| Because the financing method of equity pledge is very simple and convenient,it has been favored by many listed companies and is popular in A-share new three-capital enterprises.According to statistics,as of May 31,2019,the total proportion of A-share pledge reached 9.12%,the number of pledge companies totaled 3291,the number of pledges was 62500,and the total market value of pledge reached 4.76 trillion.Although this way of obtaining funds by equity pledge is simple and fast,its impact on the company can not be ignored.If controlling shareholders want to empty the enterprise through equity pledge,they will harm numerous shareholders.Even if the motive of controlling shareholder's pledge is not to empty the enterprise,the pledge of shares will also affect the company's value.This paper chooses Rongke Science and Technology of A-share listed company as a case study,mainly studies the impact of controlling shareholder's pledge on the company's value,aiming at its pledge process,pledge motive,and the company's value before and after pledge.Change,analyze how equity pledge affects company value.The research shows that the motivation of Rongke Technologies' equity pledge is to obtain funds quickly to achieve the goal of high premium acquisition,and then because of the failure of mergers and acquisitions,Rongke Technologies' funds fell into a downturn,and the money funds declined sharply from 15 to 172 years.At the same time,its high pledge rate made the company's share price decline all the way,and the company had to.Replenishment of the pledge eventually encountered a change of ownership of the liquidation company.Starting from the relevant theoretical aspects of equity pledge and the status quo of equity pledge,this paper makes a deep analysis of book value and market reaction before and after equity pledge.Finally,the conclusion is drawn that the company value is negatively correlated with the proportion of equity pledge,and has a negative impact to some extent.On this basis,some suggestions are put forward,including strengthening internal governance,internal supervision and so on. |
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