控股股东股权质押与公司自愿性披露  

Controlling Shareholder’s Share Pledge and Voluntary Disclosure

作　　者：田高良[1,2] 贝成成 施诺 TIAN Gaoliang;BEI Chengcheng;SHI Nuo(School of Management,Xi’an Jiaotong University,Xi’an 710049,China;National Experiment Center for Management Teaching&Learning,Xi’an 710049,China)

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西安交通大学国家管理教学实验中心,陕西西安710049

出　　处：《西安交通大学学报（社会科学版）》2021年第2期33-41,共9页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家自然科学基金面上项目(71372163);国家自然科学基金青年项目(72002165);教育部人文社会科学研究青年基金项目(20YJC790116);中国博士后科学基金项目(2020M683519)。

摘　　要：自愿性信息披露作为公司与外界沟通的重要途径,能够有效缓解资本市场中的信息不对称问题,提升资源配置效率。本文通过检验2007—2017年中国A股上市公司控股股东股权质押行为与自愿性信息披露的关系,发现以下结论:(1)上市公司在控股股东股权质押期间披露了更多的业绩预告;(2)控股股东股权质押可以提高管理层发布业绩预告的精确度;(3)对于股票流动性较差的公司,控股股东股权质押对管理层发布业绩预告的促进作用更加明显。这些结论补充了基于强制性会计选择与股权质押的相关研究,也为公司策略性地利用自愿性披露影响市场预期从而平抑股价波动提供了经验证据。As an important way to communicate with outside parties,voluntary information disclosure can effectively alleviate the problem of information asymmetry and improve the efficiency of resource allocation in the capital market.By using the data from 2007 to 2017 of A-share listed companies in China,we test the relation between controlling shareholder’s share pledge and voluntary disclosure.The results show that firms disclose more management earnings forecasts during the period of pledge and the forecasts become more accurate.Further evidence indicates that this relation is enhanced when the stock liquidity is low.This study complements the researches about the impact of share pledge on mandatory disclosure and provides further theoretical analysis and new empirical evidence on companies’strategically using voluntary disclosure to influence market expectations and thus stabilize stock price volatility.

关 键 词：股权质押 控股股东 自愿性披露 业绩预告 控制权转移 股票流动性 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]