近年来，大股东股权质押问题一直有着很高的关注度。上市公司股权流动性高、透明程度高、变现能力强，且股权质押只是质押财产性权力，保留了控股股东的决策权、管理权等。因此股权成为备受金融机构青睐的交易物，股权质押也成为很多大股东的重要选择。

本文采用案例研究的方法，以乐视网信息技术（北京）股份有限公司（简称：乐视网）为例，对其大股东贾跃亭多次股权质押行为及质押前后的相关事实背景进行研究。本文阐述了股权质押和企业市值管理的相关理论，展示了乐视网大股东股权质押的具体情况，并对其背景动机做出推测，分析了乐视网在短期、中期、长期内采用的市值管理方法，最后总结出大股东股权质押后的上市公司可能存在刻意扭曲企业市值管理含义的不正当行为，市场上的中小投资者和相关监管部门应准确辨别企业真实的经营状况，投资者谨慎投资，监管部门加强监管。

In recent years, the issue of major shareholders' equity pledges has always attracted much attention. Listed companies’ equities have high degree of transparency, and strong liquidity. Equity pledge retains shareholders' power to make decisions and manage the business activities of listed companies. Therefore, financial institutions have favor equity.

Using the method of case study, this paper takes LeTV as an example to study its major shareholder Jia Yueting's multiple equity pledges and the relevant factual background before and after the pledge. This paper explains the relevant theories of equity pledge and corporate market value management, shows the specific situation of LeTV’s major shareholder equity pledge and speculates on its background motivation, and analyzes the market value management methods adopted by LeTV in the short, medium and long term. Finally, listed companies after the pledge of major shareholders’ equity may deliberately distort the management of the market value of the company. Small and medium investors and regulatory authorities should accurately distinguish the true operating conditions of the company, invest carefully and strengthen supervision.