Inverted U-shaped Effect of Controlling Shareholders'Equity Pledge Frequency on Stock Price Collapse
The Pledge frequency reflects the number of times shareholders re-pledge their shares within a year,which not only re-flects the real financial needs of the company but also is not considered as shareholder asset-stripping behavior.This article verifies the relationship between equity pledge frequency and the risk of stock price collapse in A-share listed companies from 2012 to 2022.The study found that the equity pledge frequency of controlling shareholders is significantly related to the future risk of stock price collapse,showing a inverted U-shaped change.This effect is more significant in non-state-owned enterprises and enterprises in eastern regions.The research provides a fresh perspective on studying equity pledge,providing theoretical basis and practical en-lightenment for improving government regulation,standardizing corporate governance,and actively guiding investment.
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