| The world today is facing profound changes unseen in a century.International trade frictions have intensified.The COVID-19 pandemic has hit the world.The uncertainty and risks of countries in the future continue to increase.Facing such a severe external environment,stable growth has become the primary goal of my country's economic development,and the stability of economic growth cannot be separated from the contributions of microeconomic entities such as enterprises.From the current point of view,most enterprises in my country are facing certain financing constraints due to their single financing method and insufficient credit.The situation of "financing difficult and expensive" has not been fundamentally improved.As a new financing method,equity pledge relieves the financing constraints of enterprises to a certain extent and ensures the stable growth of enterprises.However,due to the special status of the controlling shareholder in the enterprise's equity structure,the pledge of the controlling shareholder's equity may not all promote the growth of the enterprise.On the contrary,the pledge of the controlling shareholder's equity may bring negative effects to the enterprise.When the controlling shareholder's equity is pledged,when faced with the separation of control control and cash flow rights,it may encroach on the interests of small and medium-sized shareholders,occupy the relevant resources of the enterprise,interfere with the daily production and operation activities of the enterprise,and the series of behaviors of the controlling shareholder reduce the growth of the enterprise.Therefore,it is necessary to study the behavior of controlling shareholders' equity pledge and analyze its specific impact on the growth of enterprises,which can not only help enterprises achieve sustainable growth,but also promote the stability of my country's economy.This paper sorts out the relevant literature on equity pledge and enterprise growth,defines the concepts of enterprise growth and equity pledge,and discusses the influence of controlling shareholder's equity pledge on enterprise growth based on theories of information asymmetry,technological innovation,and enterprise growth.Further,through actual analysis,select relevant indicators that can reflect the growth of the enterprise,compare the changes in the indicators of enterprise growth before and after the equity pledge event,and analyze the effect of the equity pledge of the controlling shareholder of Meijin Energy on the growth of the enterprise.On the whole,the equity pledge of the controlling shareholder of Meijin Energy has played a role in promoting the growth of the company.The specific performance is as follows:(1)After the equity pledge of the controlling shareholder,the funds are applied to the company's own production and operation,which reduces the liquidity of the company and promotes business growth;(2)After the controlling shareholder's equity pledge,the financial situation of the enterprise has been improved to a certain extent,which further enhances the growth of the enterprise;(3)The equity pledge of the controlling shareholder increases the investment and innovation of the enterprise,improves the competitiveness of the enterprise,and promotes the growth and development of the enterprise.Based on the conclusions of this paper,the following inspirations are put forward from the enterprise level and the regulatory level:(1)the controlling shareholder should make reasonable use of equity pledge to ensure the liquidity of the enterprise;(2)the controlling shareholder should improve the utilization efficiency of the funds obtained from the equity pledge to promote the growth of the enterprise;(3)Give play to the role of small and medium shareholders as a check and balance,and restrain the hollowing behavior of controlling shareholders;(4)Optimize the market environment and provide convenience for the equity pledge of controlling shareholders;(5)Specify the use of funds for equity pledge and strengthen external supervision. |
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