摘要
股权质押在解决控股股东资金短缺问题的同时,也会增大其控制权转移风险,慈善捐赠可能会缓解这种风险。然而,慈善捐赠会使公司资金流出,控股股东因此会权衡成本收益来选择慈善捐赠的时机,并考虑其他备选方法。本文选取2008—2018年我国A股上市公司为样本,实证发现:控股股东股权质押比例与公司慈善捐赠水平之间呈倒U型关系。在不同股权质押区间,慈善捐赠与不同盈余管理手段之间具有共存或替代关系,公司会作出策略性选择以缓冲控制权转移风险。分析师关注使两者之间的倒U型关系变成了正相关关系。本文的研究加深了投资者、监管机构和审计师对上市公司规避控制权转移风险方式的理解,有助于他们采取相应的决策。
Shares Pledge can not only solve the problem of controlling shareholder's capital shortage,but also increase the risk of losing control rights.The controlling shareholder may use charitable donations to alleviate this risk.However,charitable donations will make the company's capital flow out,so the controlling shareholder will weigh the cost-benefit of charitable donations and other alternative methods.The empirical study on the A-share listed companies in China from 2008 to 2018 finds that there is an inverted U-shape relationship between the controlling shareholder's equity pledge rate and corporate charitable donations.In different equity pledge intervals,there is a coexistence or substitution relationship between charitable donations and different earnings management methods.The company will make strategic choices to mitigate the risk of losing control rights.Analyst attention changes the cost-benefit relationship,so that the inverted U-shape relationship becomes a positive correlation.This paper enriches the research on the equity pledge and charitable donations.
作者
邓川
樊雅文
许铭原
DENG Chuan;FAN Yawen;Xu Mingyuan(School of Accounting,Zhejiang University of Finance and Economics,Hangzhou 310018,China;Finance Office,Hangzhou Science and Technology College,Hangzhou 311402,China;School of Accounting,Zhejiang University of Finance and Economics Dongfang College,Haining 314408,China)
出处
《财经论丛》
CSSCI
北大核心
2021年第11期69-76,共8页
Collected Essays on Finance and Economics
基金
国家自然科学基金项目(71702161)
浙江财经大学科研项目(19XJKT011)。
关键词
控股股东
股权质押
慈善捐赠
成本收益
盈余管理
Controlling Shareholder
Shares Pledge
Charitable Donation
Cost-benefit
Earnings Management
