Research On The Equity Pledge Of Controlling Shareholders Of Listed Companies And The Risk Of Stock Price Fluctuations

In 2018,the risk of equity pledge broke out in an all-round way.A large number of equity pledges of listed companies once became the biggest risk factor causing market thunder,in which the controlling shareholders played a very important role.The controlling shareholder's equity pledge is to alleviate the financing difficulties,but when it carries out a high proportion of equity pledge,once there is a credit default and liquidity shortage,it will cause the pledgee to sell off its Pledged Shares,and then cause the stock price to fluctuate violently,even the risk of stock explosion.For the risk of equity pledge,the regulatory authorities have issued a series of policies to restrict and restrict the overall equity pledge of listed companies,but there is no specific restriction on the equity pledge and proportion of controlling shareholders.Therefore,from the perspective of the proportion of share pledge of controlling shareholders,this paper studies the relationship between the proportion of share pledge of controlling shareholders and the fluctuation of stock price of listed companies by combining theory and empirical research methods,and analyzes the relationship between the proportion of share pledge of controlling shareholders and the risk of stock price fluctuation on the basis of grouping the proportion of share pledge of controlling shareholders Find out the appropriate proportion range of the equity pledge of the controlling shareholder.Based on the data of accumulated stock pledge of controlling shareholders of A-share listed companies in China from 2012 to 2019 as the original research sample,this paper concludes that: in terms of A-share market,there is a direct correlation between the stock pledge of controlling shareholders and the risk of stock price fluctuation at a significant level of 5%,that is,the stock pledge of controlling shareholders will increase the risk of stock price fluctuation,and the stock price will decline with the rising of pledge proportion In addition,after the implementation of group processing,it can be concluded that: when the share pledge proportion of the controlling shareholders is not more than 50%,its pledge behavior has a positive impact on the stock price change of the listed company;when the share pledge proportion is more than 50%,the share pledge behavior will have a greater negative impact on the risk of stock price fluctuation.Finally,based on the empirical test results,this paper proposes targeted solutions from the perspective of regulatory authorities,listed companies and investors,providing theoretical reference for the supervision and risk prevention of equity pledge,so as to further stabilize the development of equity pledge financing transactions.