经济政策不确定性影响下的股权质押与上市公司市值管理  

Equity Pledge and Market Value Management of Listed Companies under the Influence of Economic Policy Uncertainty

作　　者：陈浩[1] CHEN Hao(School of Economics and Management,Beihang University,Beijing 100191,China)

机构地区：[1]北京航空航天大学经济管理学院,北京100191

出　　处：《价值工程》2020年第26期254-256,F0003,共4页Value Engineering

摘　　要：市值管理是企业避免股价异常波动、为股东创造价值的重要手段。从股权质押的角度对沪深A股上市公司市值管理行为进行研究,结果表明股权质押激发了上市公司进行市值管理,进一步考虑经济政策不确定性的影响,发现经济政策不确定性会减弱股权质押对市值管理的影响,并且在不确定性较高时期,不利于上市公司的市值管理行为。另外,进一步分析发现,由于国有企业较民营企业具有较弱的市值管理动机,其股权质押行为会降低市值管理的有效性。当股权质押资金投向控股股东自身或第三方时,其市值管理有效性显著弱于投向被质押上市公司。Market value management is an important means for companies to avoid abnormal stock price fluctuations and create value for shareholders.Research on the market value management behavior of Shanghai and Shenzhen A-share listed companies from the perspective of equity pledges.The results show that equity pledges have stimulated listed companies to conduct market value management.Further considering the impact of economic policy uncertainty,it is found that economic policy uncertainty will weaken the impact of equity pledge on market value management,and in periods of high uncertainty,it is not conducive to the market value management behavior of listed companies.In addition,further analysis found that because state-owned enterprises have a weaker market value management motivation than private enterprises,their equity pledge behavior will reduce the effectiveness of market value management.When equity pledge funds are invested in the controlling shareholder itself or a third party,its market value management effectiveness is significantly weaker than that in the pledged listed company.

关 键 词：市值管理 经济政策不确定性 上市公司 面板回归模型 

分 类 号：F832.48[经济管理—金融学]