Research on the influence of equity pledge ratio of controlling shareholders on financing constraint of media listed companies based on Stata16.0 software

机译：基于Stata16.0软件的媒体上市公司融资限制股东权益批评率的影响研究

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Equity pledge increases the degree of information asymmetry between listed companies and external investors, which may aggravate the degree of financing constraints faced by companies. This article uses stata16 software, constructs the KZ index, and orders logit regression method to study how the share pledge ratio of controlling shareholders of two cultural media listed companies with different share structures affects the financing constraints of the company. The research results show that the overall pledge proportion of companies with relatively concentrated equity is higher, the pledge proportion of equity is positively correlated with the financing constraints of companies, and the degree of financing constraints on companies will increase with the increase of the pledge proportion of equity of controlling shareholders. As equity pledge makes the company more constrained in financing, it may lead the company into a vicious circle of capital shortage and performance decline. This paper has enriched the relevant articles in the field of factors affecting financing constraints, and further studied the economic consequences of equity pledge of controlling shareholders in companies with different equity structures, so as to provide new ideas for listed companies to optimize equity structure and alleviate financing constraints.

机译：股权承诺增加了上市公司和外部投资者之间的信息不对称程度，可能会加剧公司所面临的融资限制程度。本文使用Stata16软件，构建KZ指数，并订购Logit回归方法，研究两个文化媒体的控股股东的股东如何与不同股东不同股权的公司的股东如何影响公司的融资限制。研究结果表明，拥有相对浓度的公司的总体承诺比例较高，股权承诺比例与公司的融资限制正相关，公司的融资限制程度将随着承诺比例的增加而增加控股股东权益。由于股权承诺使公司更加受限于融资，它可能导致公司陷入资本短缺和绩效衰退的恶性循环。本文已经丰富了影响融资限制的因素领域的相关文章，进一步研究了股权结构公司控制股东权益承诺的经济后果，以便为上市公司提供新的思路，以优化股权结构和缓解融资限制。

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《International Conference on E-Commerce and Internet Technology》|2021年|185-188|共4页
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Hongzhen Lei; Rui Zhang;
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Economics; Companies; Media; Lead; Software; Internet; Indexes;

机译：经济学;公司;媒体;铅;软件;互联网;索引;

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1. Ultimate ownership, institutions and listed companies' debt financing Based on the perspective of controlling shareholders [J] . Yu Honghai, Xu Longbing, Chen Baizhu 中国金融评论（英文版） . 2011,第004期

机译：控股股东视角下的终极所有权，机构与上市公司债务融资
2. Financing constraints and the cost of equity: Evidence on the moral hazard of the controlling shareholder [J] . Luo Qi, Li Hui, Zhang Biao International review of economics & finance . 2015,第mara期

机译：融资约束与股权成本：控股股东道德风险的证据
3. The Influence of the Combination of “Industrial and Financial” on the Investment Efficiency and Financial Constraints of Listed Companies
—A Research Based on Holding Non-Listed Financial Institution of Listing Corporations in China [J] . Houhui Lv Modern Economy . 2018,第4期

机译：“工财结合”对上市公司投资效率和财务约束的影响
-基于对我国上市公司非上市金融机构控股的研究
4. The Influence of Equity Pledge and Shareholding Ratio of Major Shareholders on Earnings Management [C] . Liu Yanping, Gao Shuangshuang, Wang Sisi International Conference on Information Management . 2021

机译：主要股东股权对盈余管理股权的影响
5. 从上市公司股权质押行为分析企业的潜在风险和公司治理 =Analyzing the Potential Risks and Corporate Governance of Enterprises from the Equity Pledge of Listed Companies [D] . Chen, Wei. 2020

机译：从上市公司股权质押行为分析企业的潜在风险和公司治理 =Analyzing the Potential Risks and Corporate Governance of Enterprises from the Equity Pledge of Listed Companies
6. An Empirical Study on the Equity Performance of Chinas Health Insurance Companies During the COVID-19 Pandemic—Based on Cases of Dominant Listed Companies [O] . Rendao Ye, Na An, Yichen Xie, 2021

机译：基于Covid-19大熊猫的股权案件的股权绩效基于主导上市案件的实证研究
7. Pyramidal groups, in Italy and elsewhere, represent a model of separation of ownership and control. Pyramids typically have blockholders which extract private benefits of control at the expenses of minority shareholder. This paper focuses on the Italian case where the number of pyramids is reducing but are still largely diffused. Groups are a form of entrenchment and may have negative effects on firm growth. They are characterized by conflicts of interest and self-dealing practices which reduced external financing opportunities. In this paper legal regulation of groups in Italy is discussed, which has positive aspects (art. 2497 ss. c.c.) but some weaknesses on self-dealing practices (artt. 2391 and 2391-bis c.c.). Future reforms should take into consideration the guidelines given at European level (for instance, by the High Level Group of Company Law Experts and the European Commission), which have been set aside from the political agendas of mostly European governments. Moreover, we suggest to strengthen the process of (not only formal) disclosure of relevant information to the company shareholders’ as well, in order not to dismantle pyramids, but to make them “shorter” (when that is the case), more transparent and reciprocally competitive. [O] . Giacomo Bosi, Sandro Trento 100

机译：在意大利和其他地方的金字塔群体代表了所有权和控制权分离的模式。金字塔通常拥有大股东，以小股东的利益为代价提取控制权的私人利益。本文重点关注意大利案例，其中金字塔的数量在减少，但仍然在很大程度上分散。群体是一种壕沟形式，可能对企业的成长产生负面影响。它们的特点是利益冲突和自我交易做法，减少了外部融资机会。在本文中，讨论了意大利群体的法律规定，它具有积极的方面（第2497条，c.c。），但在自我交易实践方面存在一些弱点（第2391条和第2391条之二）。未来的改革应该考虑到欧洲层面的指导方针（例如，公司法专家和欧洲委员会的高级别小组），这些指导方针已被搁置在主要是欧洲政府的政治议程之外。此外，我们建议加强（不仅正式）向公司股东披露相关信息的过程，以便不拆除金字塔，而是使它们“更短”（在这种情况下），更透明并且相互竞争。

Research on the influence of equity pledge ratio of controlling shareholders on financing constraint of media listed companies based on Stata16.0 software

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