The Motivation,influential Factors And Economic Consequences Of The Equity Pledge Of The Major Shareholder Of Listed Companies

As a relatively new financing mode in the capital market of our country,the service of pledge of stock right in listed companies has played a significant role in serving China's real economy,enriching corporate financing channels and alleviating the financing difficulties of small and medium-size enterprises(SMEs)especially private SMEs.Especially in recent years,with the appearance of“in-field pledge”business,the equity pledge business of listed companies has developed rapidly and reached its peak in early 2018.However,with the great fluctuations in China's macro and market environments in recent years,the risk of the listed company's equity pledge business in the early stage is gradually exposed,and the occurrence of risk events has impacted the stock price of listed companies and the entire capital market.The negative information of the equity pledge business of listed companies has filled entire capital market,people began to reflect on the business itself.This paper uses the equity pledge behavior of LeTV's major shareholder as a research case,comprehensively analyzes the motivation,influential factors and economic consequences of the equity pledge of the major shareholders of listed companies.This paper introduces the relevant situation of LeTV and its development history,as well as the relevant situation of equity pledge business.By collecting the public information of listed companies and extracting data,the motivation of listed companies' equity pledge behavior is analyzed.Combining with the macroeconomic situation,considering the characteristics of listed companies'equity pledge business and the companies',own situation,it analyzes the influential factors of listed companies',major shareholder pledge business.After analyzing the influences of the shareholding pledge of LeTV's major shareholder on company's share price,company value and company financial indicators,the economic consequences of the listed company's equity pledge business are analyzed.Finally,combined with the full text of the research on the motivation,influencing factors and economic consequences of the large shareholder pledge business of listed companies in our country,from the perspective of internal control,external supervision and participation of financial institutions,it gives appropriate advises on promoting the listing of pledge business in China to have a healthy development.