大股东持股比例、股权质押与公司股份回购决策  

The Largest Shareholder's Shareholding Ratio,Share pledge and Company's Share Repurchase Decision

作　　者：王少飞[1] 张勇 WANG Shao-fei;ZHANG Yong(School of Business,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学商学院,上海200433

出　　处：《经济问题》2023年第12期58-65,共8页On Economic Problems

摘　　要：以A股上市公司为样本,分析了大股东持股比例对股权质押与公司股份回购关系的影响。研究发现,大股东股权质押会增加公司股份回购的频率和回购金额,但是大股东的持股比例会影响这一关系,随着大股东持股比例的增加,大股东股权质押与公司回购的正相关关系会呈现先增后减的现象。按照大股东持股比例进行分组,在25分位数以下和75分位数以上的组中,大股东股权质押对股份回购的影响并不显著。进一步研究发现,大股东股权质押后的股份回购会损害公司价值,而二股东的股权质押会强化大股东股权质押与股份回购的正相关关系,并且该正相关关系在非国有企业中更为显著。This paper uses A-share listed companies as a sample to analyze the influence of largest shareholder's shareholding ratio on the relationship between share pledge and share repurchase.The study finds that the pledge of the largest shareholder will increase the frequency and amount of company's share repurchases,but the largest shareholder's shareholding ratio will affect this relationship.As the largest shareholder's shareholding ratio increases,the positive correlation between the largest shareholder's share pledge and share repurchases will show the phenomenon of first increase and then decrease.Grouped with the largest shareholder's shareholding ratio,the impact of largest shareholder's share pledge on share repurchase is not significant when the shareholding ratio is below the 25th quantile or above the 75th quantile.Further research found that the share repurchase after the largest shareholder's share pledge will damage the company's value,but the second shareholder's pledge will strengthen the positive correlation between the largest shareholder's share pledge and share repurchase,and this positive correlation is more significant in non-state-owned enterprises.

关 键 词：大股东持股比例 股权质押 股份回购 

分 类 号：F832.5[经济管理—金融学]