Research On The Pledge Of Major Shareholders'equity Rights And The Protection Of The Rights And Interests Of Small And Medium Shareholders

Equity pledge financing itself is a neutral financing behavior,equity pledge financing because of less restrictive,simple operation,good fluidity and many other advantages by a large number of listed companies,so the financing of equity pledge in recent years in the capital market more frequent use,When shareholders of listed companies think that the company's share price will not change significantly in the short term,equity pledge financing will be slightly better than the rest of the financing methods.But through the equity pledge into the use of funds are diverse,the common use of personal needs,supplementary liquidity,foreign investment demand and so on.For investors,they will focus their attention on the trend of major shareholders when making investment decisions,so the pledge of equity of major shareholders has become an important factor that can not be ignored when investing.Under the current information disclosure requirements,the disclosure requirements after the pledge of equity of major shareholders of listed companies are vague,and the financing of equity pledge also contains some risk factors in this regard.For the equity financing behavior of the major shareholders of listed companies,it is difficult for small and medium-sized investors to obtain enough information from the relevant announcements of listed companies,and it is more difficult to find and guard against risks.Under the above circumstances,the impact of the pledge of equity of major shareholders on listed companies and small and medium-sized shareholders has become a problem worthy of study.Taking the same island electronics as the research case,this paper studies the equity pledge behavior of the major shareholders under the specific company background,and combs the behavior course and the use of the major shareholders in combination with the business,financial situation,financing mode and amount of the listed company.This paper focuses on the analysis and exploration of the impact of the behavior of major shareholders on listed companies after the pledge of equity,and finally forms the research conclusions and suggestions.On the basis of the above case studies,this paper draws the following conclusions: After the pledge of equity of large shareholders,the separation of control rights and cash flow rights will deepen the second type of agency problem,induce the motivation of large shareholders to encroach on interests,the interests of small and medium-sized shareholders are vulnerable,and will not be conducive to the stability and sustainable development Have a negative impact on the value of the company to a certain extent.In view of the above research conclusions,this paper puts forward the following suggestions: Listed companies should strengthen corporate governance in-house,reasonable supervision and restriction of the rights of major shareholders to prevent their abuse,enhance the voice of minority shareholders on major matters,pay attention to the interests of minority shareholders,and strengthen the formulation of relevant policy provisions at the regulatory level,strengthen disclosure norms,Attach importance to the daily supervision of the major matters of listed companies.