Research On The Motive And Economic Effect Of The Stock Pledge Of The Controlling Shareholders Of The ST Yinyi

In recent years,with the rapid development of financial markets,financing methods have also become diversified.With the characteristics of flexible way,low cost and strong liquidity,equity pledge has quickly become a preferred financing method for listed companies in China's capital market.not only solve the capital demand of listed companies,but also enhance the liquidity of funds.However,the problems raised by equity pledge are becoming more and more prominent.The separation of the two rights brought by equity pledge facilitates the interest encroachment of the controlling shareholders,which makes it easy for the large shareholders to take out the empty behavior and has a negative impact on the company.At the same time,in the controlling shareholder's own shareholding proportion is high and the pledge proportion is high Under,the listed company will also face the risk of being closed,to the company brings unpredictable losses.Therefore,it is of great significance to study the motivation and economic consequences of stock pledge of controlling shareholders to put forward the effective governance within the company and the improvement of external market supervision.This paper mainly analyzes the method of case analysis,and starts the research on the motive of the controlling shareholder's equity pledge and the economic consequences to the company.First of all,the domestic and foreign scholars on equity pledge related literature review.Secondly,it introduces the theory of superior order financing,principal-agent theory,information asymmetry theory and signal transmission theory,and analyzes the development course and present situation of equity pledge in China.And then,combining the case of stock pledge of controlling shareholder of Yinyi ST Bank,this paper analyzes the movement of stock pledge of controlling shareholder from two aspects: financing for the major shareholder and facilitating the encroachment of interests Because.At the same time,by reducing the risk of transfer of control,transmitting the signal of capital shortage to the market,deepening the degree of separation of the two rights and other aspects of the impact mechanism of equity pledge on the company.And to the controlling shareholder take the opportunity to carry on the interest encroachment behavior carries on the analysis.Among them,the behavior of interest encroachment from the huge dividends,related party guarantee,non-operating funds occupied these three points.Finally,from the market effect analysis,the financial situation influence analysis,the company value influence analysis and so on three aspects carries on the research to the equity pledge to the company economic consequence.Among them,market effect analysis is divided into short-term market effect analysis and long-term market effect analysis.After research and analysis,this paper draws the following conclusions: first,the controlling shareholder carries on the equity pledge in order to facilitate the implementation of interest encroachment;second,the controlling shareholder's equity pledge will lead to the stock price falling and bring negative market effect;third,the controlling shareholder's equity pledge will deepen the degree of separation of the two rights and reduce the value of the company.According to the research findings,this paper puts forward two aspects of corporate internal governance and market external supervision,hoping to prevent the controlling shareholders from the bad motivation of equity pledge and avoid the risk of negative impact on the company,thus promoting the healthy development of the capital market.