大股东股权质押与企业商业信用供给  

Major Shareholder Share Pledge and Companies Trade Credit Supply

作　　者：张会丽[1] 邹至伟 Zhang Huili;Zou Zhiwei

机构地区：[1]北京师范大学经济与工商管理学院

出　　处：《宏观经济研究》2020年第11期135-146,161,共13页Macroeconomics

基　　金：国家自然科学基金面上项目(编号:71872014、71872017);国家社会科学基金重大项目(编号:19ZDA101)的资助。

摘　　要：本文利用2007—2017年中国A股上市公司数据,研究大股东股权质押对企业商业信用供给(赊销)的影响。实证结果显示:大股东股权质押会导致企业显著增加商业信用供给,且大股东质押比例越高,提供的商业信用越多;进一步研究发现,大股东股权质押与企业商业信用供给的正向关系,在非国有企业、自由现金流水平较低企业以及存在两职合一的公司中更强。本文的结论表明,存在大股东股权质押的公司为刺激销售会在商业信用供给方面更加激进;且在大股东代理问题较为突出、资金约束水平较强以及公司治理水平较差的公司中更加严重。上述结论将对投资者决策以及相关监管部门具有一定借鉴和启发意义。This paper uses the data of China’s A-share listed companies from 2007 to 2017 to study the impact of major shareholder share pledges on the supply of companies’trade credit.The empirical results show that the pledge of major shareholders’share will lead to a significant increase in the companies’trade credit supply,and the higher the percentage of major shareholders’pledge,the more trade credit it provides;further evidence indicates that the major shareholder’s share pledge has a positive relationship with the companies’trade credit supply.It is stronger in non-state-owned companies,companies with low free cash flow levels,and companies which CEO and chairman of the board are the same person.The conclusion of this paper shows that companies with major shareholder share pledges will be more aggressive in trade credit supply in order to stimulate sales;and it is more serious in companies with major shareholder agency problems,strong capital constraints and poor corporate governance.The above conclusions will have certain reference and enlightenment significance for investors’decision-making and relevant regulatory authorities.

关 键 词：股权质押 商业信用供给 控制权性质 现金流约束 

分 类 号：F832.51[经济管理—金融学] F275