Research On The Influence Of Controlling Shareholders' Equity Pledge On The Risk-Taking

Today,China's macro economy is in an important period of transition from the stage of rapid growth to the stage of high-quality development.There is great downward pressure on the economy,and the problems of difficult and expensive financing for enterprises persist.Such problems are particularly prominent among private enterprises.In this context,with the development of the capital market,equity pledge business has been increasing,and equity pledge has become a common financing method for listed companies in China,especially those listed companies with large amount of capital and slow turnover due to its advantages of simple procedures and strong liquidity."One share monopoly" is the normal state of listed companies in China,and controlling shareholders are in a special position in the governance and decision-making of listed companies.Pledge of shares encourages controlling shareholders' self-interested behavior,which will have an impact on listed companies.On the basis of theoretical analysis,this paper studies the influence mechanism of the pledge of controlling shareholders' equity on the risk-taking of listed companies from the perspective of the second kind of agency cost.Specifically,the second kind of agency cost plays an intermediary role in the process of controlling shareholder equity pledge affecting the risk taking of listed companies,and the nature of equity plays a regulating role in this process.In terms of empirical study,this paper takes non-financial a-share listed companies in Shanghai and Shenzhen from 2008 to 2017 as the research object,and gets 16,535 research samples through data selection and processing.Based on several hypotheses proposed by theoretical analysis,A mediation effect model is constructed.Regression results show that the second category of agency costs as the intermediary variables play a role of partial mediation,embodied in the cover effect,the controlling shareholder through "equity pledge,raise the level of the second type of agency costs,risk bearing" the transmission mechanism,reduce the risk level of listed companies,and the second kind of agency costs increase the positive regulation of listed companies risk bearing,the cover part of the decrease in the level of risk exposures;In the model to join equity pledge and equity of the nature of a item,further studies have found that equity property has a regulation,compared to the non-state-owned enterprises,state-owned enterprises controlling shareholders equity pledge of listed companies are more significant negative effects,and by building a mediation effect model,the regulation of found adjustment effect in part through the intervening variable the second type of agency cost function,nature and the second category of equity agency cost overall performance is in the form of mediation.To sum up,based on the realistic background,much attention has been paid to equity pledge business to explore from the perspective of the second type of agency cost controlling shareholders equity pledge the impact on the risk of listed companies,enrich the economic consequences of equity pledge,the controlling shareholder equity pledge on path that affect the risk of listed companies,to control the risks of equity pledge,provides a new train of thought to protect the interests of the minority shareholders.