The Impact Of The Controlling Shareholder Leverage Increase On The Misunderstanding Of Corporate Assets

Financial market stability is the premise and basis for maintaining the continued health development of China and the stability of social overall situation.In our country’s economic transformation period,it is necessary to ensure the overall financial operation,but also to achieve significant financial risk effective prevention and control.As an important cause of financial risks,it is necessary to discuss its influencing factors and formation mechanisms.On the other hand,prevent and resolve the financial risks have always been the content of the supervision department and financial institution.In order to stabilize the market,systematic financial risks are avoided,support industrial capital use the capital market to do strong,China Securities Regulatory Management Committee at 2015 On July 8th,the first time in the form of documents will be allowed to reduce stocks within 6 months to increase the stock of the company through securities company oriented by securities companies in the secondary market,and provide relevant shareholders.However,whether the controlling shareholder leverage increases whether the SFC is willing to play the role of the company’s share price,prevent and resolve financial risks,prevent and resolve the financial risks,promote the stable and healthy development of the capital market;or focus on risk,trigger the "explosion" hidden danger,Damage to the interests of enterprises and investors,currently related research,still need further discussion.This paper selection 2015-2020,our country’s total A-share listed company as an initial research sample,based on signal transmission theory,control theory and behavioral finance theory,in-depth explanation of the possible impact of the controlling shareholder leverage to incorporate the incorrect price of corporate assets,and further from the equity Presuce,property rights and stock market status,etc.Analyze the heterogeneity of this impact,and the influence of asset misunderstandings under the impact of the controlling shareholder leverage on the risk of corporate share price collapse.The results show that:(1)The controlling shareholder leverage increase is remarkable.The shareholder leverage increases will significantly improve corporate asset misunderstandings;(2)Further adoption of the controlling shareholder leverage increase ratio,the increase of the number of shares and the increasing amount reflects the relationship between the handling shareholder leverage and the misunderstand price,the higher the level of the controlling shareholder leverage,the more serious the incorrect price of corporate assets;(3)Distinguishing between different stock market conditions,increasing motivation,and postpartum nature indicates that compared to the Bear market,when the stock market is in the bull market,the controlling shareholder The forward relationship between lever increase and asset misoperation is more significant;the leverage risk brought by the shares of the controlling shareholder equity will reduce the asset misunderstand caused by the holding shareholder leverage;compared to the controlling shareholders of private enterprises The increase in the increase of the controlling shareholders of state-owned enterprises is simpler,and the main leverage of the controlling shareholder leverage is weakened;(4)The expansion test based on economic consequences shows that the asset misunderstand price exacerbated by the controlling shareholder leverage It will lead to the occurrence of corporate stock prices,and the huge risks of the leverage of the controlling shareholder leverage will be verified.The possible contributions and significance of this article is that:(1)This paper starts from the specific behavior of the controlling shareholder,based on the controlling shareholder leverage,in-depth inspection of the incomeholders of the controlling shareholders on the misunderstand price of corporate assets It not only enriches the economic consequences and impact mechanisms of the handling shareholder leverage,but also helps improve the equity governance of China’s controlling shareholders;it also enrichs the research framework of "corporate governance and micro-enterprise behavior",has a certain increase in academic value.The contribution.(2)Investigate the influencing factors of asset misunderstandings,and explore its intrinsic mechanism and then explore how to alleviate corporate asset misunderstandings to prevent and resolve financial risks,promote capital market stable health operation and improve capital market resource allocation effectiveness is important.(3)The relationship between the controlling shareholder leverage and the error pricing of the asset is verified,and the policy effect of the China Securities Supervision and Management Committee encountered the income of the controlling shareholder leverage is also subsequently developed and improved the controlling shareholder.The related policies of the increase provide theoretical support and experience.