Research on the influence of equity pledge ratio of controlling shareholders on financing constraint of media listed companies based on Stata16.0 software

Equity pledge increases the degree of information asymmetry between listed companies and external investors, which may aggravate the degree of financing constraints faced by companies. This article uses stata16 software, constructs the KZ index, and orders logit regression method to study how the share pledge ratio of controlling shareholders of two cultural media listed companies with different share structures affects the financing constraints of the company. The research results show that the overall pledge proportion of companies with relatively concentrated equity is higher, the pledge proportion of equity is positively correlated with the financing constraints of companies, and the degree of financing constraints on companies will increase with the increase of the pledge proportion of equity of controlling shareholders. As equity pledge makes the company more constrained in financing, it may lead the company into a vicious circle of capital shortage and performance decline. This paper has enriched the relevant articles in the field of factors affecting financing constraints, and further studied the economic consequences of equity pledge of controlling shareholders in companies with different equity structures, so as to provide new ideas for listed companies to optimize equity structure and alleviate financing constraints.