Research On Controlling Shareholder Pledge Of Stock Rights Based On The Perspective Of Tunneling

With the vigorous development of the global economy and capital market,equity pledge as a new financing method is increasingly favored by major shareholders.The equity pledge refers to the debtor who points out that the pledge is based on the equity owned by the pledge.Pledge,in the process of pledge,shareholders retain control of the equity while realizing the value of the equity,and thus have been welcomed by the majority of shareholders.However,the equity pledge is not flawless,and it has its own unique financial risks.This financial risk will lead to the separation of control rights and cash flow rights.The separation of the two rights constitutes the incentive for short selling,and the equity pledge can The characteristics of quickly realizing the value of equity without losing control are also used by some controlling shareholders who are not well-intentioned to use short-selling motives,which leads to serious economic consequences.As a rare controlling shareholder in the capital market,because the pledge of equity is subject to judicial freezing,the case of transfer of control rights,the various short-selling behaviors represented by the original controlling shareholder of Baoqianli Company during the operation period not only led to the company’s face-to-face The risk of delisting has been warned by the CSRC due to the transfer of illegal interests.The new management has also affirmed the short-selling suspicion of the controlling shareholder after the self-inspection.The controlling shareholder’s equity pledge behavior has a typical short-selling feature.This paper combines the principal-agent theory and signal transmission theory to reveal and explain how to determine the ownership of Baoqianli and the controlling shareholder Zhuang Min and his unanimous actor for the purpose of short-selling equity pledge,and focus on the pledge of equity pledge The important role played by Company in the short-selling chain is based on the analysis of the degree of separation of control rights and cash flow rights before and after the pledge of equity,the total amount of cash that the controlling shareholder obtained by using the equity pledge,and Company.The controlling shareholder’s equity pledge affects the interests of small and medium shareholders and pledgee stakeholders and the company’s performance,and analyzes the consequences of its short-selling behavior,from the financial characteristics of the equity pledge itself,internal corporate governance and information disclosure.The faults and the shortcomings of external supervision,etc.have pointed out the corresponding countermeasures in the cases exposed in this case.