| In recent years,my country’s economy has developed rapidly,corporate competition has become increasingly fierce,and financing needs have continued to increase.Equity pledge financing has become very popular.However,since equity pledge is easily affected by fluctuations in the external environment,the risk of equity pledge has become one of the prominent problems of my country’s A-share listed companies,and has even affected the healthy development of the capital market.This paper starts with the typical case of Yan’an Bikang,and on the basis of sorting out the relevant literature,firstly,it expounds the definition of the concept of equity pledge and related basic theories;The process of equity pledge is divided into stages;thirdly,it is clarified that the equity pledge leads to the separation of control rights and cash flow rights,and the degree of separation of control rights and cash flow rights of Yan’an Bikang’s controlling shareholders is calculated;finally,it is analyzed that the equity pledge of controlling shareholders affects listed companies The impact of behavior,using event research method,Tobin’s Q theory and other methods to study the economic consequences of controlling shareholder’s equity pledge.This paper finds that: first,the controlling shareholder’s equity pledge affects corporate behavior,mainly in:(1)inefficient investment;(2)earnings management;(3)capital occupation;(4)misleading disclosure;secondly,the controlling shareholder’s equity Pledge will lead to negative short-term market reaction and affect the long-term business performance of the company,which is manifested in the damage of the company’s financial performance and the decline in market value.Finally,suggestions are put forward to deal with the risk of equity pledge.The analysis and demonstration of this paper provide a typical case for the theoretical study of equity pledge,and provide a certain basis for regulating the behavior of equity pledge of listed companies. |
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