Influence of Equity Pledge of Major Shareholders on Earnings Sustainability of Agricultural Listed Companies:Based on Internal Control Quality Mediating Effect
Based on the data of China's A-share agricultural listed companies from 2010 to 2019,the intermediary effect model was constructed for regression,and the mechanism of major shareholders'equity pledge and earnings persistence of agricultural listed companies was investigated.The research shows that major shareholders'equity pledge has a significant inhibitory effect on earnings persistence.Major shareholders'equity pledge also has a significant inhibitory effect on the quality of internal control.The quality of internal control plays a partial mediating role in the process of restraining earnings continuity by the equity pledge behavior of major shareholders.This paper enriches the research on the negative economic consequences of equity pledge of major shareholders of agricultural listed companies,provided a theoretical basis for enhancing the decision-making ability of investors and improving the governance level of management,and further supplements the governance role of internal control quality research.
major shareholder pledge of stock rightsearnings persistenceinternal control qualitymediating effectagriculture listed company
NETL
NSTL
万方数据
