| Due to its flexibility and low cost,pledge of shares has become an increasingly popular financing method for a-share listed companies in recent years.Since 2017,the number of listed companies in China's A-share market that have pledged their shares has been maintained at more than 3,000,and the proportion of listed companies that have pledged their shares has reached over 90%.Equity pledge can enable shareholders to obtain funds without losing the control right,not only will not weaken the control right of shareholders,shareholders can even use the raised funds to strengthen the control of the company.But behind the equity pledge,the motivation of shareholder pledge and the intensified separation of two rights brought by equity pledge will also have a certain influence on the value of the company.What kind of influence will it bring is a problem that needs in-depth research and analysis.This paper takes McCullough as a case study to analyze the influence of McCullough's controlling shareholders' frequent stock pledge events on corporate value.In the process of writing this paper,first of all,the research on equity pledge and corporate value at home and abroad is sorted out.Scholars generally believe that equity pledge will bring agency problem,and controlling shareholders will damage corporate value after equity pledge.Secondly,this paper introduces PBC,principal-agent theory,signal transmission theory and other relevant theories,and sorts out the relevant theoretical basis.Then the wheat interest of the company and equity pledge situation are introduced,analyzed the wheat of interest,controlling shareholders equity pledge,by the method of EVA analysis,event study method,and through the boring,tobin Q value to analyze the mic interest,equity pledge influence on corporate value,analyze the value of the company controlling shareholder equity pledge damage;By analyzing the separation degree of McChair's two rights before and after the equity pledge,it is concluded that the separation degree of McChair's cash flow right and control right intensifies after the equity pledge,which brings adverse effects to the company.At the end of the paper through the analysis of wheat interest,equity pledge,draw the conclusion: wheat boring,high proportion of controlling shareholders frequently for equity pledge to a certain extent affects the value of the company,from the point of short-term impact,in the interest,equity pledge announcement later had a negative impact on the company's stock price,stock prices fell;From the point of long-term effects,m boring,the controlling shareholder equity pledge that the controlling shareholder of the separation of cash flow rights and control the degree of intensified,the question of agency,wheat interest,controlling shareholders through the equity transfer their financial risk,in making business decisions may be unfavorable to the company and other small and medium-sized shareholders,caused certain negative influence to the value of the company.Finally,this paper put forward some proposals according to the results of the study: first of all should be on the listed companies without restriction of equity pledge to strengthen regulation,hollowed company may reduce controlling shareholders use equity pledge,the second is when the equity pledge information disclosure of listed companies is less,other small and medium-sized investors at a disadvantage,should strengthen the disclosure information equity pledge,let small and medium-sized investors can obtain more useful information,such as in the end,in the aspect of the company's internal,should make the corresponding constraints for the equity pledge,cannot let shareholders without restriction for equity pledge. |
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