摘要
随着股权质押规模的不断扩大,股权质押融资已经成为上市公司融资的重要渠道。股价作为公司价值的先驱指标,股权质押对公司的影响也会体现在股价上。本文以沪深A股上市公司为样本,研究控股股东股权质押对上市公司股价波动的影响。实证结果表明,股权质押对股价波动有一定的抑制作用,但股价波动随着质押率的提高而加剧,并且国有企业在股权质押后的股价波动更为剧烈。
With the constantly expanding scale of equity pledge,financing by means of equity pledge has already become an important financing channel of listed companies.Stock price is a pioneer indicator of corporate value,and the effect of equity pledge on company will also be reflected in stock price.Based on a case study of listed companies in A-share markets of Shanghai and Shenzhen,the paper studies the effect of controlling shareholders’equity pledge on the fluctuation of stock price of listed companies.The empirical results show that equity pledge has a certain inhibitory effect on the fluctuation of stock price,but the stock price will fluctuate more sharply with the rise of pledge rate,and the stock price of state-owned enterprises will fluctuate more sharply after equity pledge.
作者
田菁
刘锦涛
霍艺嘉
TIAN Jing;LIU Jin-tao;HUO Yi-jia(School of Economics,Tianjin University of Commerce,Tianjin 300134,China;School of Economics,Inner Mongolia University of Finance and Economics,Hohhot 010010,China)
出处
《天津商业大学学报》
2020年第6期39-45,67,共8页
Journal of Tianjin University of Commerce
关键词
控股股东
股权质押
股价波动
累计质押率
controlling shareholder
equity pledge
stock price fluctuation
cumulative pledge rate
