控股股东股权质押与年报前瞻性信息披露  

Pledge of Controlling Shareholders’Equity and Disclosure of Future Tense Information in Annual Report

作　　者：王秀丽[1] 齐荻 吕文栋[1] Wang Xiuli

机构地区：[1]对外经济贸易大学国际商学院,100029 [2]南京农业大学金融学院,210095

出　　处：《会计研究》2020年第12期43-58,共16页Accounting Research

基　　金：国家社会科学基金青年项目(19CJY008);国家社会科学基金一般项目(17BGL233)资助。

摘　　要：近年来上市公司"无股不押"的行为给我国股票市场造成了巨大波动,质押比例高的公司股价一度呈现断崖式下跌,引发了市场对风险的担忧,更吸引了学者们对股权质押问题的广泛关注。基于此背景,本文以我国沪深上市公司2010-2018年的数据为样本,重点考察了股权质押企业年报文本信息的披露特征。研究发现在股权质押后,上市公司年报文本中将披露更多前瞻性信息用以描述未来前景,将来时态语句数量显著提高。整体文本特征的异常乐观程度越大,上述现象越显著。进一步的研究显示,在企业经营风险加大,外部监督增强和自身代理问题更严重的样本中,年报中呈现的未来前景的文本信息披露增多。上述发现在一系列的稳健性检验中依然成立。本文的发现证实了年报文本信息描述的"将来化"是股权质押后上市公司美化文本信息披露,降低股权质押风险,稳定股价的重要手段。本文的结论丰富了股权质押下控股股东影响文本信息披露的研究,并为监管机构规范股权质押上市公司行为提供了相应参考。In recent years,the behavior of"most listed companies pledge their shares"caused huge fluctuations in China’s stock market.The stock prices of companies with a high pledge ratio once showed a precipitation-like decline,which triggered the concern of the market for risks and attracted extensive attention of scholars on the issue of stock pledge.Based on this background,this paper takes the data of listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2018,and focuses on investigating the disclosure characteristics of annual report text information of stock pledge companies.We find after the pledge of equity,the text information of the annual report of listed companies will describe the future prospect more,and the number of future statements will be significantly increased.The more optimistic the overall text characteristics are,the more significant the above phenomenon is.Further research shows that among the samples with increased operating risks,enhanced external supervision and more serious agency problems,the text information disclosure of future prospects presented in the annual report is more significant.After a series of robustness tests,those findings still hold.It indicates that the"future tense"of the text information description in the annual report is an important means to whitewash the text information disclosure of listed companies after equity pledge,reduce the risk of equity pledge and stabilize the stock price.The conclusion of this paper enriches the research on the influence of controlling shareholders on the text information disclosure under the pledge of shares and provides the relevant reference for the supervision department to regulate the behavior of listed companies under the pledge of shares.

关 键 词：股权质押 年报文本信息 控股股东 前瞻性信息 

分 类 号：F832.51[经济管理—金融学] F275