The Influence of Fair Value Measurement on the Pledge of Overconfident Major Shareholders Based on Multiple Regression and Fisher Test

Adopting fair value measurement may bring more earnings fluctuations and induce irrational psychology radical financing behavior of managers major shareholders. Based on behavioral corporate governance theory, using the sample A-share nonfinancial listed companies China during 2015–2017, this paper empirically examines regulatory effect measurement; that is, whether affects company’s decisions when shareholders have psychological characteristics, i.e., overconfidence. The study found overconfident increase probability equity pledge proportion pledge; further inspection if level accrued management is higher, adjustment also higher; risk stock price collapse obviously increases ratio shareholders’ pledge. above conclusions provide empirical evidence has a positively