Research On The Pledging Of Stock Rights By Controling Shareholders And Corporate Risktaking

In recent years,equity pledge has developed rapidly as a popular financing method.According to the statistics of Zhongdeng Company,from the overall scale of equity pledge,only a few hundred companies in the A-share market in 2013 tried equity pledge,and their pledge market value is not Up to 100 billion yuan,and by the beginning of March 2019,there are more than 3,000 companies with equity pledge,the total market value of their accumulated pledge stocks is as high as 5 trillion yuan,and the A-share listed companies that are engaged in equity pledges accounted for between 2013 and 2019.The proportion of domestic listed companies has more than doubled.In addition,from the pledge ratio,it also showed an upward trend.In 2015,there were 364 companies with more than 80%of the controlling shareholder pledge ratio,increasing to 562 at the beginning of 2019,which was more than 50%in the past three years.Equity pledge has become a widely used financing method in China's capital market,but with the widespread application of equity pledge in the capital market,especially since the 2018,the "black swan" incident in the A-share market has occurred many times.Even falling below the warning line of equity pledge,the risk of equity pledge has received strong attention from all parties in the capital market.The controlling shareholder's equity pledge refers to a financial act by the controlling shareholder who uses the equity held by the controlling shareholder as the pledge to obtain funds from the pledgee but still retains the control right,although it is less costly than the debt financing method.The controlling shareholders financing constraints,but once the stock price falls,touch the closing warning line,the equity pledge of the controlling shareholder may be sold by the pledge party,which will trigger the transfer of the company's control rights,which may affect the risk-taking level of the company..Then,what is the relationship between the controlling shareholder's equity pledge and the enterprise's risk-taking,which is the problern to be studied in this paper.As the owner of the company,the controlling shareholder directly determines the risk appetite and business strategy of the company,and its individual financing decision may also affect the risk-taking status of the listed company it controls.At present,under the new normal situation of China's economy,enterprises should be brave enough to take risks,avoid too conservative business strategies,actively seize market opportunities and gain competitive advantage.The existing literature mostly describes the economic consequences of controlling shareholders' equity pledge from the aspects of enterprise innovation,auditor decision-making,tax avoidance strategy and capital market reaction.However,it is rare to see relevant literature concerned about the controlling shareholder's individual financing behavior.The impact of the level of risk exposure of listed companies.Therefore,based on the systematic collation of relevant research results,this paper first sorts out and analyzes the relevant documents of the controlling shareholder's equity pledge and listed companies' risk-bearing level,and proposes the corresponding research hypothesis based on the theoretical basis.In 2015,all listed companies of non-financial A-shares in Shanghai and Shenzhen were used as research samples to empirically analyze the relationship between the controlling shareholder's equity pledge and the risk-taking of listed companies,and combined with China's special national conditions,on the basis of comparing the nature of different property rights.The difference between the two.This paper explores the impact of controlling shareholder pledge on the risk exposure of listed companies,which may have the following theoretical significance.On the one hand,it is beneficial to enrich and promote the research on the economic consequences of controlling shareholders' equity pledge in the background of China's capital market;on the other hand,it helps to provide experience for relevant research on the risk factors of listed companies in the context of China's capital market.in accordance with.In addition,this article may have the following two aspects of practical significance.On the one hand,it helps investors to identify and prevent potential risks of controlling shareholder pledge;on the other hand,it helps the regulator to pay attention to the individual financial behavior of the controlling shareholder,improve the current equity pledge supervision system,and improve the investor protection level.Effectively reduce system financial risks.