控股股东股权质押对年报前瞻性信息披露的影响研究  

A Research on the Impact of Controlling Shareholders’Equity Pledge on Forward-looking Information Disclosure of Annual Reports

作　　者：李贺[1] LI He(School of Digital Application,Dalian University of Finance and Economics,Dalian Liaoning 116622,China)

机构地区：[1]大连财经学院数字化应用学院,辽宁大连116622

出　　处：《长沙大学学报》2024年第2期84-89,112,共7页Journal of Changsha University

基　　金：哈尔滨商业大学博士研究生科研创新项目,编号:YJSCX2022-729HSD;辽宁省民办教育协会教育科学“十四五”规划课题“应用型大学‘双创’教育课程体系研究”阶段性成果,编号:LMJX2021130。

摘　　要：近年来,随着上市公司股权质押的数量越来越多,控股股东股权质押和市值盈余管理成为研究热点。基于此,以上市公司控股股东股权质押作为研究对象,选取2013—2022年我国A股上市公司所发布的年度财务报告为样本,利用上市公司股权质押数据,从文本信息的内容和态度偏好程度进行挖掘。结果表明:控股股东进行股权质押后在年度报告中披露更多的积极信息和有利股价的预测信息,而控股股东为了控制风险,具有强烈粉饰年度报告的动机。进一步研究发现,粉饰年度报告采用的手段主要是增加乐观信息的陈述,上市公司面临外界质疑时将会披露更多的乐观文本信息。In recent years,with the increasing number of equity pledges of listed companies,controlling shareholders’equity pledge and market value earnings management have become a hot research topic for scholars.Based on this,this paper takes the equity pledge of the controlling shareholders of listed companies as the research object,selects the annual financial reports issued by China’s A-share listed companies from 2013 to 2022 as a sample,and uses the equity pledge data of listed companies to mine the content and attitude preference of the text information.The results show that the controlling shareholders disclose more positive information and favorable stock price forecast information in the annual reports after the equity pledge,while the controlling shareholders have a strong motivation to whitewash the annual reports in order to control the risk.Further research finds that the means used to whitewash the annual reports is mainly to increase the statement of optimistic information,and listed companies will disclose more optimistic text information when facing external doubts.

关 键 词：控股股东 股权质押 信息披露 态度倾向 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]