股权质押对股价崩盘风险影响的实证研究  

An Empirical Study on the Effect of Equity Pledge on the Crash Risk of Stock Price

作　　者：徐昂 李淑锦[1] 

机构地区：[1]杭州电子科技大学经济学院,浙江 杭州

出　　处：《金融》2020年第3期200-211,共12页Finance

摘　　要：本文从理论层面上基于大股东行为角度分析了股权质押对股价崩盘的影响;并以我国2009~2019年A股上市公司为研究对象,考察了大股东股权质押行为对股价崩盘的影响以及大股东持股比例在股权质押与股价崩盘关系中扮演着的角色。研究结果表明,在其他条件不变的情况下,大股东股权质押比例越高,股价崩盘风险越大;而较高的大股东持股比例可弱化大股东股权质押与股价崩盘风险之间的正向关系。This article theoretically analyzes the impact of equity pledge on stock price crash based on the behavior of large shareholders;and takes China’s 2009-2019 A-share listed companies as the re-search object, and examines the impact of large shareholder equity pledge on stock price crash and the role of shareholding ratio of major shareholders in the relationship between equity pledge and stock price collapse. The research results show that under other conditions unchanged, the higher the shareholder’s equity pledge ratio, the greater the risk of stock price collapse;and the higher shareholder’s shareholding ratio can weaken the positive relationship between the large shareholder’s equity pledge and the stock price collapse risk To relationship.

关 键 词：股权质押 股价崩盘 大股东持股比例 控制权转移 

分 类 号：F83[经济管理—金融学]