控股股东股权质押、外部治理环境与股利政策选择  

Equity Pledge of Controlling Shareholders,External Governance Environment and Dividend Policy Choice

作　　者：鞠方[1] 夏一丹 罗泉 夏云峰[1] JU Fang;XIA Yidan;LUO Quan;XIA Yunfeng(Businessof School,Xiangtan University,Xiangtan 411105,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《经济经纬》2023年第1期152-160,共9页Economic Survey

摘　　要：基于2010—2019年沪深A股上市公司样本,检验控股股东股权质押对股利政策选择的影响以及外部治理环境的调节效应。研究表明:控股股东股权质押导致控制权转移,控股股东会实施积极的股票送转;而现金股利水平导致代理冲突,会影响控股股东的股权质押行为;好的外部治理环境具有正向效应,能够抑制控股股东股权质押导致的股票高送转增加行为和现金股利降低水平。研究结合宏观环境和资本市场,深入分析了股权质押与股利政策选择之间的关系,为政府治理和金融监管提供有益的政策建议。Bases on samples of Shanghai and Shenzhen A-share listed companies from 2010——2019,this paper empirically tests the impact of equity pledge of controlling shareholder on dividend policy choice and regulatory effect of external governance environment.The results show that equity pledge of controlling shareholders leads to transfer of control rights and an active stock transfer.And the level of cash dividend can lead to agency conflict and affect the equity pledge behavior of controlling shareholders.Further research shows that a good external governance environment has a positive effect,which can restrain the increasing behavior of high stock delivery and the reduction of cash dividend caused by equity pledge of controlling shareholders.Combined with the macro environment and capital market,this paper deeply analyzes the relationship between equity pledge and dividend policy choice,and provides useful policy suggestions for government governance and financial supervision.

关 键 词：控股股东 股权质押 股利政策 股票送转 外部治理环境 调节效应 

分 类 号：F832[经济管理—金融学]