Research On The Impact Of Pledge Of Shareholders' Equity Rights On The Corporate Behavior Of Listed Companies

As a product of the continuous development of capital market,equity pledge is increasingly used by listed companies as a new financing method in practice.Especially in recent years,the majority shareholders of listed companies pledge their shareholdings to obtain financing has been more and more popular.As one of the important participants in capital market and market economy operation,listed companies have made important contributions to the development of our country's economy.Compared with the ownership structure of state-owned listed companies,the ownership structure of private listed companies is more centralized,and the rights of major shareholders are less restricted by checks and balances.As a result,the financing rate of equity pledge of some private listed companies is higher,which contains greater risks,hidden danger.Especially under the policy background of "deleveraging" of enterprises,the phenomenon of high financing leverage of private listed companies will be limited to a certain extent,and the risk situation of equity pledge financing will be further highlighted.In view of the risks and losses that equity pledge may cause to investors,the Shanghai Stock Exchange and China Securities Registration and Settlement Co.,Ltd.revised the Measures for Stock Pledge Repurchase Trading and Registration and Settlement Business(Trial Implementation) in terms of centralization management,integration threshold,financing scale and pledge rate management in 2018 with the approval of CSRC.It is more in line with the actual development of the capital market.According to the statistics of Wind database,by the end of 2017,there were 3432 listed companies in A-share market participating in equity pledge,accounting for 96% of the total.That is to say,almost all A-share listed companies have the situation of equity pledge,in which the proportion of major shareholders'equity pledge reached 100%.The phenomenon of major shareholders'equity pledge has become a common phenomenon.Based on the above background,the research questions proposed in this paper are:What is the impact of the pledge of the majority shareholders'equity on the corporate behavior of listed companies?The reason why the case study object of this paper chooses Guanfu shares is that the pledge of Guanfu shares is more frequent.The pledge ratio of Lin's father's and son's equity is as high as 99.98%,nearly 100%.The control right of the company faces the risk of transfer.Therefore,this paper chooses this typical case as the shadow of the behavior of listed companies before and after the pledge of large shareholders'equity.Sound the object of study.Based on the above research backg:round and case selection,the main research content of this paper is:What is the impact of the pledge of the majority shareholder's equity of Guanfu shares on the behavior of listed companies?It is analyzed from three aspects:what is the basic situation of the company before the pledge of Guanfu shares(including business sector,shareholders,financial situation)?What is the impact of equity pledge on corporate behavior(earnings management,investment,financing,distribution,governance and evaluation,internal control)?Suggestions on preventing the risk of equity pledge.The main conclusions of this paper are as follows:equity pledge has different effects on earnings management mode,financing mode,financing scale,investment object,investment purpose,distribution mode and distribution ratio of listed companies.The innovation of this paper is that more studies on equity pledge focus on the impact on corporate performance,corporate value and agency issues caused by equity pledge,but there are few studies on the overall impact of equity pledge on corporate behavior before and after the emergence of equity pledge.This article will combine the new policy and regulations on equity pledge under the new environment,from the company level and market supervision two aspects on how to prevent major shareholders through the risk of equity pledge behavior management and suggestions.The significance of this study is to point out the process and risk of controlling right transfer caused by equity pledge and suggest management by analyzing all-round analysis of listed companies'behavior before and after the emergence of equity pledge.