Research On The Behavior Of Interest Encroachment Under The Pledge Of Major Shareholders' Equity In Listed Companies

Equity pledge as A means of financing at present in China's a-share market is very popular,the reason is because equity pledge the financing way of convenient and quick,but as the major shareholders of listed companies to continuously improve the proportion of equity pledge equity pledge the financing risks and problems also appeared in continuously.Major shareholders of listed companies the equity pledge his name in return for money which belong to the individual behavior of major shareholders,it originally,but after the major shareholders in the equity pledge,as its two rights separation degree deepening,big shareholders are likely to encroach on the motivation of enterprise small and medium-sized shareholders,big shareholders over the years with the help of equity pledge to empty the events of listed companies also happen from time to tome,equity pledge has become a lot of big shareholders of listed companies to implement a prelude to the behavior of encroach on minority shareholders interests.As an example,this paper selected the tongzhou electronics company detailed analysis with tongzhou electronics major shareholder equity motivation,and using the method of financial index analysis method and the Tobin Q value before and after the equity pledge of enterprise operating conditions,and compares the enterprise value,the study found that the equity pledge for with tongzhou electronics development plays a negative role.Through the study found that large shareholders equity pledge with tongzhou electronics company behavior results in its separation of ownership degree deepening,which makes the company's major shareholders have the motivation of the small and medium-sized shareholders encroach on enterprise,in after the operation,the big shareholders yuan Ming through related party transactions with tongzhou electronics company asset replacement,through related parties take fund and other means to encroach on the interests of the company,the enterprise of small and medium-sized shareholders failed to stop the production of this kind of situation,can only let their own interests being invaded.In view of such a situation,this paper also puts forward rectification measures at the regulatory level and corporate governance level,hoping that while warning other listed companies,it can also make a contribution to the healthy development of China's listed companies and the protection of the interests of minority shareholders.