控股股东股权质押与新发行公司债券定价  

The Equity Pledge of Controlling Shareholders and the Newly Issued Corporate Bond Pricing

作　　者：欧阳才越 谢妍[2] 熊家财[3] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]海南大学经济与管理学院,海南海口570228 [3]江西财经大学会计学院,江西南昌330013

出　　处：《山西财经大学学报》2018年第1期26-38,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71562015);海南省自然科学基金面上项目(717080);江西省高校人文社科项目(GL1522);江西省社科“十二五”(2015)规划项目(15GL29);中南财经政法大学博士研究生科研创新重点项目(2015BZ1102)

摘　　要：基于我国上市公司2007—2015年的数据,研究了控股股东股权质押与新发行公司债券定价的关系,结果发现,控股股东股权质押会导致更高的新发行公司债券信用利差。进一步发现,这一关系仅存在于上市公司身处东部区域组、股价崩盘风险较高组以及管理层能力较高组,从而支持了控制权变更风险假说。此外还发现,这一关系在高掏空组不显著,在低掏空组反而显著,在不同信息质量组不存在显著差异,从而排除了掏空路径和信息风险路径。In this paper, we study the relationship between the equity pledge of controlling shareholder and the newly issued cor- porate bond pricing. We conclude that, the equity pledge of controlling shareholder results in a higher credit spread on the newly is- sued corporate bond. A further study reveals that, above relationship only exists in those listed companies located in eastern region or with higher risk of collapse in the share price, also those with higher managerial ability, which supports the hypothesis of the alteration risk of control power. In addition, this relationship is more significant in the low tunneling group than in low tunneling group. The pos- itive correlation above does not exists differently in groups with different information qualities, what helps us exclude the tunneling path and the information risk path.

关 键 词：股权质押 控制权变更风险 债券定价 

分 类 号：F832.5[经济管理—金融学]