摘要
本文基于2004-2020年针对负面传闻的上市公司澄清公告样本,探讨控股股东股权质押对澄清信息披露的影响。研究发现:控股股东股权质押提高了澄清的详细性、技术性和合规性,提升了澄清公告信息质量,改善了公司的澄清信息披露行为。此发现在控制传闻类型,采取倾向得分匹配、Heckman两阶段模型或工具变量法之后仍然稳健。当控制权转移风险较大,即市场股价下行压力较大或控股股东股权质押比例较高时,股权质押对澄清信息披露的影响更为显著。异质性检验发现,机构投资者持股和媒体关注等公司治理机制有利于股权质押对澄清信息披露改善作用的发挥;股权质押改善澄清信息披露的作用主要体现在交易日发布的澄清公告中。进一步研究表明,澄清公告的信息质量对其市场反应产生正向影响,且这种影响主要体现在交易日发布的澄清公告中。并且,股权质押背景下澄清公告信息披露质量的提高还能有效降低股价崩盘风险。结果说明,为降低控制权转移风险,控股股东将促使企业主动改善澄清信息披露质量。
Based on the sample of clarification announcements of listed companies against negative hearsays,this paper discusses the influence of controlling shareholder’s share pledge on clarification behavior.The results show that the controlling shareholder’s share pledge improves the detailedness,technicality and compliance of clarification announcements,thus improving the information disclosure of listed companies.The above findings are still robust after controlling the type of hearsays and after the propensity score matching method,Heckman two-stage model and instrumental variable testing are used.Moreover,the influence of share pledge on clarification behavior is more significant when the risk of losing control rights is larger,that is,the downward pressure of market share price is more significant or the proportion of share pledge is higher.According to the results of heterogeneity test,corporate governance mechanisms such as institutional shareholding and media coverage are conducive to the role of share pledge in improving the clarification of listed companies.And the effect of share pledge on improving corporate clarifications is mainly found in clarification announcements released on trading days.Further research shows that more active clarification improves the market reaction of clarification announcements,and this effect is more pronounced in clarification announcements released on trading days.Additionally,the improvement in the quality of information disclosure in clarification announcements under the background of controlling shareholder’s share pledge can effectively reduce the stock price crash risk.The results show that in order to reduce the risk of losing control rights,controlling shareholders will discipline listed companies to actively improve the information disclosure in clarification announcements.
作者
周卉
ZHOU Hui(Institute of Advanced Studies in Humanities and Social Sciences,Beijing Normal University,Zhuhai 519087,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2022年第8期90-113,共24页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家自然科学基金面上项目(72072045)
广东省哲学社科“十三五规划”学科共建项目(GD17XYJ35)。
关键词
股权质押
澄清公告信息质量
控制权转移风险
市场反应
股价崩盘风险
share pledge
information quality of clarification announcement
risk of losing control rights
market reaction
stock price crash risk
