自信程度与股权质押风险——基于控股股东兼任公司高管视角的分析  

Confidence and Equity Pledge Risk——Based on the Analysis from the Perspective of the Controlling Shareholder Concurrently Serving as the Company′s Senior Executive

作　　者：祁怀锦[1] 刘艳霞 曹修琴 QI Huai-jin;LIU Yan-xia;CAO Xiu-qin(School of Accountancy,Central University of Finance and Economics,Beijing 100081,China;College of Economics and Management,Beijing University of Chemical Technology,Beijing 100029,China;National Immigration Administration,Beijing 100062,China)

机构地区：[1]中央财经大学会计学院,北京100081 [2]北京化工大学经济管理学院,北京100029 [3]国家移民管理局后勤保障司,北京100062

出　　处：《商业研究》2022年第5期23-34,共12页Commercial Research

基　　金：财政部会计名家培养工程,项目编号:财会[2017]26号;教育部人文社会科学研究规划基金项目,项目编号:19YJA790068;中央高校基本科研业务费项目,项目编号:XJ2020000901。

摘　　要：控股股东兼任公司高管直接参与上市公司经营在非国企中是普遍现象,鲜有研究考察这类人员的自信程度对股权质押风险的影响。本文以2013-2017年A股非国有上市公司为样本对比影响进行实证检验,研究发现控股股东兼任公司高管这类人员的自信程度与股权质押风险具有显著的正相关性,自信程度越高越会提高股权质押规模和降低质押股权市值,进而促使股权质押风险的上升;无论控股股东兼任高管的何种角色,上述正向影响关系不变,控股股东控制力对这种正向影响关系具有显著的强化效应。因此,监管者、管理层、投资者和债权人等在识别和防控股权质押风险时需高度关注管理者自信这一重要影响因素。It is a common phenomenon in non-state-owned enterprises that controlling shareholders who concurrently serve as senior executives directly participate in the operation of listed companies. However, few studies have investigated the influence of such personnel′s confidence on equity pledge risk. Taking non-state-owned listed companies from 2013 to 2017 as sample, this paper finds that such personnel′s confidence has a significant positive correlation with equity pledge risk. The higher the confidence degree is, the higher the equity pledge scale will be and the lower the market value of the pledged equity will be, thus promoting the increase of equity pledge risk. No matter what kind of role the controlling shareholder holds as senior executive, the above positive influence relationship remains unchanged, and the controlling shareholder′ control has a significant strengthening effect on this positive influence relationship. Therefore, regulators, managers, investors and creditors should pay close attention to the important factor of manager′s confidence when identifying and preventing the risk of equity pledge.

关 键 词：双重身份管理者 自信程度 股权质押风险 

分 类 号：F832[经济管理—金融学]