摘要
以2005—2020年沪深两市A股上市公司作为研究样本,将上市公司股权质押可能引致的风险分为比例、道德、市场和法律四类风险,对上市公司股票回购与股权质押风险的关系进行研究。研究发现:(1)上市公司股票回购能够缓解股权质押引起的本期和未来一期的比例、市场和法律风险及未来一期的道德风险;(2)投资者情绪仅在本期和未来一期的比例及未来一期法律风险中起到部分中介作用;(3)进一步将样本按照产权性质和情绪指数高低进行分类发现,国有控股公司样本中股票回购会提升股权质押比例风险,且投资者情绪无法起到中介作用。高情绪样本和低情绪样本都可以缓解本期和未来一期的比例、市场和法律风险,但投资者情绪只有在低情绪样本中才能起到部分中介作用。以上发现说明股权质押后,上市公司更倾向于利用和创造利好消息抬高股价,从而缓解股权质押风险。
Taking the A-share listed companies in Shanghai and Shenzhen stock market from 2005 to 2020 as the research object, this paper divides the risks caused by equity pledges into four types: proportional risks, moral risks, market risks and legal risks, and studies the relationship between stock repurchase and equity pledge risk. There are following findings:(1) Stock repurchase can alleviate the ratio, market and legal risks of the current and future period, and can also reduce moral hazard of future period caused by equity pledge.(2) Investor sentiment only plays a partly intermediary role in the ratio between the current period and the future period and the legal risk in the future period.(3) After analyzing the samples classified by the nature of property rights and emotional index, it is found that the samples of state-owned holding companies will increase the risk of equity pledge ratio, and investor sentiment can not play an intermediary role. The sample results of private holding companies are consistent with the total sample results. Moreover, both high emotion samples and low emotion samples can alleviate the proportion, market and legal risk of current and future periods, but investor sentiment can only play an intermediary role in low mood samples. The findings mean that after equity pledges, listed companies are more inclined to use and create good news to raise their stock prices, so as to alleviate the risks of equity pledge.
作者
宋坤
田祥宇
SONG Kun;TIAN Xiangyu(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《经济经纬》
CSSCI
北大核心
2021年第6期140-149,共10页
Economic Survey
关键词
股票回购
股权质押
投资者情绪
公司治理
Stock Repurchase
Equity Pledge
Investor Sentiment
Corporate Governance
