本文以上述问题为出发点，基于前人的研究，选用Stata16.0软件，选

This article takes the above problems as a starting point and selects Stata16.0 software based on previous research. It selects 3554 listed companies in 26 industries that have pledged equity as research objects, and counts the equity of these companies from 2014 to 2018. Pledge ratio, company performance, asset-liability ratio and other data are used as research samples to establish a regression model. In addition, this article also inserts the multiplication terms of the property rights of the listed company, the nature of property rights and the equity pledge ratio as new variables into the regression model In order to explore the role of equity in regulating the relationship between the two. Through empirical analysis, the following conclusions are drawn: (1) The equity pledge ratio is inversely proportional to the company's performance. An excessively high percentage of equity pledge will hinder the development of listed companies' corporate performance. (2) The nature of property rights is inversely proportional to corporate performance, that is, the performance of state-owned listed companies is generally lower than that of non-state-owned listed companies. (3) The nature of property rights has an obvious positive adjustment effect, that is, in state-owned enterprises, the adverse impact of company performance on the increase in the proportion of equity pledges will be suppressed.

Based on the above-mentioned problems, based on the previous research, using Stata 16.0 software, selected 3554 listed companies that have had equity pledgein in 26 industries as the research object, statistics of these companies from 2014 to 2018 equity pledge ratio, company performance, asset-liability ratio and other data, as a research sample to establish a regression model, in addition, this paper will also be the property rights of listed companies, in addition, this paper will also be the property rights of listed companies, in addition to this article will be the property rights of listed companies, the nature of the listed companies, in this paper will be the property rights of listed companies, in this paper will be listed companies property rights nature, in this paper will be listed companies property rights nature, in this paper will be listed companies property rights nature, The multiplication of property right property and equity pledge ratio is inserted into the regression model as a new variable to explore the adjustment effect of equity nature on the relationship between the two. Through empirical analysis, the following conclusions are drawn: (1) the ratio of equity pledge and the company's performance are inversely proportional, and an excessive proportion of equity pledge will hinder the development of the performance of listed companies. (2) The nature of property rights is inversely proportional to the performance of enterprises, that is, the performance of state-owned listed companies is generally lower than that of non-state-owned listed companies. (3) The nature of property rights has a clear positive adjustment effect, that is, in state-owned enterprises, the company's performance due to the increase in the proportion of equity pledge will be inhibited by the adverse effects.

Based on the above problems and previous research, this paper selects 3554 listed companies with equity pledge in 26 industries as the research object, and makes statistics on the equity pledge ratio, corporate performance, asset liability ratio and other data of these companies from 2014 to 2018 as the research sample to establish a regression model. In addition, this paper will also As a new variable, the multiple items of property right nature, property right nature and equity pledge proportion of municipal companies are inserted into the regression model to explore the regulatory effect of equity nature on the relationship between them. Through the empirical analysis, the following conclusions are drawn: (1) the proportion of equity pledge is inversely proportional to corporate performance, and the excessive proportion of equity pledge will hinder the development of corporate performance of listed companies. (2) The nature of property rights is inversely proportional to the performance of enterprises, that is, the performance of state-owned listed companies is generally lower than that of non-state-owned listed companies. (3) The nature of property rights has an obvious positive regulatory effect, that is, in state-owned enterprises, the adverse impact of corporate performance due to the increase of equity pledge proportion will be restrained.