Non Supportive Equity Pledge,Media Attention And Company Performance

At present,equity pledge loans have become an increasingly common financing channel for listed companies in China.Among them,major shareholders are the main force of equity pledge.The funds pledged by major shareholders can be invested in listed companies(supported equity pledge)or used for other purposes(non supported equity pledge).In recent years,the occurrence of non supportive equity pledge by major shareholders has become more common.Non supportive equity pledge is not only the financing behavior of major shareholders themselves,but also strengthens their motivation to "empty" listed companies,thereby affecting the performance of listed companies.This article focuses on examining the impact of non supportive equity pledge on the performance of listed companies.With the rapid development of the Internet,the role of media in corporate governance is becoming increasingly prominent.As an important information intermediary,the media can suppress the tunneling motivation of non supportive equity pledge major shareholders from the perspective of alleviating information asymmetry and exerting regulatory functions.In view of this,this article delves into the impact of the proportion of non supportive equity pledges on company performance,and studies the governance effect of media attention from two dimensions:the level of media attention and the emotional tone of media coverage.This thesis selects listed companies in the A-share market of Shanghai and Shenzhen with non supportive shareholder equity pledge behavior as research samples,and uses a fixed effects model for empirical analysis.The research results show that:(1)there is a negative relationship between non supportive equity pledge rate and company performance.(2)Media attention has a positive moderating effect on the negative relationship between non supportive equity pledge and company performance,with both positive and negative reports having a strong moderating effect,while neutral reports have no significant moderating effect.(3)After grouping research based on the nature of property rights,it was found that the relationship between non supportive equity pledge and company performance is more significant in non-state-owned enterprises.