Analysis On The Motivation And Economic Consequences Of Equity Pledge Of Controlling Shareholders Of ~*ST Daji

At present,the financing market is increasingly rich and diversified,investment and financing is the inevitable trend of the development of private enterprises.Stock pledge has special advantages in financing,but it also has many potential risks.The risks of stock pledge are mostly those of major shareholders.It is very important to the controlling shareholder’s purpose of pledge and the influence after pledge.In this paper,*ST Great Collection is selected as the research object.Through in-depth research on the pledge motivation of controlling shareholders and the resulting economic impact,corresponding conclusions are obtained,so as to find major problems and provide corresponding opinions.Starting from the actual situation of *ST,this paper summarizes the motivation of equity pledge by combing the information related to control pledge.The study of economic consequences is mainly from the separation of two rights,enterprise value,market effect,liquidation risk,bankruptcy risk and financial analysis under equity pledge.To study the separation of the two weights,mainly through the statistics of the separation of the two weights in each period,and analyze the absolute value and relative value difference;The research on the short-term effect of financial market mainly uses the event study method to calculate the excess cumulative rate of return to evaluate the impact of equity pledge.Using the warning line and position line to analyze the liquidation risk of stock pledge.For enterprise bankruptcy risk analysis,is through the Z-integral model;Financial performance analysis after equity pledge is based on four capacity indicators.In the end,it is found that the excessive and high frequency pledge behavior of controlling shareholders produces many risks.Therefore,equity pledge behavior should be reasonably restrained,especially the controlling shareholder’s pledge behavior.