控股股东股权质押、投资者情绪与定向增发股价长期表现  

Stock Pledge of Controlling Shareholders,Investors Sentiment and Long-run Performance Following Private Equity Placements

作　　者：李秉祥[1] 简冠群 

机构地区：[1]西安理工大学经济与管理学院

出　　处：《中央财经大学学报》2017年第11期75-84,共10页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目"我国创业板上市公司控制权配置;经理管理防御与成长性研究"(项目编号;71772151);国家自然科学基金项目"中国上市公司经理层管理防御与激励约束机制的实验研究"(项目编号:71272118)

摘　　要：上市公司定向增发前控股股东实施股权质押的行为已相当普遍,但控股股东股权质押对定向增发公司的影响研究相对缺乏。笔者利用控股股东股权质押、投资者情绪及定向增发股价长期市场表现三者的传导机制,试图探讨控股股东融资行为对公司定向增发融资后果的影响。研究表明:控股股东股权质押加剧了定向增发后公司长期股价的弱势表现,控股股东股权质押对投资者情绪具有正向影响,投资者情绪对定向增发股价长期超额收益具有负向影响,投资者情绪在控股股东股权质押与定向增发股价长期表现关系间具有部分中介效应。研究结论意味着定向增发前控股股东股权质押利益相关方可能采取相关行动维稳股价、提高市值,但也只是质押期间的权宜之计。It is quite common for the stock pledge of controlling shareholders before the private equity placements,but the impact of the controlling shareholder＇s stock pledge on the private equity placements is relatively lack. Using the transmission mechanism of controlling shareholder＇s equity pledge,investor sentiment and long-run performance following private equity placements,trying to explore the influence of controlling shareholder＇s financing behavior on the result of the company＇s private placement financing. Studies have shown： the stock pledge of controlling shareholders exacerbated the weak performance of the long-term stock price after the private placement,the stock pledge of controlling shareholders have a positive impact on investor sentiment,and investor sentiment has a negative impact on the long-run performance following private equity placements,investor sentiment has some mediating effect between stock pledge and long-run performance following private equity placements. This conclusion means that the controlling shareholder may take action to improve the stability of stock price and market capitalization before private equity placements,but it is just a matter of expediency during the pledge.

关 键 词：控股股东股权质押 投资者情绪 定向增发 长期市场表现 

分 类 号：F830.91[经济管理—金融学]