Research On The Relationship Between The Equity Pledge Of Controlling Shareholders And The Quality Of Accounting Information Disclosure

Equity pledge financing has developed rapidly in the past decade.In 2008,the real operability of equity pledge was realized.In 2018,the number of A-share listed companies with equity pledge reached 1948,with a total of 15482 transactions and a total of 234.961 billion pledges.However,the ensuing risk of equity pledge has also begun to emerge.In the second half of 2018,the pledge of the stock price fell to the liquidation line prompts frequently,the pledgee's announcement of the sale of pledge shares and passive reduction of equity holdings is also endless.Then there was concern that the stock price caused by the pledge of stock pledges continued to fall,and even caused the stock price to collapse,a new round of bailouts followed.Investors face the high risk of equity pledge,and the pledge company must have a high quality of accounting information disclosure to ensure the correctness of investors' relevant decisions.Based on this background,this paper studies the impact of controlling shareholder pledge on the quality of accounting information disclosure.On the one hand,it is useful to expand and promote the research of equity pledge and quality of accounting information disclosure in China.On the other hand,it can be used for strengthening the supervision of equity pledge,reducing the self-interest of control,protecting the interests of investors,improving the accounting information disclosure system,and improving the transparency of accounting information.This paper combines normative analysis and archival data method on the basis of empirical analysis.Based on the previous research results and theories,this paper analyzes the relationship between the controlling shareholder's equity pledge and the quality of accounting information disclosure,as well as explored the company's shareholding structure,pledged stocks hit the liquidation line,the nature of the company's property rights have an impact on its relationship,and proposes corresponding research hypotheses;Then select all the listed companies of Shenzhen Stock Exchange A-shares from 2010 to 2017 as research samples,and empirically test the relationship between the two,Exploring the influence of ownership structure on its relationship from the perspective of checks and balances and cooperation.In addition,it explores the change of its relationship in whether the pledged equity touches the liquidation line and different property rights,and finally the instrumental variable method and the fixed effect model are used to test the robustness of the results.The study found that the negative impact of controlling shareholders' equity pledge affects the quality of accounting information disclosure;the balances of equity checks have no inhibitory effect on this relationship,even have a significant positive adjustment effect on the relationship;the major shareholder cooperation promotes this relationship;the pledged equity suspected to touch the liquidation line will not promote its relationship;the negative correlation between the two is stronger in non-state-owned listed companies.