Research On The Equity Pledge Of Controlling Shareholders Of Listed Companies On Small And Medium-sized Boards, The Degree Of Equity Balance And The Risk Of Stock Price Collapse

With the continuous development and improvement of relevant systems and laws and regulations in China's capital market,equity pledge has become an important financing tool for listed companies,especially for listed companies on SMEs Board,by virtue of its convenience and many other advantages.Thus,equity pledge is favored by the dominant shareholders of the listed companies.While,equity pledge meets the financing needs of dominant shareholders,but also increases the risk of stock price collapse of listed companies in the same time,which has a impact on the stability of China's capital market to certain extent.Under this background,studying the relationship between equity pledge,equity restriction ratio and the risk of stock price collapse is important both theoretically and practically for the financing mode,enterprise development and corporate governance of listed companies on SMEs Board.At the same time,it also has guiding significance to the rational development of equity pledge business and the construction of multi-level capital market in China to some degree.This paper uses the method combining normative analysis and empirical analysis to study the relationship between the dominant shareholders' equity pledge,the equity restriction ratio and the risk of stock price collapse on listed companies on SMEs Board,and further explore the moderating effect of equity balance on the relationship between them.First of all,this paper analyzes the relationship between the dominant shareholders' equity pledge,equity restriction ratio and the risk of stock price collapse based on the principal-agent theory,information asymmetry theory and the private benefits of control theory.Secondly,this paper selects listed companies on SMEs Board from 2013 to 2018 as the research objects and measures the risk of stock price collapse by using two indexes: NCSKEW and DUVOL.After sorting and testing the data,this paper selects the fixed effect model for multiple regression analysis and then empirically tests the conclusions obtained from the normative analysis.The conclusions of this paper are the following:(1)Under the same conditions,there is a significant positive correlation between dominant shareholders' equity pledge and the risk of stock price collapse on the listed companies on SMEs Board.(2)Under the same conditions,there is a significant negative correlation between equity restriction ratio and the risk of stock price collapse on the listed companies on SMEs Board.(3)Under the same condition,the equity restriction ratio of listed companies on SMEs Board plays a negative role in regulating the relationship between the dominant shareholders' equity pledge and the risk of stock price collapse.