大股东股权质押影响公司价值的路径分析  

The Path Analysis on Large Shareholder’s Share Pledge Affecting Firm Value

作　　者：夏婷[1] 闻岳春[1] 袁鹏[2] XIA Ting;WEN Yue-chun;YUAN Peng(Sehool of Eeonomie and Management,Tongji University,Shanghai 200092;School of Business Administration,Southwestern University of Finance and Economies,Chengdu 611130,China)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]西南财经大学工商管理学院,四川成都611130

出　　处：《山西财经大学学报》2018年第8期93-108,共16页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71273190)

摘　　要：以2006—2016年我国沪深A股上市公司为样本,采用结构方程模型分析第一大股东股权质押影响公司价值的作用路径。研究表明：质押程度和质押规模对公司价值有不同影响,但总效应为正,说明股权质押有利于公司价值的提升;在大股东股权质押影响公司价值的作用路径中,直接作用路径发挥了主要作用;在间接作用路径中,研发投资路径对公司价值有显著影响,但两权分离路径和市值管理路径对公司价值没有显著影响。Using the data of Shanghai and Shenzhen A-Share listed companies from 2006 to 2015, this paper uses the structural equation model（SEM） to analyze the mechanism of large shareholder＇s share pledge affecting firm value. This paper concludes that,the degree of share pledge and the ratio of share pledge have different influence on firm value, but the total effect is positive, which means share pledge can effectively enhance firm value. The direct acting path plays a major role among all paths. The analysis on indirect paths shows that, the RD investment path exerts an obvious influence on firm value, but the path of ownership separation and the market value management path don＇t have a significant influence.

关 键 词：股权质押 公司价值 研发投资 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]