投服中心行权保护中小股东利益了吗:基于控股股东股权质押视角  

Has the China Securities Investor Services Center Exercised Its Rights to Protect the Interests of Minority Shareholders:Evidence from Controlling Shareholders'Share Pledging

作　　者：余怒涛[1] 苗瑞晨 张华玉[2] Yu Nutao

机构地区：[1]云南财经大学,650221 [2]云南财经大学会计学院,650221

出　　处：《会计研究》2024年第6期87-101,共15页Accounting Research

基　　金：国家自然科学基金(72262034,71862037);云南省教育厅科学研究基金(2024Y500)的资助。

摘　　要：本文以控股股东股权质押为切入点,检验投服中心行权对中小股东利益的保护效应。研究发现,投服中心行权能有效抑制控股股东股权质押行为,且相比于支持型股权质押,更能有效抑制非支持型股权质押,并由此减少了关联交易和增加了现金股利支付,贴合中小股东利益保护的治理目标。机制检验表明,投服中心行权通过促进中小股东积极参与治理以及提升媒体关注度,进而约束股权质押行为。基于行权文本特征分析发现,行权问题数量越多、内容越详细以及对公司内部治理问题的关注度越高时,越可能减少股权质押及非支持型股权质押行为。基于公司特征分析发现,在非国有企业、低投资者保护水平以及低机构投资者持股的企业,投服中心行权对股权质押的影响更为明显。本文验证了投服中心行权的有效性,丰富了小股东参与治理的后果研究,并对如何约束控股股东股权质押行为提供了经验证据。This paper takes controlling shareholders'share pledging as the entry point to test the protection effect of CSISC's exercise of rights on minority shareholders'interests.It is found that the exercise of rights by the CSISC can effectively inhibit controlling shareholders'share pledging,and can more effectively inhibit non-supportive share pledging than supportive share pledging,which reduces the number of connected transactions and increases cash dividend payments,and is in line with the governance objective of protecting the interests of minority shareholders.Mechanism tests show that the exercise of rights by the CSISC constrains share pledging by increasing the active participation of minority shareholders and increasing media attention.Based on the textual features of the exercise,it is found that the greaterthe number of questions,the more detailed the content and thefocus on internal governance issues during the exercise of rights by the CSISC,it is more likely to reduce the controlling shareholders'share pledging and non-supportive share pledging behaviours.Based on the firm characteristics,it is found that the impact of CSISC on share pledging is more pronounced in non-state-owned firms,firms with low levels of investor protection,and firms with low institutional investor shareholdings.The conclusions of this paper validate the effectiveness of CSISC exercise,enrich the research on the consequences of minority shareholders'participation in governance,and provide empirical evidence on how to restrain controlling shareholders'share pledging behaviours.

关 键 词：投服中心行权 股权质押 中小股东利益保护 公司治理 

分 类 号：F832.51[经济管理—金融学] F275