Research On Stock Plddge And Earnings Persistence Of Listed Companies From The Perspective Of The Enterprise Life Cycle

The listed companies pay more attention to the cyclical factors of the financing strategy,most of them consider the product life cycle,the market life cycle and the industry life cycle.Few listed companies take their corporate life cycle into account when planning their financing.In recent years,the number and amount of stock pledge,especially the amount of large shareholders,has been increasing year by year,which has become a popular financing method for listed companies in China.However,the high risk caused by this kind of financing method is hidden in the depths,which may lead to irreparable economic consequences.Major shareholders may use their cash rights to invest in high-risk projects,may also transfer funds and profits,and may also result in malicious equity agreement acquisitions and asset restructuring,resulting in operating losses or disguised hollowing out of listed companies.Reducing the quality of earnings negatively affects the sustainability of earnings.These behaviors will increase the encroachment on the interests of minority shareholders and deepen the agency problem between large shareholders and minority shareholders.Therefore,it is of great theoretical and practical significance to study the equity pledge of large shareholders in order to alleviate the second kind of agency problem.To improve corporate governance and improve earnings sustainability to provide a certain reference value.First of all,this paper takes equity pledge as the research object,this paper introduces the life cycle theory,the control right,the equity pledge and the second kind of agency problem,and the theory of surplus continuity,then reviews and analyses the relevant theories,and then deduces the hypothesis of the influence of the shareholder's equity pledge on the enterprise's value and performance according to the benefit convergence effect and the benefit encroachment 3 research hypotheses are presented.Thirdly,the 1155 listed companies involving the pledge of shareholding of large shareholders from 2010 to 2016 were selected,and the sample companies were divided according to the cash flow method,and the samples were 3,231,2709 of the mature period and 990 samples of the recession.Then,referring to the study of early scholars,taking the stock pledge rate of the large shareholder as the adjusting variable,selecting the corresponding other variables,according to the internationally recognized first order Autoregressive model,the model of this paper is established,and the hypotheses are validated by descriptive statistical analysis,correlation test,Panel model regression analysis and robustness test.Finally,the regression analysis concludes that the equity pledge ratio of large shareholder has a significant negative impact on the long-term earnings persistence of listed companies,but it has no significant effect on the maturity and recession period.Based on the research conclusion,this paper puts forward six suggestions:improving the level of financial management decision-making,positioning the enterprise life cycle accurately;Perfecting the laws and regulations involved in the equity pledge and raising the risk prevention mechanism;To increase the supervision of government agencies and increase the cost of illegal activities under the pledge of equity;Improve the transparency of information disclosure of equity pledge,strengthen corporate governance and external supervision;The creditor actively participates in the governance,enhances the risk management level;The control right is determined by the net shareholder's shareholding,excluding the interference of the control right and the cash flow deviation.