Research On The Influence Of Controlling Shareholder's High Proportion Equity Pledge On The Company J's Value

The actual controller of an enterprise often needs a large amount of funds to participate in the operation and expansion of the enterprise out of consideration of its own economic interests and the future development.When the company's own funds cannot meet its various needs,the actual controller needs to find a fast and effective financing method to solve the company's current predicament,so a new type of financing method "equity pledge" came into being.Because of its advantages such as simple procedures,easy operation,and low loan costs,it has quickly become a financing channel preferred by many companies.However,with the development of equity pledges,its disadvantages have gradually emerged.Many problems caused by equity pledge behavior continue to occur,and listed companies may even have a situation of forced liquidation.At the same time,my country's listed companies with equity pledges often have a high degree of equity concentration,so controlling shareholders are likely to affect the economic activities of the entire company when they conduct equity pledges.Therefore,an in-depth study of the risks and countermeasures of the controlling shareholder's equity pledge behavior and the impact of this behavior on the company's value is not only of great significance to the effective governance of the company,but also of certain practical significance to promote the healthy development of my country's capital market.On the basis,this article also combines the case of J company's controlling shareholder's equity pledge,and analyzes the impact of equity pledge on the book value before and after the equity pledge.And through the economic value-added model and Tobin's Q value evaluation method,the company value of J company is evaluated,and the decline of company value after J company's equity pledge is quantitatively analyzed.Finally,this article explains the reasons why the equity pledge has a negative impact on the corporate value of the case company and based on the research conclusions,this article improves the company's internal governance system,perfects the equity pledge information disclosure system,and strengthens the equity pledge behavior of controlling shareholders.The three aspects of the supervision of the company have proposed corresponding countermeasures,hoping to provide some help for enterprises in reducing the risks caused by the pledge of controlling shareholders' equity.