大股东股权质押如何影响市值管理和公司价值?  

How Do Equity Pledges of Major Shareholders Affect Market Value Management and Corporate Value?

作　　者：鲁银梭[1] 钱芳璐 LU Yin-suo;QIAN Fang-lu(College of Economics and Management,Zhejiang A&F University,Hangzhou 311300,China)

机构地区：[1]浙江农林大学经济管理学院,杭州311300

出　　处：《管理案例研究与评论》2022年第5期582-594,共13页Journal of Management Case Studies

基　　金：浙江省科技厅软科学重点项目“浙江星创天地运行绩效评价及其优化路径研究”(2021C25008);杭州市哲学社会科学规划课题“创业生态系统的动态演化与价值共创机制——以杭州市为例”(G21JC010)。

摘　　要：大股东通过股权质押获得融资的同时,也面临着补充质押风险和控制权转移风险。为平滑股价、规避风险、平稳市值,大股东在股权质押后有动机且有能力采取市值管理行为。单独研究股权质押和市值管理的文献相对丰富,但股权质押行为如何影响市值管理方式的选择?市值管理行为对公司价值的影响路径如何?尚缺乏深入探究。基于信号传递理论和市值管理理论,对光一科技的“股权质押行为—市值管理方式—市值管理绩效”的研究显示:频繁且高比例的股权质押加剧了质押风险,增强了市值管理的投机行为,虽短期内平滑了股价,但并不能改善企业的长期经营业绩。研究可为投资者识别企业股权质押动机与分析企业真实内在价值提供参考,对监管机构规范上市公司股权质押与市值管理行为有启示作用。While obtaining funds through equity pledges,major shareholders also face the risk of supplementary pledge and control rights transfers.In order to smooth stock prices,avoid risks and stabilize market values,major shareholders have the motivation and ability to adopt market value management behaviors.The literatures on equity pledge and market value management are relatively rich,but there is a lack of in-depth exploration on how equity pledge affects the choice of market value management and the impact of market value management on corporate value.Based on the signal transmission theory and market value management theory,this paper takes Elefirst Technology as an example and discusses how equity pledges of major shareholders affects market value management,and what are the financial effects of different market value management methods.The study finds that frequent and high proportions of equity pledges exacerbat the risk of equity pledges and enhance the speculation of market value management.Although it smooths the stock price in the short term,it doesn’t improve the long-term performance of enterprises.The study also provides a reference for investors to identify corporate motivations and analyze the real internal value of enterprises,and provides suggestions for regulators to regulate the equity pledge and market value management of listed companies.

关 键 词：股权质押 市值管理 内在价值 价值实现 

分 类 号：F832.5[经济管理—金融学]