| In recent years,the number and scale of companies with pledge of shares in the domestic market has continued to grow,and promises of shares have also come to the attention of many investors.In order to explore the potential impact of stock promises on listed companies,the attractiveness for the company's controlling shareholders and whether regulatory authorities are strictly supervising or not.This article selects Beijing dry landscape garden as the object of research to discuss the motivation of its pledge behavior and the internal and external influences caused by the company's pledge of shares.In this article,research on the motivation and impact of Beijing dry landscape garden's controlling shareholder capital pledge is based primarily on the company's operating conditions,combined with the industry's history.Research on the risk of transferring control rights,market effects,separation of control rights and cash flow rights,company value and financial analysis.The survey found that: First,the motivations for Beijing dry landscape garden's controlling shareholders' pledge of capital include project financing and interest usurpation;second,the stock market response is contrary to the behavior of the capital pledge.Third,the company's control rights and cash flow rights are gradually separated with the behavior of pledge of shares.Fourth,the company's financial situation is not optimistic after multiple or high share promises by major shareholders.Fifth,the stock promise leads to a decrease in the company's value based on Tobin's Q Ratio.In response to the research results,suggestions are made: the company should strengthen the supervision of the controlling shareholders and restrict its behavior of pledge of shares;regulatory authorities should improve the market information disclosure system;financial institutions must strengthen capital risk management;small and medium shareholders and related investors must improve their risk identification capabilities. |
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