| Since the opening of the equity pledge business to brokerages in 2013,its scale has continued to expand,and the total market value of pledges has risen.For the majority of small and medium-sized enterprises,bank lending procedures are cumbersome and costly,so lowthreshold,high-efficiency equity pledge financing methods have naturally become popular.However,as the proportion of pledges of major shareholders continues to rise,the possibility of stock pledges is getting higher and higher.If the position is burst,the majority of small and medium shareholders will suffer infringement of interests.In the literature,the research on equity pledge is mostly devoted to the economic consequences of the shareholding pledge behavior of the major shareholders,especially the controlling shareholder,including the impact on the company’s value and financial status,and there are few case articles.From the perspective of the ultimate controller,the impact of the equity pledge behavior is analyzed.At the same time,in the case of the ultimate control of human beings,is the equity pledge behavior more likely to be mixed with the motive of interest encroachment? Based on this,this paper innovatively analyzes the situation of the ultimate control right and the ultimate cash flow right caused by the direct and indirect equity pledge behavior from the perspective of the ultimate controller behind the controlling shareholder,and explores the motive behind it and The economic consequences for the company.This paper adopts the case analysis method,taking Jinyi culture as an example to explore the motives of the ultimate control of the pledge behavior of Zhonglian’s equity,and analyzes the economic consequences from the short-term market reaction,the company’s relevant ability indicators and the impact on the company’s value.,Concluded as follow:First,serious cash flow problems drive continued equity pledges.In the context of the ongoing high-value mergers and acquisitions and the rising accounts receivable,the company’s growing cash flow problems have promoted continued equity pledges.Second,the deepening of the separation of the two powers strengthens the motive for profit encroachment.In the process of increasing the proportion of equity pledges,the degree of separation of the two powers will gradually deepen,which will continuously strengthen the motives of the ultimate controller’s interest encroachment,and transfer the assets of listed companies through related transactions and non-compliance guarantees,thereby damaging the listed companies and minority shareholders.interest.Third,equity pledge behavior affects financial conditions and damages corporate value.Finally,the paper draws relevant inspiration from both internal governance and external supervision. |
