Research On The Impact Of Controlling Shareholders’ Equity Pledge On Corporate Cash Holdings

In 2013,the stock pledged repurchase business began trading on the Shanghai Stock Exchange and Shenzhen Stock Exchange,which provided new financing channels for my country’s listed companies and company shareholders,and eased the financing difficulties of listed SMEs.However,the equity pledge crisis of private enterprises in Shanghai in 2018 highlighted the negative economic impact of the equity pledge of controlling shareholders.Therefore,in the context of "all-equity pledge" in my country’s capital market,it is of great practical significance to study the influence and mechanism of controlling shareholders’ equity pledge financing on corporate governance and corporate decision-making.This article uses the 2013-2018 A-share listed company as a research sample to empirically study the impact and mechanism of the controlling shareholder’s equity pledge financing behavior on corporate cash holding decisions,and further analyze the nature of corporate property rights,the continuity of shareholder pledge behavior,and pledge The effects of financing business types and economic policy uncertainties on these relationships.Specifically,the research contents of this article are as follows: Chapter 1 is an introduction,introducing the research background and significance of this article,as well as the research content and innovation points.Chapter 2 is a literature review,which summarizes relevant research at home and abroad,and summarizes the deficiencies of existing research.Chapter 3 is theoretical analysis and empirical model construction,that is,on the basis of introducing principal-agent theory and signal transmission theory,applying these theories to analyze the impact of controlling shareholder equity pledge on corporate cash holding decisions.Finally,the empirical model of the empirical model is given with the measurement of variables and related indicators.Chapter 4 is empirical testing and result analysis.First of all,basic statistical analysis is performed on the sample data to get a preliminary understanding of the approximate distribution of the variables and the correlation between the variables.Secondly,the panel data analysis method is used to empirically test the Ushaped relationship between the equity pledge ratio of the controlling shareholder and the enterprise’s cash holding level,and the inverted U-shaped relationship between the capital occupation and the further investigation of the capital occupation in the equity pledge versus cash holdings.The mediating role of level influence.In addition,the above empirical tests are repeated by replacing variables to verify the robustness of the research conclusions of this paper.Chapter 5 examines the impact of differences on the empirical results of this article.According to the nature of property rights,the continuity of the pledge behavior of the controlling shareholder,the type of equity pledge financing business and the level of economic policy uncertainty,the samples are grouped and returned to empirically analyze whether these factors affect the relationship between the controlling shareholder’s equity pledge and corporate cash holdings,and funds The mediation effect of occupancy has an impact and the degree of impact.Finally,the full text of the research conclusions and relevant policy implications are given.The research in this paper theoretically enriches the research content and research results of the influencing factors of corporate cash holding decisions,broadens the research perspective of the impact of controlling shareholders’ equity pledge financing on corporate financial decisions,and reveals that controlling shareholders’ equity pledges in corporate cash holdings The economic consequences of decision-making provide evidence for the controlling shareholder’s violation of the interests of small and medium shareholders.In practice,this article deepens people’s experience and understanding of the economic consequences of equity pledge.In turn,it provides empirical evidence for the regulatory authorities to better identify and supervise the controlling shareholder’s equity pledge.