Research On The Impact Of Listed Company Major Shareholders' Pledge On Company Value

Equity pledge,as a way to raise funds,not only broadens the financing channels of major shareholders,eases the company's shortage of funds,but also promotes the company's long-term development.However,it is precisely because of the convenience advantages of pledge financing that the pledge financing method has been vigorously sought after,and the proportion of pledges of large shareholders of some companies is increasing,which makes the risk of stock explosions in the capital market increasing,which will damage the value of listed companies.Therefore,it is of great significance to study the relationship between the equity pledge of large shareholders and the value of the company to guide small and medium investors to make rational analysis and judgment.This article chooses to take Vantone Real Estate as an example to analyze and study the impact of large shareholder equity pledge on company value.The first is to sort out the domestic and foreign research documents related to equity pledge,so as to get a general understanding of the latest research results and research directions of scholars.Secondly,the relevant theories,concepts and related mechanism research of this article are expounded.Again,a brief overview of the case in this article is introduced from three perspectives: the company's shareholding structure,pledge process,and the motivation of the pledge of large shareholders.Subsequently,the impact of the company's intrinsic value and external value through the pledge of Wantong Real Estate's major shareholders was analyzed.First,it analyzes the influencing factors of equity pledge on the company's intrinsic value,from the perspective of the three influencing factors of separation of two powers,company performance and financial risk,and then further confirms through the EVA value.Then use the event research method to analyze the long-and short-term impact of equity pledge on the company's external value.Finally,select the comprehensive financial index Tobin Q value to measure the value of Wantong Real Estate Company from 2014 to 2018,and have a more comprehensive understanding of the impact of equity pledge on the company's value.Through the above analysis of the case,it can be concluded that the pledge of large shareholders will adversely affect the value of the company.In order to prevent large shareholders from using the pledge to embezzle the company's resources,in order to better protect the interests of small and medium shareholders,and improve company performance,this article makes several suggestions: First,the country should further improve the disclosure system of equity pledge information,so that small and medium shareholders It is easy to obtain information through public channels.At the same time,it is also necessary to improve the content of pledge-related laws and regulations,and strictly suppress the violations of pledges by shareholders.Second,by perfecting the company's internal governance mechanism,it effectively monitors and restricts the rights of major shareholders.Third,continuously strengthen external supervision,and introduce independent third-party intermediaries such as accounting firms and credit assessment agencies to ensure the legal compliance of pledges and ultimately meet the company's long-term and stable development needs.