Owing to its simple process and strong liquidity,equity pledge financing has become one of the main ways for controlling shareholders of listed companies to obtain financing.Although equity pledge financing can effectively alleviate the financing difficulties of listed companies without losing control of the company by controlling shareholders,it still has certain risks for controlling shareholders.Taking Shanghai and Shenzhen A-share listed companies as research objects,this paper explores the impact of equity pledge on the risk of stock price collapse,and studies the impact of equity pledge on stock price collapse under the situation of non-tradable shares reform and managerial ownership,and puts forward relevant policy suggestions. |