An Empirical Study On The Impact Of Major Shareholders' Equity Collateral On Corporate Value

For some enterprises,the traditional financing methods not only need complex procedures but also need to meet the requirements of high-level financial indicators,and these enterprises often do not have an advantage in capital scale and industry,so there is a widespread problem of financing difficulty.At this time,with the advantages of less restrictions,low cost and short approval time,equity pledge financing is welcomed by enterprises.In recent years,with the development of the capital market,the stock pledge business also shows explosive growth.In the A-share market,almost no listed companies have not participated in this business.However,the pledge of shareholders' equity will also lead to the risk of control transfer,stock price collapse and so on,which will affect the company value of the listed company and attract extensive attention of investors.At the same time,scholars at home and abroad also focus on the impact of equity pledge on corporate value,but these studies are not comprehensive.According to the published literature,the pledge of large shareholder's equity will not only affect the separation of two rights and the management of the company's market value,but also affect its risk investment tendency,and these variables will also affect the company's value,so the pledge of large shareholder's equity will not only directly affect the company's value,but also indirectly affect the company's value through these intermediary variables.Therefore,the purpose of this paper is to clarify the real effect of equity pledge on the value of the company,and to further find its internal influence way.The main contents of this paper are as follows: firstly,7905 samples are obtained by taking the pledge of major shareholders' equity of Listed Companies in A-share market in 2009-2018 as the research object.Then we use structural equation model to build two direct paths of equity pledge proportion and pledge degree affecting company value,and three indirect paths of equity pledge influencing company value through two rights separation,market value management and innovation R & D investment scale,and analyze the relationship between variables based on covariance matrix of variables.The results show that in the direct impact path,the proportion of equity pledge is negatively related to the company's value,and the degree of equity pledge is positively related to the company's value;in the indirect impact path,the proportion of equity pledge is negatively related to the company's value through the two intermediary variables of market value management and innovation R & D investment scale,while the proportion of equity pledge is positively related to the company's value through the separation of two rights;and The degree of hypothecation has a positive impact on corporate value through three paths of three intermediary variables.And the direct path plays an important role in the path of equity pledge affecting company value.Secondly,this paper combines the results of empirical research with the case of equity pledge of major shareholders of Jia Wei Renewable Energy,and puts forward suggestions for Jia Wei Renewable Energy to improve the company's value,hoping to contribute to the long-term development of listed companies.