控股股东股权质押、股利政策与股价波动
Controlling Shareholder Equity Pledge,Dividend Policy and Stock Price Fluctuation
王海侠 1陈泓璐1
作者信息
- 1. 东华大学 旭日工商管理学院,上海 200051
- 折叠
摘要
本文以2014-2021年A股上市公司作为研究样本,研究控股股东股权质押对股价波动的影响,以及股权质押是否会通过股利政策对股价波动产生影响.研究结果表明:控股股东股权质押会加大上市公司股价波动,且股权质押会通过股利政策对股价波动产生影响,其中股票回购在控股股东股权质押与股价波动的关系中产生遮掩效应,现金股利在控股股东股权质押与股价波动的关系中承担部分中介效应.
Abstract
This paper takes A-share listed companies from 2014 to 2021 as research samples to study the im-pact of equity pledge of controlling shareholders on stock price volatility,and whether equity pledge will have an impact on stock price volatility through dividend policy.The results show that equity pledge of con-trolling shareholders will increase stock price volatility of listed companies,and equity pledge will have an impact on stock price volatility through dividend policy.Among them,stock repurchase has a masking ef-fect in the relationship between equity pledge of controlling shareholders and stock price volatility,and cash dividends bear part of the intermediary effect in the relationship between equity pledge of controlling shareholders and stock price volatility.
关键词
股权质押/股价波动/股利政策Key words
Share Repurchase/Stock Price Fluctuation/Dividend Policy引用本文复制引用
出版年
2024
NETL
NSTL
万方数据