控股股东股权质押“同群效应”与股价崩盘风险  

“Peer Effects”in Controlling Shareholders'Equity Pledge and Stock Price Crash Risk

作　　者：杨松令[1] 张秋月 刘梦伟 石倩倩[1] YANG Song-ling;ZHANG Qiu-yue;LIU Meng-wei;SHI Qian-qian(School of Economics and Management,Beijing University of Technology,Beijing,100124,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《经济管理》2020年第12期94-112,共19页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金一般项目“新时代背景下跨层次公司社会网络对双元创新的影响研究”(18BGL090)。

摘　　要：已有关于股权质押的研究较少从同群效应的视角进行考察。本文以2004—2018年中国A股上市公司为样本,研究控股股东股权质押同群效应的存在性、经济后果及影响机制。研究发现:同行业(同地区)公司群的控股股东股权质押行为,会对公司股权质押有显著的正向影响,表明控股股东股权质押行为存在同群效应。同时,控股股东股权质押的同群效应使得公司股价崩盘风险升高。机制检验发现,公司内部治理结构不完善、市场外部环境不透明是驱动股权质押同群效应的潜在机制。异质性检验结果表明,控股股东股权质押的同群效应在东部发达城市、市场化程度更高的环境中有所降低,同时本身受关注度高的公司也更少地受到同群效应的影响。本文不仅为加强对上市公司股权质押行为的监管提供了依据,还为提升市场透明度、防范市场风险提供了经验启示。As a means of financial operation,equity pledge has become an indispensable financing channel in the capital market by its advantages of easy financing,low cost and large amount.There have been abundant academic research achievements in the study of motivation and the economic outcomes of controlling shareholder's equity pledge,however,the existing studies have not explored the pledge of controlling shareholder's equity based on the perspective of peer effects.In fact,information asymmetry makes it impossible for many companies to obtain useful information efficiently and cheaply,so the company's controlling shareholders pay close attention to the decision-making behavior of other companies in the same industry or region because of the uncertainty between risk and return.During the period of equity pledge,the controlling shareholders have a stronger motivation for real earnings management to inhinit the risk of control transfer,but earnings management will instead increase the degree of information asymmetry for both sides of the market.At present,China's capital market has a low degree of development,and the overall quality of investors is low.Irrational economic investors cannot understand the real intention and strategic layout behind the stock pledge of listed companies.When there is a large number of peer companies pledge share,market investors'irrational speculation on a large number of negative information will cause panic,because the“herd effect”caused by negative emotions may cause investors to sell stocks in succession,and this panic selling will eventually have an impact on the risk of stock price crash.Therefore,this paper tries to deeply dig into the motivation of controlling shareholders'equity pledge;reveal the existence and market consequences of the same group effect;enrich the research on equity pledge and peer effects,and fill in the gaps in related fields on study.Therefore,the research samples of China A-share listed firms from 2004 to 2018 are used for this study of the peer effects of c

关 键 词：股权质押 同群效应 股价崩盘 控股股东 

分 类 号：F832.5[经济管理—金融学]