| In recent years,major shareholders of listed companies have generally chosen to use equity for pledge financing,and the pledged equity eventually "exploded" from time to time.Although equity pledge can provide a large-scale financing method for large shareholders,after the equity pledge,listed companies can’t help facing the situation where the separation of the two shareholders’ rights is becoming more serious.Many literature studies have shown that after major shareholders pledge equity,the behavior of encroachment on listed companies and small and medium shareholders will be more serious,but the means of encroachment on their interests are becoming more and more hidden.This article will take LeTV as the research object to conduct an in-depth study of its behavior of encroachment of interests,revealing the specific path of the encroachment of interests of major shareholders and the series of impacts of encroachment on the company.This article first introduces the relevant concepts,characteristics and system requirements of equity pledge,introduces the history of LeTV,the financial situation,the shareholding structure,the major shareholder Jia Yueting and concerted parties,and then the equity of major shareholders such as Jia Yueting The pledge process is combed as a whole,and then an early warning model of the major shareholder’s equity pledge of interest appropriation is selected to preliminarily judge the possibility of the major shareholder’s equity pledge for the appropriation of interest.On this basis,using the company’s pledges,announcements of reductions in shares and annual reports from 2010 to 2017 to analyze the path for major shareholders such as Jia Yueting to use equity pledges to encroach on their interests:First,major shareholders such as Jia Yueting have obtained a large amount of funds,using "LeEco Ecology" as a gimmick,through cross-holding,multi-layer holding,etc.,to build a multitude of related networks with you and me in your complex equity structure;then,by reducing the income of related companies,using The profit and loss of the minority shareholders of affiliated companies and other methods transmit benefits to the listed LeTV network,beautifying their performance,and then increasing the stock market value.Next,at a stage of higher market value,the use of equity pledges and reductions to lift the banned restricted shares is used to flee funds;subsequently,in order to maintain stock price stability,stabilize creditors and small and medium shareholders,continue to use promised borrowings,causing the illusion of reduced holdings of funds flowing to LeTV,and changing sales models,connected transactions,etc.,continue to whitewash performance until the market value declines,at this time Jia Yueting and other large shareholders have gone smoothly get out.Finally,through the analysis and inspection of changes in financial performance and financial risks after the major shareholders such as Jia Yueting withdrew from LeTV,it was found that it is precisely the above-mentioned series of behaviors of Jia Yueting and other major shareholders that caused LeTV’s performance to decline,and the risk of creditors recovering principal and interest on time increased.The value is damaged,and the interests of small and medium shareholders are damaged.In short,through analysis,the major shareholders of LeTV,such as Jia Yueting,use the equity to pledge the interests of the encroachment:①Complex equity and a large network of affiliated companies are the basis for their encroachment of interests.② Whitewashing performance is a prerequisite for high market value.③Doing high market value is also a condition for using equity pledge.④ Repeated pledge of equity is the ultimate means of evading funds for profit.According to the conclusions of the study,this article puts forward proposals to regulate the management of equity pledge by large shareholders,strengthen investigations of related parties,and strengthen the participation of small and medium shareholders and creditors in the company’s decision-making mechanism to curb the interests of large shareholders. |
