enhance the value of the company.This paper uses the equity pledge behavior of listed media companies as the research object,and analyses the relationship between equity pledge and corporate value by analyzing the relevant data of listed companies.Through combing the existing literature,we can know that the majority of existing scholars' research uses the separation of cash flow rights and control rights,the controlling shareholders' interests encroach on the small and medium-sized shareholders,thus affecting the company's value.Although the equity pledge will also lead to the separation of the two rights,but more is the separation caused by the special controlling structure.The proportion of equity pledge is directly used as the research index.The conclusion is more convincing.In addition,more scholars pay attention to the research and analysis of individual cases.Through the analysis of individual cases,we can conclude how the controlling shareholders manipulate the listed companies to achieve arbitrage purpose after the pledge of shares,and thus draw the conclusion that the equity pledge system needs to be improved.Based on the principal-agent theory and the control theory.The purpose of this paper is to have a comprehensive and in-depth understanding of the equity pledge banks of major shareholders of listed media companies,to sort out the relationship between equity pledge and corporate value from the perspective of separation of cash flow rights and control rights,and to quantitatively analyze the data of listed companies over the years,select samples,set variables and construct regression models to verify relevant hypotheses.Firstly,the financing behavior of controlling shareholders' equity pledge in listed media companies will reduce the value of listed companies.2.The higher the proportion of controlling shareholders,the stronger the negative relationship between the pledge of controlling shareholders'equity and the company's value.According to the conclusion of the study,the corresponding management opinions are put forward from the supervision department,the major shareholders of the pledge,and the pledgee,so as to provide help for the healthy development of the securities market and the protection of investors rights.