大股东股权质押对公司投资决策与投资效率的影响  

The Influence of Large Shareholder's Pledge on Investment Decision and Investment Efficiency

作　　者：徐松涛 张倩 Xu Songtao;Zhang Qian(Nanjing Audit University,Jiangsu Nanjing 211815)

机构地区：[1]南京审计大学,江苏南京211815

出　　处：《对外经贸》2021年第7期102-105,共4页FOREIGN ECONOMIC RELATIONS & TRADE

摘　　要：近年来,股权质押凭借其特点,受到越来越多公司大股东的青睐,但股权质押本身也存在一定的风险,如法律风险、市场风险、系统性风险等。实证分析股权质押对投资决策的影响以及对投资效率的影响,结论表明,一个公司的控股股东在外进行股权质押的比例越高,企业的效率就会越低。企业的投资决策的选择会很大程度上影响企业未来一段时间的经营效率。The company's business goal is to maximize the value of the enterprise,that is to say,to create as much income as possible.In this process,a certain amount of resources is needed to make the investment decisionmaking become more important in all decisions of the company.Investment decision-making not only affects the efficiency of the enterprise,but also the improvement of the company value,but also the development level of the national economy.Therefore,the efficiency of the company investment has been closely concerned by the people from all walks of life in the society.In recent years,the equity pledge is favored by more and more large shareholders because of its unique characteristics,but there are some risks in the pledge itself.Therefore,in order to make the company investment decision correct and investment efficient,the major shareholders must solve the risk problems brought by them when they pledge their shares.

关 键 词：大股东 股权质押 投资决策 投资效率 

分 类 号：F83[经济管理—金融学]