政策不确定性、投资者情绪与控股股东股权质押  

Policy Uncertainty,Investor Sentiment and Controlling Shareholder Equity Pledge

作　　者：程晨[1] 陈青 CHENG Chen;CHEN Qing(School of Business, Zhengzhou University, Zhengzhou 450001, China;The Institute for Financial & Accounting Studies, Xiamen University, Xiamen 361000, China)

机构地区：[1]郑州大学商学院,河南郑州450001 [2]厦门大学财务管理与会计研究院,福建厦门361000

出　　处：《预测》2020年第2期63-69,共7页Forecasting

基　　金：国家自然科学基金青年资助项目(71702173,71702171)。

摘　　要：为适应新时代宏微观经济环境的快速变化,经济政策经历着不断的调整以寻求高质量增长的实现路径。经济政策的不确定性如何影响资本市场参与者的决策,怎样进一步影响企业的微观行为?本文以2013~2017年A股上市公司为研究对象,研究政策不确定性对控股股东股权质押融资行为的影响以及投资者情绪的中介作用。研究发现:股权质押制度的有效运行取决于资本市场参与主体,即企业、银行、投资者三者博弈的结果;政策不确定性会影响控股股东的股权质押融资行为,并且与其质押程度呈倒U型关系;且这种关系在资产专用程度和成长性较高的企业中更为显著;投资者情绪作为中介变量,解释了政策不确定性对股权质押行为影响的传导机制。In order to adapt to the rapid changes of macro and micro economic environment in the new era,economic policies are undergoing frequent adjustments to seek the path of high-quality growth.How does the uncertainty of economic policy affect the participants in the capital market and further influence micro-decision-making behaviors of enterprises?Taking A-share listed companies from 2013 to 2017 as research sample,this paper studies the influence of policy uncertainty on the financing behaviors of controlling shareholders’equity pledge and the intermediary role of investor sentiment.It is found that the effective operation of the pledge system depends on the outcome of the game among enterprises,banks and investors.The policy uncertainty will affect the financing behaviors of the controlling shareholders,and its pledge degree shows an inverted U-shaped relationship.And this relationship is more significant in enterprises with high degree of asset appropriation and firm growth.As an intermediary variable,investor sentiment explains the transmission mechanism of the impact of policy uncertainty on equity pledge behaviors.

关 键 词：政策不确定性 投资者情绪 股权质押 倒U型 

分 类 号：F832.5[经济管理—金融学]