控股股东股权质押后的会计行为选择--激进抑或保守?  

Accounting Behavior Choice after Controlling Shareholder’s Share Pledge:Aggressive or Conservative?

作　　者：郑登津 袁薇 陈运森[1] DENGJIN ZHENG;WEI YUAN;YUNSEN CHEN

机构地区：[1]中央财经大学会计学院

出　　处：《中国会计评论》2020年第2期259-288,共30页China Accounting Review

基　　金：国家自然科学基金(71802206,71872198);教育部人文社会科学研究基金(18YJC630262);中央高校基本科研业务费专项资金(QL18005);北京高精尖学科“金融安全工程”2020年度应急项目的资助。

摘　　要：控股股东股权质押是近年受到资本市场热捧但学术界尚未深入研究的现象,其中一个重要的待解之谜便是,在股权质押后,企业的会计行为是愈加激进还是愈加保守。本文研究发现:控股股东股权质押后,企业的会计稳健性程度显著降低,这意味着控股股东股权质押使得企业的会计行为更加激进,且该负向关系在非国有控股上市公司中更加显著。进一步地,制度环境(债务压力)显著抑制(加剧)了控股股东股权质押后企业会计行为的激进程度;而股权制衡度和审计监督对此则无显著影响。本文检验可能的作用机制后发现,控股股东股权质押后,公司正向的盈余管理程度和业绩预测乐观程度均显著增强。此外,随着股权质押的解除,企业的会计稳健性程度也出现明显的反转和提升。在利用倾向得分匹配配对、工具变量两阶段回归、双重差分模型等进行稳健性检验后,结果依然成立。本文研究结果意味着控股股东的股权质押行为会显著影响公司的会计行为选择,这不仅为监管机构规范监管股权质押行为提供了重要启示,也响应了中央关于防范金融风险的精神。Share pledge,a phenomenon lacks deeper academic research,is increasingly common among Chinese listed companies.An important puzzle is that whether a firm’s behaviors will become more aggressive or more conservative after share pledge.In this paper,we find robust evidence that after the share pledge of controlling shareholders,the level of accounting conservatism of the enterprise is significantly reduced,a result implies that share pledge makes the accounting behaviors of the enterprise more aggressive.We also find this negative relationship being more significant for non-state-owned firms.Furthermore,the institutional environment(debt pressure)significantly inhibits(intensifies)the radical level of enterprise accounting behavior after the share pledge of controlling shareholder,while the degree of equity balance and the supervision of audit have no significant influence on this relationship.In addition,by studying the possible mechanism,we have observed that controlling shareholders’share pledge increase the behaviors of earning management and the optimism of earnings forecast.Moreover,the level of conservatism significantly increases after the termination of share pledge from controlling shareholders.At last,our results are robust when using propensity score matching method,two stage least square regression model,difference-indifference model and other robust tests.Our research in this paper indicates that controlling shareholder’s share pledge indeed affects company’s accounting behavior.This result not only provides academic evidence for share pledge regulators,but also responds the spirit of country on preventing risks.

关 键 词：股权质押 控股股东 会计稳健性 

分 类 号：F275[经济管理—企业管理] F271[经济管理—国民经济] F832.51