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Corporate Governance, Large Stockholder Equity Pledge And Capital Occupying

Posted on:2017-09-10Degree:MasterType:Thesis
Country:ChinaCandidate:J Y TangFull Text:PDF
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Current macroeconomic downside, financing, financing more expensive, in this context equity pledge financing is a major shareholder of listed companies in recent years, more commonly used means of financing. According to statistics, in the A-share market, there are major shareholders of listed companies pledge 40% equity of the Company. From the surface, though, equity financing pledge their financial policy is the major shareholder, but also a major shareholder identity is very important controlling shareholders of listed companies. Since the 1970 s, the modern company ownership structure exhibits central tendency, the main issues of corporate governance from dispersed ownership under the shareholders and the management of the agency problem into focus under the equity shareholders and minority shareholders of the agency problem, a major shareholder in the company governance serves as a very important role. Although the concentration of ownership to some extent, can promote effective management of the company, strengthen the supervision of the management of the shareholders, but there is a significant drawbacks, the major shareholder self-interested motive and opportunism, have the ability, to interfere with their business decisions and major issues, seek their own private benefits of control. Therefore, the study of shareholder equity pledge financing of the financial impact of the policy of listed companies has important theoretical and practical significance.In this paper, 2010--2014 years, China's Shanghai and Shenzhen A-share listed companies in the main board initial study sample, based on the holding position in which the major shareholders, major shareholders equity pledge binding characteristics, institutional context and risk responses, study major shareholder equity pledge behavior affect its occupation of funds of listed companies. Further retrospective treatment effect of corporate governance, corporate governance and equity pledge to join cross-multiply items, examine corporate governance in major shareholders pledge the same whether the governance role of equity special state.The main conclusions of this study include:(1) the occurrence of major shareholders of listed companies pledge equity, its major shareholder funds occupancy levels more severe; and the ratio of capital occupancy levels of shareholder equity pledge was a significant positive correlation.(2) the major shareholder equity pledge to change its own state and the internal and external constraints faced by the various governance mechanisms exist at this time is a systematic difference in the effectiveness of inhibitory shareholder tunneling behavior; internal corporate governance mechanisms are vulnerable a direct impact on major shareholders, funds used inconsistent behavior effect in inhibiting the major shareholder equity pledge under the equity balance behavior can be effectively suppressed capital occupied the major shareholder equity pledge, but two independent directors and one level can not be effective to inhibit the major shareholder equity pledge behavior of funds used;(3) the external governance environment has good exogenous, can effectively mitigate the impact of the major shareholder equity pledge their capital occupation.
Keywords/Search Tags:share pledge, capital occupying, internal governance mechanism, external governance environment
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