Based on the above-mentioned proble

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.