摘要
股份回购是资本市场的一项基础性制度安排.控股股东股权质押不仅会改变控股股东行为,也将影响上市公司的股份回购行为.本文以2014—2018年沪深两市A股非金融类上市公司为研究对象,分析控股股东股权质押对股份回购行为的影响.研究发现,控股股东存在股权质押或质押比例高时,更有可能进行股份回购;资本市场信息不对称越大,控股股东股权质押的上市公司越有可能进行股份回购;但股价波动大、融资约束紧、机构投资者持股比例高的公司,会降低控股股东股权质押上市公司进行股份回购的意愿.本文不仅深化了控股股东代理问题、股份回购以及控股股东股权质押的研究,还为规范控股股东股权质押和上市公司股份回购行为提供了新的参考意见.
Share repurchase is a basic institutional arrangement in the capital market.The pledge of controllingshareholders will not only change the behavior of controlling shareholders,but also affect the share repurchase behavior oflisted companies.Based on the non-financial A-share listed companies’data during the period of 2014-2018,this paperexamines the influence of controlling shareholders’share pledge on share repurchase behavior.The results show that thecontrolling shareholders are more likely to buy back shares when there are share pledge or high proportion of pledge;thegreater the information asymmetry in the capital market,the more likely the listed companies with controllingshareholders’share pledge to carry out share repurchase;however,the companies with large stock price fluctuation,tightfinancing constraints and high proportion of institutional investors’shares will reduce the shares of listed companiespledged by controlling shareholders Willingness to buy back.This study not only deepens the research on controllingshareholder agency issues,share repurchases and controlling shareholders’share pledge,but also provides new referenceopinions for regulating controlling shareholders’share pledge and listed company share repurchase behavior.
作者
何威风
李思昊
周子露
HE Weifeng;LI Sihao;ZHOU Zilu(Accounting School yZhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第7期106-119,共14页
China Soft Science
基金
国家自然科学基金(71572195)
中南财经政法大学中央高校基本科研业务费专项(202111104)。
关键词
控股股东
股权质押
股份回购
controlling shareholder
share pledge
share repurchase
