中国上市公司股权质押之谜:基于减持新规的视角  

The Mystery of Equity Pledge of China’s Listed Companies:From the Perspective of the New Regulation of Shareholding Reduction

作　　者：丁志国[1] 张宇晴[2] 金龙 Ding Zhiguo;Zhang Yuqing;Jin Long

机构地区：[1]吉林大学数量经济研究中心/商学与管理学院 [2]吉林大学商学与管理学院 [3]东莞理工学院经济与管理学院

出　　处：《财经科学》2022年第8期1-17,共17页Finance & Economics

基　　金：国家社会科学基金青年项目“上市公司原始股东减持的主观动机、时机选择及市场影响研究”(19CJY060)的资助。

摘　　要：中国证监会于2017年出台减持新规对内部人行为进行限制,以期增强市场公平性,但新规出台的同时,股权质押水平攀升且爆仓事件层出不穷。基于此,本文以2011—2020年沪深A股上市公司为研究样本,采用多期双重差分模型实证考察减持新规出台对控股股东股权质押行为的影响及作用机制。研究发现,减持新规推动了股权质押水平提升,且该政策效应在高估值和高股权集中度的公司样本中更为显著。进一步研究发现,减持新规通过降低股票流动性提升公司的股权质押水平,但是信息透明度对流动性的积极作用可以弱化这一政策效果。本文的研究结论表明,对内部人交易的过多限制推动了市场中的股权质押,减持新规仍未起到完善市场机制的作用。综合来看,本文不仅为测度减持新规的政策效应提供了数据支持,还为解释资本市场股权质押增长现象贡献了新的视角。In 2017,China Securities Regulatory Commission(CSRC)issued new regulation on shareholding reduction to restrict insider behavior in order to enhance market fairness.However,at the same time,the level of equity pledge increased and the incidents of bursting of stocks emerged one after another.Based on this,we takes the 2011-2020 Shanghai and Shenzhen A-share listed companies as a sample,and uses muti-stages difference in difference model to empirically examine the impact of the new shareholding reduction regulation on the pledge behavior and its mechanism.We found that the new regulation on shareholding reduction promotes the level of equity pledge,and the effect of the policy was more significant in the sample of companies with high valuation and high equity concentration.Further research shows that the new regulation on shareholding reduction increases the level of equity pledge by reducing the stock liquidity,but the positive effect of information transparency on liquidity can weaken the effect of this policy.The conclusions of this paper show that the excessive restrictions on insider trading have promoted equity pledges in the market,and the new regulation on shareholding reduction has not yet played a role in improving the market mechanism.In summary,this paper not only provides data support for measuring the policy effect of the new regulation on shareholding reduction,but also provides a new perspective for explaining the growth of equity pledge in the capital market.

关 键 词：股权质押 减持新规 内部人交易 控股股东 

分 类 号：F832.5[经济管理—金融学]