The Influence Of The Controlling Shareholder Pledge On Performance And Path Analysis

With the changes in China's macroeconomic market and the standardization of equity pledge business,companies are increasingly inclined to use pledge equity to obtain financing.From relevant reports and data,it can be concluded that there are currently more than 50% in the A-share market.The listed company has the behavior of controlling shareholder pledge of equity,and this proportion is still rising.However,with the popularity of equity pledge,many companies have been forced to liquidate,and the pledge risk remains high for a time,which is also considered to be the main reason for the stock market downturn in 2018.In recent years,the most eye-catching event has been the shareholding pledge of LeShi.From the first pledging of the first major shareholder in 2014 to the January 18 th,the proportion of its pledged equity has almost reached 100%,and finally ended in bankruptcy,reflecting the equity pledge.It is the influence of the major shareholders' pledge of their equity on the level of corporate risk-taking.In addition,since May 2018,the media exposed the "Yin and Yang contract" of film and television media companies,causing investigations by relevant agencies such as the Inland Revenue Department,resulting in a sharp decline or even a limit in the stocks of many film and television media companies.This paper notes the rapid development of the media industry and the special business.Based on the cultural media industry in China,this paper analyzes the impact of equity pledge on such companies,and takes the case of Huayi Brothers,the central figure of the “Yin and Yang Contract” incident.The object of analysis.The major shareholder of the company has recently carried out the equity pledge again,almost reaching the level of pledge of the whole warehouse,and has not stated the pledge use.It can be considered as a representative action in response to the unexpected incident.The article first introduces the related concepts and theories about equity pledge,and summarizes the risks that may be caused by equity pledge.Then the article introduces the characteristics of China's cultural media industry and the history and scale of equity pledge development.Select the relevant data of the cultural media industry in Shenwan secondary industry from 2013 to 2017,and discuss the equity pledge pair with panel data analysis and structural equation model.The impact of the company's performance and its impact path,and the article divides the equity pledge ratio into two indicators: the proportion of the pledge of equity in the shareholding of the shareholder and the proportion of the company's total share capital,and the result of the positive and negative impact on the company's performance is obtained in the empirical.And discussed the reasons for this result.This paper also concludes that in the path research of equity pledge affecting company performance,in China's cultural media industry,the degree of separation of powers and the company's cumulative abnormal rate of return have no significant impact on company performance.In the company case analysis,the article summarizes the previous pledge equity operation of Huayi Brothers,finds that the pledge activities are very frequent,and combines the performance of the company to conduct an empirical analysis of the company data to explore the impact of equity pledge on the case company,and The company's pledge risk is analyzed from the changes in the company's financial situation in 2011-2017.It is mainly divided into profitability analysis,solvency analysis,operational capability analysis and growth capability analysis.According to the pledge situation and business activities of Huayi in recent years,the risks brought by the equity pledge to the company are mainly reflected in the equity pledge disposal risk and investment risk.Finally,the article puts forward some suggestions to suppress the phenomenon of bad equity pledge,such as improving the equity pledge regulations.To deepen the understanding of listed companies on equity pledges,enrich corporate financing channels,and improve corporate governance.