Study On The Influence Of The Equity Pledge Of The Large Shareholders Of The Private Enterprises On The Value Of The Enterprise

Since 1995 the equity pledge system in China since its establishment,more and more companies adopt this method of financing to meet its business development needs,this system prevailed brought a lot of influence to the enterprise and the pledgee,so it is particularly important.A series of studies on the effects of scholars from different angles,the major shareholder equity pledge financing behavior of the enterprise value,domestic and foreign scholars on the above research probably divided into two types,one is standing on the perspective of principal-agent theory analysis,believe that the equity shareholders behavior and quality will increase two of its own right the degree of separation and may generate financial risk and control transfer risk,this will lead to major shareholders and other shareholders of the conflict,the company value is reduced;the other is from the big shareholders through own behavior to influence business decisions,thereby affecting the value of the enterprise point of view,that the first shareholder equity pledge behavior will make its own face control transfer the risk to shareholders more serious business,and improve enterprise value.Based on the above two points of view,this paper conducts a regression analysis of 2011-2016 years' stock pledge data of private listed companies,in order to verify whether the behavior of large shareholders' equity pledge will increase the value of enterprises or decrease the value of enterprises.This paper is divided into six parts.The first part is the introduction.It mainly expounds the background and significance of the research,methods and contents,ideas and structure,and also puts forward the innovation of the article.The second part is the theoretical basis and literature review.Mainly defines the related concepts,introduces the modern stewardship theory,principal-agent theory,equity balance degree theory at home and abroad on the equity pledge,enterprise value,equity balance degree of related literature review;the third part is the theoretical analysis and research hypothesis,mainly for private enterprises the largest shareholder equity pledge and enterprise value the relationship between equity balance and regulating effect on the relationship between the main variables between the theoretical analysis,and puts forward the corresponding hypothesis;the fourth part is the research design,mainly introduces the sample selection and data sources,and defines the methods to measure the relevant variables and the corresponding model design,this paper selects the equity pledge ratio as the independent variable of the study,Tobin Q as the dependent variable,and select the equity balance degree as research variables;the fifth part is real Results of the analysis,Using Stata regression analysis,the study found that;(1)Private enterprises the largest shareholder equity pledge behavior will have a negative impact on the enterprise value;(2)At the same time,the introduction of equity balance degree of the variables,the study found that the degree of equity balances is an important negative variable of private enterprise shareholder equity pledge to influence enterprise the value of the.The sixth part is the research conclusions and recommendations,mainly for the above empirical results,so as to get the research conclusions and give relevant suggestions.Meanwhile,it puts forward the shortcomings of the article and future research directions.