Research On The Motivation And Economic Consequences Of Jinyi Culture’s Controlling Shareholder’s Equity Pledge

In recent years,in order to obtain the capital needed by themselves or the enterprise,the controlling shareholders have scrambled to join the equity pledge army,and the pledge ratio has been rising,so that the situation that the old and new mortgages continue to be lifted after the high ratio pledge has occurred.The main factors are : on the one hand,the method is simple and the controlling shareholder can maintain control of the enterprise;on the other hand,the capital obtained by pledge is not strictly regulated.Therefore,through in-depth analysis of the motivation of the controlling shareholder ’s equity pledge and its negative impact,to explore effective measures,not only can help companies,pledge parties and other stakeholders more rational understanding of equity pledge activities,so as to better use these methods;at the same time,it also provides valuable reference for the regulatory authorities,thus contributing to the sustainable and healthy development of the company and the good operation of the market economy.This paper chooses the equity pledge behavior of the controlling shareholder of Ji nyi Culture as the research object.The content can be divided into three parts : The firs t part first explains the background and significance of the case topic,and reads and co mbs the literature on the equity pledge of the controlling shareholder at home and abro ad.On this basis,the research content and research methods of this paper are obtained.Secondly,it expounds the related concepts of controlling shareholders,equity pledge,p rincipalagent theory and signal transmission theory,and explains the theoretical analysi s framework of this paper.The second part is the introduction of Jinyi Culture Compan y and the analysis of pledge motivation.Firstly,the company profile and ownership str ucture of Jinyi Culture are briefly introduced.On this basis,the equity pledge of Jinyi Culture controlling shareholders is sorted out.Secondly,according to the financial beh avior of the controlling shareholder,the motivation of equity pledge is speculated,incl uding financing demand,interest encroachment and illegal guarantee.The third part an alyzes the path and economic consequences of the economic consequences of the equit y pledge of the controlling shareholder of Jinyi Culture.Firstly,it points out the two pa ths of economic consequences,namely,the unreasonable expansion speed and the deep ening of the separation of the two rights.Then through Z score calculation,event resea rch method,Tobin Q value method and financial index method,the negative economic consequences of equity pledge to Jinyi culture are obtained,which are manifested in th e weakening of risk control ability,the downturn of shortterm market response,the dec rease of enterprise value and the deterioration of business performance.The negative ec onomic consequences of Jinyi Culture are given from the aspects of strengthening inter nal governance and external supervision.After a comprehensive review of this paper,the following conclusions are drawn :Jinyi Culture ’s serious cash flow problems continue to promote the equity pled ge behavior,the deepening of the separation of the two rights makes the motivation of i nterest encroachment more intense,and the equity pledge behavior reduces the financi al performance of the enterprise and damages the value of the enterprise..