控股股东股权质押频率对股价崩盘的倒U型影响——基于我国上市企业2012-2022的证据
Inverted U-shaped Effect of Controlling Shareholders'Equity Pledge Frequency on Stock Price Collapse
姚祎1
作者信息
摘要
质押频率反映一年内股东对其所持股份再质押的次数,既体现企业对资金的真实需要,又不属于股东"掏空"行为.本文以2012-2022年A股上市公司数据验证股权质押频率与企业股价崩盘风险的关系.研究发现:控股股东股权质押频率与企业未来股价崩盘风险有显著关系,并且呈现"倒U型"变化,这种影响在非国有企业和东部地区企业更为显著.研究为研究股权质押提供崭新视角,以便完善政府监管、规范公司治理、积极投资引导提供理论依据和实践启示.
Abstract
The Pledge frequency reflects the number of times shareholders re-pledge their shares within a year,which not only re-flects the real financial needs of the company but also is not considered as shareholder asset-stripping behavior.This article verifies the relationship between equity pledge frequency and the risk of stock price collapse in A-share listed companies from 2012 to 2022.The study found that the equity pledge frequency of controlling shareholders is significantly related to the future risk of stock price collapse,showing a inverted U-shaped change.This effect is more significant in non-state-owned enterprises and enterprises in eastern regions.The research provides a fresh perspective on studying equity pledge,providing theoretical basis and practical en-lightenment for improving government regulation,standardizing corporate governance,and actively guiding investment.
关键词
股权质押/股价崩盘/质押频率/倒U型Key words
Equity pledge/Stock price collapse/Pledge frequency/Inverted U-shaped引用本文复制引用
出版年
2024
NETL
NSTL
万方数据