市值管理动机下信息披露行为研究——以三五互联股权质押为例  

Research on Company Information Disclosure with the Motivation of Market Value Management:A Case Study of Controlling Shareholders’Equity Pledge of 35.COM

作　　者：单蒙蒙 张玮怡 叶筱慧 SHAN Meng-meng;ZHANG Wei-yi;YE Xiao-hui(Department of Tourism,Fudan University,Shanghai 200433,China;School of Management,Shanghai University,Shanghai 200444,China)

机构地区：[1]复旦大学旅游学系,上海200433 [2]上海大学管理学院,上海200444

出　　处：《管理案例研究与评论》2024年第5期793-815,共23页Journal of Management Case Studies

基　　金：2018年国家自然科学基金面上项目“中国企业海外子公司跨界搜索与本土化战略研究:基于组织学习和战略适应的视角”(71872052);2023年上海市“科技创新行动计划”软科学研究项目“在沪外资研发机构组织形态与功能转变研究:以生物医药企业为例”(23692117600)。

摘　　要：股权质押作为我国资本市场一种重要的融资方式,在上市公司中非常普遍。但同时,股权质押存在股价波动、控制权转移等潜在风险。以三五互联为例,从信息披露这一市值管理手段出发,对上市公司控股股东股权质押后的风险应对策略及经济后果进行了剖析。研究发现:控股股东高比例的股权质押会诱发控股股东产生维稳股价和利益侵占的市值管理动机。控股股东在市值管理动机下会倾向于采取策略性信息披露手段,甚至产生信息违规披露行为。短期内,控股股东的策略性信息披露行为可以达到稳定或提升股价的目的,但长期内,策略性信息披露行为和信息违规披露行为均会影响公司价值,造成会计信息质量下降并对中小股东的利益造成侵害。研究结果对规范上市公司股权质押、市值管理及信息披露行为具有一定的现实意义。As an important financing method in Chinese capital market,equity pledge is increasingly common among listed companies.However,equity pledge also entails multiple potential risks such as stock price volatility and control rights transfer.Based on case study of 35.COM,from the perspective of information disclosure as a mean of market value management,this paper explores the risk management strategies and economic consequences following equity pledges by controlling shareholders of listed companies.We find that a high ratio of pledged shares by controlling shareholders would induce motives for maintaining stock prices and value management for self-interest,which might lead to strategic information disclosure practices and even violations of information disclosure regulations.In the short term,the strategic information disclosure of controlling shareholders can achieve the goal of stabilizing or boosting stock prices.However,in the long term,these strategic and non-compliant information disclosures may affect the company’s value,cause a decline in the quality of accounting information,and infringe on the interests of small and medium-sized shareholders.Research result is of practical significance for standardizing equity pledging,market value management and information disclosure behaviors in listed companies.

关 键 词：股权质押 市值管理 策略性信息披露 经济后果 上市公司 

分 类 号：F832[经济管理—金融学] F275