| In the current capital market,equity pledge has become a popular financing method in the market due to its unique advantages in efficiency,cost,control rights and operating procedures.This financing method converts static equity into working capital without affecting the stability of shareholder control.The scale of equity pledge continues to expand by virtue of its characteristics.By December 31,2021,the controlling shareholders of 2,517 of 4,640 listed companies in the A-share market have implemented equity pledge,accounting for up to 54.25%,and the total market value of equity pledge has reached 4.18 trillion yuan.In recent years,large scale and high proportion of equity pledge are due to expire,and the phenomenon of "strong leveling" frequently occurs in enterprises,and the problem of hiding unique advantages is gradually revealed.Equity pledge is not only the financing behavior of individual shareholders,but also the influence of equity pledge on the financial effect of listed companies is a problem worthy of further study and needs our long-term attention.After browsing related news,meijin Energy,which ranks top on the equity pledge list all the year round,is selected as the case study object.’s meijin energy big shareholder’s meijin energy group since 2015 frequently used equity pledge,a pledge number,frequency and scale of rising year by year,the highest loan-to-value ratio of 99.97%,is nearly all shares held by the quality,and beautiful brocade energy after a series of financial conditions in the big shareholders equity pledge is gradually deteriorating,the case has certain representativeness and typicality.To study the influence of major shareholder’s equity pledge on the financial effect of listed companies is helpful to have a deeper understanding of the major shareholder’s equity pledge behavior,and has certain practical significance.In the research process,firstly,it introduces the development history,ownership structure and the pledge of major shareholders’ equity of Meijin energy,and reasonably infers the purpose of the pledge of major shareholders’ equity based on the company’s external environment and operating conditions at that time,mainly to support business development and repay debts.Secondly,according to the actual operation of Meijin energy,combined with signal transmission theory,information asymmetry theory and control right theory,this paper explores the specific impact of major shareholders’ equity pledge on Meijin energy from three aspects: information disclosure,investment behavior and financing behavior.Under the influence of the pledge of major shareholders’ equity,Meijin energy has the problems of non-standard information disclosure,radical investment strategy,improper investment management,unreasonable financing structure and increased financing difficulty.Then we use the event study method to judge the short-term market effect and select specific financial indicators to analyze the long-term financial effect from multiple angles,and use the entropy method to evaluate the overall financial effect of the company.According to the evaluation results of financial effects,after the pledge of major shareholders’ equity,the short-term market value of Meijin energy decreased,the profitability was insufficient,the operating performance declined,the debt risk increased and the quality of cash flow decreased.According to the above analysis,relevant research conclusions are drawn.The pledge of major shareholders’ equity has an impact on the information disclosure,investment behavior and financing behavior of Meijin energy,which will cause changes in the financial effect.Finally,it puts forward reasonable suggestions from the company level and the external regulatory level to strengthen information disclosure management,set up a scientific investment decision-making mechanism,promote the diversification of financing channels and improve the regulatory system,in order to improve the negative impact caused by equity pledge. |
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