Research On The Impact Of Controlling Shareholders’ Equity Pledge On Enterprise Performance Of Listed Companies

As an emerging financing method in China’s capital market,equity pledge is welcomed by the majority of shareholders for its low financing cost and simple process,and has become a popular financing means.Using equity pledge in addition to financing,if will raise money into the operation of the enterprise,can provide more financial support,promote the development of enterprise better,but after equity pledge often exist the controlling shareholder in order to prevent control transfer,for personal interests and make embezzlement company behavior,cause the loss of minority shareholders interests,also can affect the company’s management,ultimately affect the company’s performance.At the same time,a higher proportion of equity pledge will also affect the stability of the development of the enterprise,so it is of certain practical significance to study the impact of the controlling shareholder equity pledge on the performance of the company.Innovation and development is the key to the efficiency of r&d investment and r&d investment returns,r&d investment is an important investment activities,due to the large amount of capital needed for research and development,and the return cycle is longer,also has a certain risk,this paper studies whether the controlling shareholder equity pledge for risk aversion reasons to reduce the enterprise,r&d investment in the controlling shareholder equity pledge in the process of company performance play the role of intermediary.At the same time,from the perspective of internal control,analyst attention and institutional investors’shareholding,whether internal and external supervision can play a regulating role in the controlling shareholders’ equity pledge and the company’s performance,in order to have a deeper understanding of equity pledge behavior.This paper focuses on the influence of the controlling shareholder equity pledge for the performance of research,in 2017-2021 China a-share listed companies as the research sample,on the basis of understanding the relevant theoretical basis and the research situation,the research hypothesis,and build empirical model analysis,verify the hypothesis,and then use PSM,index substitution and Bootstrap methods robust test,to ensure the reliability of the empirical results,in the end of the research content to the enterprise and investors and related personnel and departments.The following conclusions are drawn through the analysis:(1)the behavior of the controlling shareholder’s equity pledge and the proportion of the pledge have an inhibitory effect on the performance of the company;(2)The equity pledge of the controlling shareholder has a inhibitory effect on the R&D investment of the enterprise,The controlling shareholder’s equity pledge affects the r&d investment by means,And then affect the performance of the company;(3)Internal control and analysts ’attention can weaken the inhibitory effect of the controlling shareholders’ equity pledge behavior and pledge ratio on the company’s performance;Institutional investors ’shareholding can weaken the inhibitory effect of the controlling shareholders’ equity pledge ratio on the company’s performance;(4)In state-owned enterprises,The inhibitory effect of equity pledge behavior on enterprise performance is more obvious;When the pledge ratio is low,The inhibitory effect on company performance was not significant.