As an innovative financing behavior,equity pledge breaks the limit of traditional financing,and broadens the financing channels of companies and major shareholders.This paper comprehensively considers the impact of co...As an innovative financing behavior,equity pledge breaks the limit of traditional financing,and broadens the financing channels of companies and major shareholders.This paper comprehensively considers the impact of controlling shareholder equity pledge on corporate value from three research perspectives.The main conclusions are as follows:(1)When the equity pledge is not considered,the cash flow rights and voting rights of the company owned by the controlling shareholder are positively correlated with corporate value.That is,this presents incentive effect,but the existence of the separation of the two powers brings the second type of agency problem and reduces corporate value.(2)When considering the equity pledge,the controlling shareholder’s equity pledge may weaken the incentive effect and strengthen the encroachment effect which causing a reduction of corporate value.(3)Based on the accounting point of view,the controlling shareholder’s equity pledge is negatively correlated with the corporate performance,while the concentration of ownership dilutes this negative effect.(4)The balance of equity weakens the negative effect of the controlling shareholder’s equity pledge on corporate value,thereby reduces the negative impact of the equity pledge.展开更多
Owing to the rather peaceful unifi cation policy of the Third Dynasty of Ur,the old aristocracy enjoyed a variety of political and social rights,playing signifi cant infl uence on the local administrative system at th...Owing to the rather peaceful unifi cation policy of the Third Dynasty of Ur,the old aristocracy enjoyed a variety of political and social rights,playing signifi cant infl uence on the local administrative system at the beginning.In order to strengthen centralization and control,the kings gradually selected and appointed several foreign military officials to balance these old aristocratic networks.As a result,a separate management of military and civilian affairs in the local administrative system of the Third Dynasty of Ur appeared.By counterbalancing military offi cers and civilian offi cials,the political situation of the Third Dynasty of Ur became relatively stable.Nevertheless,the old aristocracy was not exterminated,and the military offi cials slowly became powerful,too.This resulted in a gradual weakening of the king’s rule and eventually led to a collapse of whole dynasty.展开更多
文摘As an innovative financing behavior,equity pledge breaks the limit of traditional financing,and broadens the financing channels of companies and major shareholders.This paper comprehensively considers the impact of controlling shareholder equity pledge on corporate value from three research perspectives.The main conclusions are as follows:(1)When the equity pledge is not considered,the cash flow rights and voting rights of the company owned by the controlling shareholder are positively correlated with corporate value.That is,this presents incentive effect,but the existence of the separation of the two powers brings the second type of agency problem and reduces corporate value.(2)When considering the equity pledge,the controlling shareholder’s equity pledge may weaken the incentive effect and strengthen the encroachment effect which causing a reduction of corporate value.(3)Based on the accounting point of view,the controlling shareholder’s equity pledge is negatively correlated with the corporate performance,while the concentration of ownership dilutes this negative effect.(4)The balance of equity weakens the negative effect of the controlling shareholder’s equity pledge on corporate value,thereby reduces the negative impact of the equity pledge.
文摘Owing to the rather peaceful unifi cation policy of the Third Dynasty of Ur,the old aristocracy enjoyed a variety of political and social rights,playing signifi cant infl uence on the local administrative system at the beginning.In order to strengthen centralization and control,the kings gradually selected and appointed several foreign military officials to balance these old aristocratic networks.As a result,a separate management of military and civilian affairs in the local administrative system of the Third Dynasty of Ur appeared.By counterbalancing military offi cers and civilian offi cials,the political situation of the Third Dynasty of Ur became relatively stable.Nevertheless,the old aristocracy was not exterminated,and the military offi cials slowly became powerful,too.This resulted in a gradual weakening of the king’s rule and eventually led to a collapse of whole dynasty.
