Research On The Influence Mechanism Of Kang Dexin’s Pledge Of Stock Rights On Enterprise Value

Equity pledge has few restrictive conditions,fast access to funds and does not affect the control rights,which has become the preferred financing form for many enterprises.Especially,private enterprises have few financing channels to choose,and the pledge behavior of their controlling shareholders is more common.However,in the process of the rapid development of equity pledge transactions,many problems have emerged.As equity pledge is accompanied by risks,it is especially prominent when the market environment fluctuates or the enterprise is faced with operating difficulties,and it may induce the stock price collapse and the transfer of control rights.However,in view of the instability of capital market,the intensity of deleveraging is also increasing,and the hidden high risks behind the equity pledge are gradually exposed,which cannot be ignored.Equity pledge provides financing convenience for enterprises and relives the financial pressure of enterprises.However,if the proportion of pledge is improper and the proportion of pledge is high all year round,this behavior will not only convey the negative news of poor enterprise management to investors,but also easily induce the transfer of control right.Therefore,the specific effect of equity pledge on enterprise value is worth exploring.This paper arrives at the following conclusions:(1)at the good growth opportunities,the controlling shareholder’s moderate shareholding pledge help to bring the financing facilities,to inspire value creative value management,which can help the listed company’s business expansion,and have a positive impact on the listed company value(2)at poor growth opportunities,the high proportion of equity pledge financing behavior produce stock price crash risk.It has a negative impact on the enterprise value.According to the above research conclusions,the following countermeasures are put forward:(1)at the company level,listed companies should limit the proportion of equity pledged by a single shareholder,establish equity balance mechanism,improve information disclosure system,and improve internal control;(2)at the supervision level,we will focus on supervising enterprises with high proportion of equity pledge,increase the punishment of illegal behavior,and ensure the rational use of funds.