Analysis of the Impact of Multiple Major Shareholders on Information Transparency: Based on the Perspective of Controlling Shareholders' Equity Pledge

The pledge of equity causes a serious deviation between the cash flow rights and voting controlling shareholders, which may lead to shareholders using their position harm interests small medium-sized information management cover up tunneling behavior, reducing transparency company information. This article uses data from A-share listed companies in Shanghai Shenzhen 2003 2019 empirically test impact multiple major on under background shareholder pledge. empirical results show that can decrease transparency, this phenomenon is mainly concentrated private companies; When has still exists. findings provide new exploitable evidence for conspiracy theory companies.