An Analysis Of The Impact Of Meijin Energy's Major Shareholder Equity Pledge On Company Value

With the continuous development and progress of the domestic securities market,more diversified financing channels have gradually appeared in the eyes of the public.The emerging financing method of equity pledge has also appeared in the market and has gradually become popular.Moreover,the pledge method has the characteristics of convenience and efficiency,and quickly occupied a corner of the market,increasing the accommodation of financial institutions.This article takes Meijin Energy Co.,Ltd.(hereinafter referred to as: Meijin Energy)as a case company for analysis because although the pledge of major shareholders' equity in the coal mining and processing industry is not high or common in the entire market,the major shareholders of Meijin Energy have long-term In the situation of high equity pledge ratio,high and frequent pledges,at the same time,the proportion of major shareholders' equity pledges reached the top ten in the industry in 2016-2018;and the actual controller of its major shareholder Meijin Energy Group was listed as The circumstances of the person subject to execution and the behavior of reducing holdings make Meijin Energy Co.,Ltd.more likely to be suspected of the possibility of cashing in the pledge of major shareholders' equity,so I take it as the research object.This article first elaborates related theories,related concepts and evaluation methods,and then analyzes the pledge data of major shareholders of Meijin Energy Company and explores the reasons and risks of the pledge.Next,this article studies the impact of major shareholder equity pledge on Meijin Energy's market appraisal value from both direct and indirect aspects,specifically from the three perspectives of stock price,short-term market reaction and Tobin's Q value,combined with comparative analysis methods,from a vertical perspective The two aspects of horizontal and horizontal clarify the impact of major shareholders' equity pledge on the company's value,and judge whether the impact is positive;at the same time,it also analyzes whether major shareholders use the indirect influence of the degree of separation of the two rights,market value management,and investment structure before and after the equity pledge.The value of the company;finally,some suggestions were made on the current situation and impact of the major shareholder's equity pledge.This paper found that the major shareholder of Meijin Energy's pledged financing behavior made the deviation of the two rights up to 77%.In addition,the major shareholder is not a listed company,and it is impossible to analyze the financial status of the major shareholder,and the use of funds is also unknown.The risk of shareholders other than the major shareholders;and from the analysis,there is indeed the possibility that major shareholders may interfere with the company's operation and management and affect the company's stock price by controlling the time of information disclosure and related party transactions.These actions will all have a negative impact on the company's value;at the same time;From the perspective of the entire operating period,the negative impact of major shareholder equity pledge on the company's value will change with the quality of the company's business strategy.The negative effect will be more obvious when the company's strategy is insufficient in the future development momentum or the transformation results are unclear..Through the analysis of the impact of Meijin Energy's major shareholder equity pledge on the company value,it is hoped that this article can provide a little help and enrich the case data for future analysis of the impact of shareholder equity pledge on the company's value,and at the same time,it can make small and medium shareholders and even more relevant interests.People are more cautious in the face of a high proportion of equity pledges.