An Empirical Study On The Equity Pledge Of Controlling Shareholders And Corporate Performance

With the changes of the macroeconomic environment,credit contraction has made the financing situation of enterprises become difficult.In order to broaden the financing channels,equity pledge has become a common financing method for listed companies,and even the phenomenon of “full-stock pledge” has emerged.On the one hand,equity pledge may bring cash flow to the company,which is conducive to the daily operation of the company;on the other hand,it may lead to the “short-cut” behavior of the major shareholders to the company and harm the interests of the small and medium shareholders and the company.For the stock market,the high proportion of equity pledge of the controlling shareholder may bring the collapse risk to the company's stock price and affect the stability of the market.At present,the academic circles mainly study the equity pledge in the form of normative research or case analysis,which lacks sufficient depth and meticulousness,resulting in insufficient research.This paper introduces the empirical research method into the normative research,and takes the adjustment effect of the shareholding ratio of the controlling shareholder as the point,examines the relationship between the equity pledge and the company's performance,enriches the relevant theoretical research on the equity pledge,and has certain certain for the regulatory layer and investors.Realistic meaning.This paper firstly analyzes the status quo of the market from the perspective of system,scale and industry through the A-share 2010-2017 equity pledge data.Then,this paper reviews the equity pledge related literature and analyzes the controlling shareholder's equity pledge behavior.Three hypotheses in this paper;again,empirical research,this paper extracts sample data from data terminals for group analysis and test sample independence,and then studies the impact of equity pledge based on equity concentration effect on company performance based on hypothetical framework empirical model;The conclusions of this paper are drawn and recommendations are made to the regulatory authorities and investors,and the future research directions of this paper are proposed.The main conclusions of this paper are as follows: 1.The controlling shareholding ratio of the controlling shareholder is significantly positively correlated with the company's performance;2.The controlling shareholder's equity pledge ratio has a moderate area to maximize the company's performance;3.The controlling ratio can significantly regulate the influence of the controlling shareholder's equity pledge on the company's performance..The possible innovations in this paper: 1.Incorporate the three factors into the model to examine their joint role,and have a certain forwardlooking research on the complexity of equity pledge;2.Organize the development of equity pledge in China systematically and comprehensively,and incorporate the nature of the enterprise.In the investigation,the applicability of the conclusions of this paper is enhanced.On the one hand,based on more comprehensive and systematic data,it sorts out the development of equity pledge.On the other hand,it also considers the joint mechanism of third-party factors,and proposes the complexity of the impact of equity pledge and enhances the adaptability of conclusions.