The Impact Of Stock Pledge Of Controlling Shareholder On The Value Of Listed Company

Equity pledge has become one of the mainstream financing methods in recent years.Among them,the controlling shareholder's pledge of equity for financing accounts for a large proportion.A series of issues related to equity pledge caused by it have also attracted more and more attention from various circles.In practice,on the one hand,equity pledge can ease shareholders' financial constraints and broaden their financing channels;on the other hand,due to the pressure of stock prices,pledged shareholders will strive to maintain stock price stability.Therefore,equity pledges have a certain incentive effect on pledged shareholders and are beneficial to the company future development.From a market perspective,the pledge of equity by the controlling shareholder is seen as releasing negative information such as tight funding and poor financial conditions,and the market response is more negative.In recent years,due to stock market fluctuations,many pledged companies have reached the liquidation warning line.Some companies have self-rescue through supplementary pledges,and many companies have been forced to liquidate because they cannot continue to supplement pledges,which has caused company value.negative effect.Among them,the controlling shareholder has a deeper impact on the company.A high ratio and high frequency of pledge of equity will increase its motivation for hollowing out,aggravate the risk of the company's operations,and the deterioration of agency problems will damage the company's value,which is not conducive to the company's long-term development of.As a representative company in the liquor industry in the A-share market,Qinghai Huzhu Barley Wine is a research object because its controlling shareholder's pledge ratio is much higher than the industry average and the financing method is relatively simple.First of all,sort out the process of the pledge of the controlling shareholders of Qinghai Huzhu Barley Wine,and then analyze the reasons for the high frequency and high ratio of pledges of the controlling shareholders to cause damage to the company's value.This article uses a case study method to take a single case The specific performance and underlying reasons that affect the value of thecompany are discussed.The research in this paper finds that: a high proportion of equity pledge by the controlling shareholder will lead to the continuous separation of the two rights,and pledged shareholders will tend to high-risk investments,increasing the company's operating risk;In order to reduce the risk of control transfer after the pledge,the controlling shareholders strive to maintain the company's stock price,mainly through earnings manipulation and the release of favorable news as much as possible.Radical operating strategies and financial policies are not conducive to the long-term development of the company,and are detrimental.Company value.The company's stock price is an intuitive indicator of the company's value.Equity pledges have a negative impact on the company's stock price fluctuations;equity pledges may also tend to blind the controlling shareholders to invest,deteriorating the operating environment and other ways to further damage the company's value.Through the analysis of the reasons for the pledge of the equity of the controlling shareholders of Qinghai Huzhu Barley Wine and the gradual analysis of the subsequent process,it is possible to make small suggestions and provide some suggestions for equity pledged enterprises based on the problems existing in Qinghai Huzhu Barley Wine: To prevent the situation of "single dominance",The company should reasonably allocate the equity ratio,balance the rights between shareholders to improve governance efficiency,and strengthen supervision of major shareholders;at the same time,because the controlling shareholder does not disclose the subsequent use of the funds pledged by equity pledges,it should strengthen the control of pledge risks,To improve the transparency of equity pledge information disclosure,so as to reduce the controlling shareholder 's motives to hollow out and prevent the value of the company from being damaged;in addition,supervision of the use of pledged funds and the company 's operations of pledged companies shall be strengthened to prevent pledges during forced liquidation Because the value of the company is too low and the interests are damaged,the illegal cost of equity pledge is increased,and the pledgee's awareness of vigilance is increased.On the other hand,investors should also improve their ability to predict risks.Investors should avoid companies with lowinformation transparency and high risks when selecting stocks.At the same time,small and medium shareholders should also actively fulfill their own rights and obligations as shareholders.Supervision of company operations and behaviors of major shareholders to improve risk management and control capabilities.