Research On The Impact Of Pledge Of Controlling Shareholders' Equity Rights On The Coporation Value Of "YRSY"

Research background: In recent years,the pledge of controlling shareholder's equity in a-share market is prevalent.So far,there are 564.03 billion shares pledged in the ashare market,accounting for 8.29% of the total capital stock,and the market value pledged was 4,379.49 trillion yuan.Among the 3,802 a-share listed companies,1,805 of the controlling shareholders have pledged their shares.As a new financing method,pledge of equity not only brings benefits to the financiers,but also accompanies with the risk of control transfer and hollowing out of the controlling shareholders.Relevant regulatory departments have also continuously introduced and improved the information disclosure policy of pledge of controlling shareholders' equity.Since 2013,the proportion of stock pledge of the controlling shareholders of “TRSY” has been kept at a high level of 100% all the year round,which is accompanied by the tunneling behavior of the controlling shareholders.The stock price fluctuations are very severe and the risk of closing the position appears,which makes people have to ask whether the stock pledge of the controlling shareholders of the company will affect the company's value.Research problem: Based on the research of equity pledge,this paper selects the “TRSY” as the case,and the core issue is to study the impact of equity pledge of the controlling shareholder of “TRSY” on the enterprise value.(1)the influence of the pledge of the controlling shareholder's equity on the company's short-term market value;(2)the influence of the pledge of the controlling shareholder's equity on the enterprise behavior of “TRSY” leads to the change of the internal value of the company.The innovation of this paper is as follows : Based on the perspective of pledge of the controlling shareholder's equity,this paper integrates and studies its influence on earnings management behavior,financial behavior and internal control behavior of tianrunshuyu,and raises its influence on the company value.Research methods and ideas: This paper uses the literature research method and the case study method,and on the basis of combining with the research of relevant scholars,carries on the case analysis of “TRSY”.This paper uses the event study method to compare the CAR before and after the equity pledge of “TRSY”,and obtains the influence of equity pledge on the short-term market value of the enterprise.On the other hand,by comparing the changes of earnings management behavior,financial behavior and internal control behavior of the controlling shareholders of “TRSY” before and after the pledge of the equity,this paper analyzes the influence of the pledge of the controlling shareholders' equity on the internal real value of the enterprise by taking the risk of the pledge of the equity--enterprise behavior--the internal real value of the company as the logic.It is expected to find that: On the one hand,the market effect of pledge of controlling shareholder's equity is not always negative,so the influence of pledge of equity on the company's short-term market value needs to be viewed dialectically.On the other hand,the pledge of controlling shareholders' equity will enhance the motivation of controlling shareholders to encroach on the interests of the listed company and damage the real intrinsic value of the listed company.Research value :(1)Systematically sort out the influence of equity pledge on enterprise behavior,instead of staying on the research of equity pledge on investment behavior and dividend distribution behavior.(2)research on the path to perfect the effect of equity pledge on enterprise value.