| In the financial market,equity pledge behavior can help companies expand financing channels,and thus has gradually become popular in China's capital market.The company generally realizes the equity through the equity pledge,which not only improves the liquidity of the equity,but also brings more financing opportunities to the company.In all the equity pledge behavior,the shareholder pledge behavior of the major shareholder is the most common.For controlling shareholders,the way equity pledges can motivate them to concentrate on corporate governance and improve company performance,which has a positive effect on the company's development.On the other hand,some companies that adopt equity pledge behavior have financial problems.Since the cases of these situations exist,when the listed company issues a pledge announcement,this will undoubtedly convey to the market the negative information of the listed company's poor operating conditions.The company is under pressure from public opinion in the capital market.In addition,the equity pledge behavior will further increase the company's control power transfer risk,bringing various agency problems to the company,which will have many adverse effects on the company.This article selects the current pledge ratio in the A-share market to rank second,the cumulative shareholding pledge of the major shareholder accounts for 76.22% of the total share capital,and the number of pledges has reached nearly 40 times in recent years as a case study.By analyzing the ownership structure and governance structure of the company's bird company,and then analyzing the factors of short-term market effects,long-term stock price fluctuations,and company value,the equity pledge behavior of the major shareholders proves that some large equity holders in the enterprise are frequent and large.The conduct of equity pledge will have a bad influence on the company itself.Specifically,through the analysis of the equity structure and governance structure of the case company and the statistical analysis of the company's major shareholders' equity pledge,the article draws three characteristics of the company's major shareholder pledge: high equity pledge,large shareholder pledge Frequent,pledge announcements are not detailed.Then it analyzes the degree of separation between the two controllers and the financial risks caused by the actual controller before and after the equity pledge,and then uses the event research method to explore the changes in the company's stock returns during theevent window and the long-term stock price changes.Then compare the book value of the case company with the airline company that has almost no equity pledge in the industry.Finally,the company value is evaluated by the economic value added model and the Tobin Q value model.It is concluded that the frequent equity pledge of the major shareholders of the VIP Bird Company will have a certain negative impact on the value of the company to a certain extent.Finally,the main reasons for the negative impact of the pledge of the major shareholder of the VIP Bird Company are: the dual role of the company's highly concentrated shareholding structure and the failure of its governance structure,and the repeated pledge of the company's major shareholders to provide guarantees for related companies.Based on the protection of the interests of small and medium-sized shareholders and external investors,the following suggestions are made: strengthen the supervision and balance of the company's major shareholder pledge behavior,enhance the role of independent directors;strengthen supervision,improve the transparency of information disclosure;strengthen risk management and early warning mechanism Etc.,and put forward a prospect for the research described later. |
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