控股股东股权质押与资本结构动态调整  

The Controlling Shareholder’s Share Pledging and Dynamic Adjustment of Capital Structure

作　　者：侯丽 姜力文 侯德帅 周雪峰[1] HOU Li;JIANG Li-wen;HOU De-shuai;ZHOU Xue-feng(School of Business, Zhengzhou University of Aeronautics, Zhengzhou 450046, China;School of Economics and Management, Shandong University of Science and Technology, Qingdao 266590, China;School of Accounting, Capital University of Economics and Business, Beijing 100070, China)

机构地区：[1]郑州航空工业管理学院商学院,河南郑州450046 [2]山东科技大学经济管理学院,山东青岛266590 [3]首都经贸大学会计学院,北京100070

出　　处：《预测》2021年第3期47-54,共8页Forecasting

基　　金：国家自然科学基金青年资助项目(71802044,71901079);山东省自然科学基金资助项目(ZR2019PG001);山东科技大学人才引进科研启动基金资助项目(2017RCJJ021)。

摘　　要：本文采用沪深A股2003~2018年上市公司的样本数据,考察了控股股东股权质押对资本结构动态调整的影响。研究发现:控股股东股权质押比例越高,实际资本结构趋向目标水平调整得越慢;内部股权制衡机制不能抑制这种负向影响,但公司聘用行业专长的审计师可以减弱控股股东股权质押对资本结构动态调整产生的阻碍作用。进一步研究表明,相对于国有控股股东,非国有控股股东股权质押后防御控制权转移风险的动机更强,致使实际资本结构以较慢的速度趋向目标水平调整;控股股东股权质押对资本结构动态调整产生的抑制作用主要依赖于发行股票和现金分红的权益调整方式。Based on the panel data of firms listed in Shanghai and Shenzhen stock exchange from 2003 to 2018,this paper empirically tests the impact of controlling shareholder’s share pledging on the dynamic adjustment of capital structure.The research finds that the higher the proportion of controlling shareholder’s share pledging is,the more slowly the adjustment of the actual capital structure moves toward the target level;check-and-balance of ownership structure cannot suppress this negative impact,but auditor with industry expertise can weaken the negative impact of controlling shareholder’s share pledging on the dynamic adjustment of capital structure.Further research shows that the negative effect of controlling shareholder’s share pledging on the dynamic adjustment of capital structure in non-state-owned enterprises is significant instead of that in state-owned enterprises.The negative impact of the controlling shareholder’s share pledging on the dynamic adjustment of the capital structure is mainly caused by the stock issuance and cash dividends.

关 键 词：股权质押 动态资本结构 股权制衡 审计师行业专长 调整速度与方式 

分 类 号：F275[经济管理—企业管理]