Research On The Impact Of Large Shareholder Equity Pledge On The High Send And Transfer Of Listed Companies

In recent years,with the rapid development of China's securities market,the number of companies entering the market has gradually increased,and the phenomenon of high delivery has become more common.The high transfer behavior of listed companies in China is similar to the foreign stock split.Both of them split each stock into several shares.After splitting,the number of stocks increases and the stock price decreases,but it does not affect the ownership of each shareholder.The share of shares will not affect the operating ability,financial status and development prospects of listed companies.Different from foreign countries,the domestic phenomenon of high transfer is obviously more concerned.Both listed companies and investors regard high transfer as a signal of rising stock prices,and the phenomenon of high speculation in the market is also growing.At the same time,with the development of the securities market,the scale of equity pledge in China is getting bigger and bigger,the risk of pledge is increasing day by day,and the pledge of pledge is also happening.Therefore,the issue of equity pledge is more and more affected by market investors,financial companies and government regulators,attention.As of June 2018,2,488 listed companies in A shares had equity pledges,and the market value of accumulated equity pledge reached 5.7 trillion yuan,of which 552.8 billion yuan hit the liquidation line,and 418.9 billion yuan touched the warning line.The equity pledge has exceeded 900 billion yuan.After the large shareholder equity pledge financing,it will pay more attention to the stock market value change,which may affect its ownership.When the stock price is in a downward trend,the shareholders of the listed company are faced with the risk of additional mortgage equity,margin or forced liquidation,which leads to the transfer of controlling rights.At this time,the major shareholders will take measures to protect the stock price and themselves by virtue of their own influence on the company's major decisions.Benefits,while high delivery has the effect of lowering the stock price at a lower cost,so the majority shareholder has the motivation to promote the company to implement high delivery.From the perspective of the equity pledge of major shareholders and the high transfer behavior of listed companies,this paper selects A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 as research samples,and uses logit regression model and multiple linear regression models to explore the equity pledge of major shareholders.The influence of the high transfer and transfer degree of listed companies,and further analysis of the four indicators that may affect the relationship,such as the stock price,the proportion of independent directors,the shareholding ratio of institutional investors and the nature of equity.The results of this paper find that the listed company's major shareholder pledge is significantly positively correlated with the high transfer behavior,that is,listed companies with large shareholder equity pledges are more inclined to launch high transfer.At the same time,the higher the proportion of large shareholders with a higher pledge,the greater the proportion of transfer.and transfer;the greater the number of large shareholders with equity pledge,the greater the proportion of listed companies.The study of other influencing factors of this relationship found that the high stock price will significantly increase the tendency of listed companies with large shareholder pledges to achieve high transfer.The proportion of independent directors on the board of directors can significantly inhibit the impact of large shareholders' equity pledge on high transfer.The impact of institutional investor shareholdings on this relationship is not significant.Compared with state-owned listed companies,the equity pledge of large shareholder of private listed companies has a more significant positive impact on the implementation of high transfer.The possible innovations of this paper are as follows:First,the current research on equity pledge and high transfer is mainly focused on the relationship between equity pledge and high transfer,but there is no further analysis of other influencing factors of this relationship.The four indicators of stock price,independent director ratio,institutional investor shareholding ratio and company equity nature have studied the impact of equity pledge and high transfer relationship.Second,the existing literature mainly focuses on the impact of controlling shareholders' equity pledge on dividend policy.This paper further studies the impact of the equity pledge of the majority shareholder holding more than 5%on the high transfer,and selects the two major indicators of the major shareholder pledge ratio and the number of pledges to analyze the impact on the transfer ratio.