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缁堟瀬鎺у埗浜洪挓钁辫偂鏉冭川鎶艰涓虹殑鍘熷洜涓庡奖鍝? src=
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銆€銆€鍏抽敭璇嶏細  鑲℃潈璐ㄦ娂锛涗袱鏉冨垎绂伙紱鍔ㄦ満锛涚粡娴庡悗鏋?銆?br /> 銆€銆€
銆€銆€Abstract
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銆€銆€Since  the  opening  of  the  equity  pledge  business  to  brokerages  in  2013,  its  scale  has continued to expand, and the total market value of pledges has risen. For the majority of small and medium-sized enterprises, bank lending procedures are cumbersome and costly, so low-threshold, high-efficiency equity pledge financing methods have naturally become popular.
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銆€銆€However, as the proportion of pledges of major shareholders continues to rise, the possibility of stock pledges is getting higher and higher. If the position is burst, the majority of small and medium shareholders will suffer infringement of interests. In the literature, the research on equity  pledge  is mostly  devoted  to  the  economic  consequences  of  the  shareholding  pledge behavior of the major shareholders, especially the controlling shareholder, including the impact on  the  company's  value  and  financial  status,  and  there  are  few  case  articles.  From  the perspective of the ultimate controller, the impact of the equity pledge behavior is analyzed. At the same time, in the case of the ultimate control of human beings, is the equity pledge behavior more likely to be mixed with the motive of interest encroachment? Based on this, this paper innovatively analyzes the situation of the ultimate control right and the ultimate cash flow right caused by the direct and indirect equity pledge behavior from the perspective of the ultimate controller  behind  the  controlling  shareholder,  and  explores  the  motive  behind  it  and  The economic consequences for the company.
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銆€銆€This paper adopts the case analysis method, taking Jinyi culture as an example to explore the motives of the ultimate control of the pledge behavior of Zhonglian's equity, and analyzes the economic consequences from the short-term market reaction, the company's relevant ability indicators and the impact on the company's value. ,Concluded as follow:
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銆€銆€First, serious cash flow problems drive continued equity pledges. In the context of the ongoing high-value mergers and acquisitions and the rising accounts receivable, the company's growing cash flow problems have promoted continued equity pledges. Second, the deepening of the separation of the two powers strengthens the motive for profit encroachment. In the process of increasing  the proportion of equity pledges, the degree of separation of the two powers will gradually deepen, which will continuously strengthen the motives of the ultimate controller's interest encroachment, and transfer the assets of listed companies through related transactions  and  non-compliance  guarantees,  thereby  damaging  the  listed  companies  and minority shareholders. interest. Third, equity pledge behavior affects financial conditions and damages  corporate  value.  Finally,  the  paper  draws  relevant  inspiration  from  both  internal governance and external supervision.
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銆€銆€Keywords:   equity pledge; separation of powers; motivation; economic consequences銆?br /> 銆€銆€
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