The Impact Of Equity Pledge And The Transmission Of Interests Of Major Shareholders On The Company’s Value

At present,in the capital market of China,most of the major shareholders of listed companies obtain cash flow by using equity pledge to support the operation of enterprises,which is one of the new financing methods commonly used by the major shareholders of existing listed companies.However,with the rapid development of the economy,more and more major shareholders of listed companies’ equity pledge and interest transfer of the harm to the companies and minority shareholders has become an urgent problem to be solved in the capital market.Solving this problem has become an urgent task in China’s capital market.Tianxiang environment as an example,summarizes a large number of literature of previous scholars,combined with the principal-agent theory,control theory,combing the relationship between major shareholders equity pledge and profit transfer behavior and company value,and mainly analyze tianxiang environment major shareholders equity pledge,profit transfer behavior and the influence on company value,through the stock price,financial situation,economic added value,Tobin Q value four aspects analysis of the equity pledge and profit transfer behavior to the value of the enterprise.Case analysis shows that the stock price of Tianxiang Environment rose along with the concept of environmental protection stocks and the continuous release performance growth expectations,and carried out many mergers and acquisitions to build a bridge for the subsequent increase of the stock price.After improving the capital holding amount and liquidity,the company transfers the assets of the listed company through equity pledge and profit transfer.The behavior of the major shareholders has brought a certain negative impact on the value of the enterprise.Taking Tianxiang Environment as the object of this article,it is helpful to clearly understand the mechanism of equity pledge and interest transmission of major shareholders,and also to understand the impact that equity pledge can have on the value of the company.In addition,it also provides the corresponding reference and reference for other listed companies,in order to avoid producing the same negative behavior,and to promote the orderly and healthy development of the capital market.