一致行动人股权质押视角下的控股股东股票增持研究  

Research on controlling shareholders’stock increase from the perspective of consistent action persons’equity pledge

作　　者：刘德溯[1] 李陈鸿 郑烁 LIU De-su;LI Chen-hong;ZHENG Shuo

机构地区：[1]南京大学商学院,江苏南京210093 [2]中国农业发展银行福建省分行,福建福州350003

出　　处：《东南大学学报（哲学社会科学版）》2024年第2期103-116,148,共15页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家社会科学基金一般项目“上市民企大股东股权质押动机的经济学分析及风险预警研究”(19BJL060)成果之一。

摘　　要：股权质押背景下,股票增持是控股股东应对控制权转移风险的重要方式。研究发现,一致行动人存在股权质押时,控股股东更容易进行股票增持,且一致行动人质押比例越高控股股东增持比例越大;当控股股东也存在股权质押时,该正向影响依然显著;此外,一致行动人净质押比例越高控股股东增持比例越大。进一步研究发现,国有产权在控股股东股票增持与一致行动人股权质押之间发挥了正向调节作用。研究结论为有关部门加强对控股股东及一致行动人的协同监管提供了参考依据,有助于投资者理性看待控股股东的股票增持行为。In the context of equity pledge,stock increase is an important way for controlling shareholdersin their response to the risk of control transfer.The study finds that when consistent action persons have equity pledges,controlling shareholders are more likely to increase their holdings,and the higher the proportion of equity pledged by consistent action persons,the greater the proportion of increase in holdings by controlling shareholders.When controlling shareholders also have equity pledges,this positive impact remains significant.Furthermore,the higher the net pledge ratio of consistent action persons,the greater the proportion of increase in holdings by controlling shareholders.Further research reveals that state ownership plays a positive moderating role in the relationship between them.This study provides a reference basis for relevant departments in their coordinated supervision,and helps investors to interpret the stock increase behavior of controlling shareholders.

关 键 词：一致行动人 股权质押 控股股东 股票增持 净质押 

分 类 号：F832.51[经济管理—金融学]