Research On The Relationship Between Equity Pledge Of Listed Companies In The Pharmaceutical Manufacturing Industry And Corporate Performance

In recent years,China's capital market has been developing and improving,and more and more enterprises use equity pledge.As a part of the capital market,pharmaceutical manufacturing industry also has such a phenomenon.According to the statistics of choice financial database,in 2018,the market value of equity pledge of pharmaceutical manufacturing industry ranked the top three in all industries.Therefore,the research on equity pledge of pharmaceutical manufacturing industry is conducive to a deeper understanding of the whole market situation.This paper studies the relationship between controlling shareholder's cumulative equity pledge ratio,large shareholder's shareholding ratio,the nature of property rights and corporate performance,uses multiple linear regression and other methods to analyze 475 groups of effective samples in 2014-2018,and finally draws three conclusions:(1)the higher the cumulative pledge proportion of controlling shareholders' equity,the lower the corporate performance,that is,the proportion of accumulative pledge of controlling shareholder is negatively correlated with enterprise performance.(2)the higher the proportion of major shareholders,the stronger the negative effect of the cumulative pledge proportion of controlling shareholders on corporate performance.Among them,compared with the group with a lower proportion of major shareholders,the group with a higher proportion of major shareholders has a more significant negative impact on the relationship between controlling shareholders' equity pledge and corporate performance.(3)the negative effect of the share pledge ratio of the controlling shareholders of the non-state-owned holding enterprises on the enterprise performance is stronger than that of the state-owned enterprises.