Research on the Impact of Equity Pledge on Company Value  

作　　者：Tao Zhang Xuxu Zhu Jie Tian 

机构地区：[1]Hebei GEO University,Shijiazhuang 050030,China

出　　处：《Proceedings of Business and Economic Studies》2024年第4期60-65,共6页商业经济研究（百图）

摘　　要：This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.

关 键 词：Equity pledge Company value FINANCING Corporate governance Market risk 

分 类 号：F42[经济管理—产业经济]