A Study On Earnings Management Behavior Under Major Shareholder Equity Pledge

Over the years,China has gradually carried out deleveraging in the behavior of market economy.All kinds of financing methods,such as fixed increase,reduction,cash and so on,have been suppressed and restricted to varying degrees and the financing costs have gradually increased.In the context of this increasingly difficult financing,the advantages of equity pledge financing are becoming more and more prominent.Compared with the traditional financing means such as borrowing and debt,equity pledge financing,as a new debt financing method,can obtain cash more quickly.Because it receives less policy supervision and quota conditions,easy approval and processing procedures,and restricted stocks can also be mortgaged,etc Advantages,more and more favored by listed companies,however,more and more small and medium-sized enterprises with a high proportion of controlling shareholders equity pledge,but also for the development of small and medium-sized enterprises and the transfer of control buried security risks.This article mainly takes Shengda Resources Co.,Ltd.as the research object,consults the company report form and the related information,unifies the Shengda resources internal and external environment,including the quantitative vertical contrast own financial situation,combs the external related enterprise,the quantitative analysis its two rights analysis degree,collates the industry condition and the big environment situation related information,for below unifies the grand resources concrete economic transaction analysis its earnings management possibility to do Pave the way,and then through the means of earnings management of Shengda resources quantitative analysis.For the consequences of earnings management behavior under large shareholder equity pledge,one is to use quantitative and comparative analysis to study the impact on the comprehensive financial situation of the company,the other is to use event research to study the impact of earnings management on market value.Involving long-term and short-term market performance.Finally,in the case of Shengda resources,the problems existing in the internal and external environment of enterprise put forward from two aspects to weaken its negative impact.