A Research On The Impact Of The Equity Pledge Of The Controlling Shareholder Of The Small And Medium Board On The Risk Of Stock Price Collapse

At present,equity pledge has become one of the popular ways for listed companies in the capital market to conduct financing,and this way is far more than before in terms of the number of times used,the financing scale and the number of stock pledge.But the financing way in popular also show a certain risk,because after the equity pledge does not affect the controlling shareholder voting rights and ownership,the phenomenon of increased two rights separation,exacerbated by the risk that they might crash.In addition to the financing way is mainly dependent on the market value of the shares in the company,will be on the behavior of controlling shareholder after the stable price pressure.This paper analyzes the research on the stock price crash risk after pledge from the perspective of controlling shareholders' overweight,which enriches the relevant research and has certain significance for protecting the interests of small and medium-sized investors in the marketBased on the analysis of the progress of relevant papers at home and abroad,this paper combines normative analysis with empirical analysis to study the impact of equity pledge and stock overweight on the risk of stock price crash.Taking the data of small and medium-sized board companies from 2008 to 2017 as the research sample,after the multicollinearity test verified that there was no multicollinearity between variables,the control variables were added for multiple regression,and the empirical test was conducted to test the impact of the pledge of the controlling shareholder on the stock price crash risk from the perspective of stock overweight.The empirical study shows that: the pledge of the controlling shareholders will increase the risk of stock price crash firstly.Second,in order to stabilize the stock price,the controlling shareholders will tend to pass on information to market investors through the behavior of increasing the company's stock price after the pledge of stock rights.Third,under the pledge of equity,the behavior of controlling shareholders to increase their shares effectively mitigated the risk of stock price crash and prevented the risk of control transfer of controlling shareholders.Based on the above research results,this paper puts forward some Suggestions for market investors to rationally treat the pledge behavior of controlling shareholders and avoid the herd effect.At the same time,it is necessary for regulators to strengthen the disclosure of key information of equity pledge,especially the use of financing,as well as the approval and tracking management of pre-pledge.