Research On The Impact Of Major Shareholder' Equity Pledge And Equity Structure Of Real Estate Listed Companies On Corporate Value

The real estate industry occupies a relatively high proportion in the industry that pledges equity in the A-share market,and the real estate industry is a typical capital-intensive industry.The tightening of financing channels has increased the dependence of listed real estate companies on equity pledge financing.Equity pledge financing has the advantages of convenience,speed,and low cost.In recent years,it has become a popular financing method for large shareholders of real estate listed companies.The majority shareholder occupies a special position in the company,and its equity pledge involves the company's control.Different shareholding structures have different binding powers on large shareholders,so that they can adjust the impact of large shareholder equity pledges on corporate value to varying degrees.Therefore,it is of theoretical and practical significance to study the impact of real estate industry shareholder equity pledge on corporate value and the adjustment effect of equity structure on the relationship between the two.Based on the principal-agent theory,information asymmetry theory and control theory,this paper studies the impact of equity pledge on corporate value and the regulatory effect of equity structure on the relationship between them.41 A-share real estate listed companies in Shanghai and Shenzhen were selected as research samples to collect data from 2013 to 2018.Tobin Q-value was selected as the index to measure the enterprise value of the explained variable,equity pledge rate as the explanatory variable,property right nature,equity concentration and equity balance as the regulating variable,and stata14.0 was used to analyze the impact of large shareholder equity pledge on enterprise value As well as the regulatory effect of ownership structure on the relationship between the two.The results show that:there is a significant negative correlation between the degree of major shareholders' equity pledge and the enterprise value;compared with the state-owned real estate listed companies,the non-state-owned real estate listed companies' major shareholders' equity pledge has a more significant negative impact on the enterprise value;the degree of equity concentration has a negative regulatory effect on the negative correlation between the major shareholders' equity pledge and the enterprise value;equity checks and balances Degree has a positive regulatory effect on the negative correlation between the pledge of major shareholders' equity and the enterprise value.Finally,based on the analysis of the empirical results,this paper puts forward some suggestions to improve the information disclosure mechanism,further expand the real estate financing channels,continue to improve the equity balance,strengthen the risk management and market value management,and appropriately select the equity pledge financing mode,in order to promote the enterprise value of the listed real estate companies.