Research On The Impact Of Controlling Shareholder's Share Pledge On The Quality Of Enterprise Accounting Information

Equity pledge as a simple and convenient financing method,since the formal announcement of the equity pledge method in 2008,equity pledge financing has developed rapidly in the past ten years,and has been favored by listed companies.While controlling shareholder equity pledges ease the financing constraints of shareholders and listed companies,they also bring a series of risks.There are frequent reminders that the stock price fell to the liquidation line,and the pledgee's equity is forced to sell and lose control.Therefore,in order to avoid a series of negative impacts,controlling shareholders who have equity pledges will have strong market value management incentives to take measures to avoid stock price declines.Distorting accounting information and manipulating disclosure of accounting information are common methods of market value management.At the same time,the pledge of equity pledges is frequent,and the quality of accountin g information of pledged companies is important for the decision-making of investors and relevant stakeholders.Therefore,this article explores the impact of controlling shareholder equity pledge on the quality of accounting information of enterprises in order to improve the quality of accounting information And improve the equity pledge system to provide experience.Compared with state-owned enterprises,private enterprises have stricter refinancing requirements,narrow financing channels,and are more inclined to use equity pledge methods for financing.In 2018,69%of the listed companies on the GEM conducted controlling shareholder equity pledges,and 125 of them had pledge ratios exceeding 80%.At the same time,the quality of accounting information on GEM listed companies has always been the focus of attention.Therefore,this article selects China GEM listed companies from 2013 to 2018 as a sample to explore the impact of controlling shareholder equity pledge on the quality of corporate accounting information.And this paper refers to the communication model and studies the quality of accounting information compilation and the quality of accounting information disclosure according to the transmission process of accounting information.Through theoretical analysis and empirical analysis,the relationship between the equity pledge and the quality of accounting information preparation and the relationship between the equity pledge and the accounting information disclosure quality are studied.And consider the impact of external market environment(stock market performance)and corporate governance(equity balance)on their relationship.The research results found that:(1)For listed companies that pledged the controlling shareholder's equity,the quality of accounting information preparation and accounting information disclosure was lower.At the same time,as the equity pledge rate increased,the quality of accounting information preparation and accounting information disclosure Will decline(2)When.the stock market conditions are in the doldrums,the negative correlation between the equity pledge and the quality of accounting information will increase(3)The improvement of the ownership balance will weaken the controlling shareholder's equity pledge and the quality of accounting information Negative correlation between.The robustness test and further analysis have once again proved the correctness of the research conclusions.This article enriches the research on the economic consequences of equity pledge and expands the research perspective of the quality of accounting information.Its related conclusions provide an empirical basis for investors and regulators.