| With the continuous development and improvement of China's financial system,equity pledge has effectively transformed the economic stock into flow by virtue of its advantages in liquidity and ease of operation,which has brought new benefits to the financing of Chinese enterprises,especially listed companies.The way,the corresponding financing behavior is also booming.At the same time,the development of equity pledges has also had some negative effects.In recent years,the stock price of a listed company has fallen below the margin line set by its controlling shareholder's equity pledge,resulting in the transfer of control of the listed company,the controlling shareholder's “cash-out” through the equity pledge,and even the case of the controlling shareholder “short-selling” the listed company after pledge..Along with the sharp decline in China's A-share market in 2018,the issue of equity pledge represented by the equity pledge risk of the owner of the Oriental Garden has triggered widespread market attention and heated discussion,as well as valuation of related companies with large proportion of equity pledge.It has a huge impact.In this context,in order to discuss how to properly regulate the equity pledge behavior and how to correctly understand the equity pledge risk,it is necessary to analyze the impact of equity pledge behavior on the company's value.Based on the analysis of this issue,this paper provides targeted policy advice to the regulatory authorities and provides reliable investment advice with data support to the average investor.In response to this problem,this paper has carried out a comprehensive analysis by means of existing literature combing,theory and mechanism research,and empirical research.Through the combing of the existing literature,it is found that the existing scholars in the relevant research on the controlling shareholder pledge of the controlling shareholder,most of the research ideas along the equity pledge lead to the increase of the cash rights and control rights "the separation of the two powers",thus affecting the value of listed companies The path,and the discussion about the role of equity and governance characteristics in it,is only used as a control variable for the simple comparison analysis,and the distribution in the literature is mostly scattered and sporadic.As the core characteristics of the company's management,the equity characteristics and governance characteristics have far-reaching influence on the decision-making behavior of the company and the controlling shareholder.The comprehensive and in-depth study of this topic has both theoretical and practical significance.Based on this,this paper comprehensively sorts out the relevant literature on the universality of controlling shareholders,the influence of controlling shareholders' equity pledge on company value,and the company's equity characteristics and governance characteristics,and then adopts equity characteristics(including equity nature and equity balance)and governance.Characteristics(mainly refers to the integration of two jobs),taking into account the controlling shareholder's identity and the identity of the operator,the financial behavior of the controlling shareholder's equity pledge financing is included in the research framework,and explored under different equity characteristics and governance characteristics.The difference in the impact of controlling shareholder equity pledge on the value of listed companies.Then based on the understanding of "agent theory","control theory" and "company value evaluation theory",the paper analyzes the mechanism of the company's equity characteristics and governance characteristics in the process of controlling shareholders' equity pledge behavior affecting company value,and puts forward The following research hypotheses:(1)The controlling shareholder's equity pledge behavior will have a negative impact on the value of the listed company;(2)the difference in the nature of the equity will affect the change of the controlling company's share pledge behavior on the listed company's value,under the same pledge conditions,The reduction of the value of private enterprises is more obvious than that of state-owned enterprises;(3)The balance of stocks can effectively alleviate the negative impact of the controlling shareholder's equity pledge on the value of listed companies;(4)Listed companies under the dual-job governance conditions,controlling shareholders The negative impact of equity pledge on company value will be strengthened.Using the data of China's A-share listed companies from 2006 to 2017,the company value is taken as the explanatory variable,and the controlling shareholder's equity pledge(using the pledge willingness and the pledge ratio to characterize separately),the nature of the equity,the equity balance and the two divisions As a kind of explanatory variable,a state introduces multiple control variables such as company size,asset-liability ratio and return on net assets,and uses panel data fixed effect model for empirical analysis.Through empirical analysis,the following conclusions are drawn:(1)The controlling shareholder's equity pledge will have a negative impact on the value of the listed company;(2)Under the same pledge condition,the private enterprise will be more valuable than the state-owned enterprise;3)Equity checks and balances can effectively alleviate the negative impact of the controlling shareholder's equity pledge on the value of listed companies;(4)In the case of listed companies under the dual-job governance,the reverse effect of the controlling shareholder's equity pledge on the company's value will be strengthen.In view of the above conclusions,this paper gives corresponding suggestions and regulatory recommendations:(1)further improve the information disclosure system related to equity pledge;(2)design a system that is beneficial to the pledge of creditor rights,and conduct more effective risk control;(3)Strengthen the restrictions on the shareholding pledge of listed company shareholders;(4)Pay attention to the difficulty of financing private enterprises.Investment advice:(1)Be wary of the controlling shareholder pledge behavior;(2)Differentiate the controlling shareholder's equity nature to make investment decisions;(3)Consider the internal governance structure of the listed company.Through the research in this paper,the role of equity characteristics and governance characteristics in the value of the company's equity pledge affects the company's value is analyzed comprehensively.It supplements the existing theory and provides reference for future related research.It is the regulatory layer and ordinary investors.Practical policy recommendations and investment advice are given. |
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