控股股东杠杆增持与资产误定价

The Influence of Controlling Shareholders’ Leverage Increase on Mispricing of Assets

为稳定股价,规避系统性金融风险,证监会提出杠杆增持这一方式支持产业资本利用资本市场做大做强,但杠杆增持可能诱发控股股东机会主义行为。在此背景下本文探讨控股股东杠杆增持对企业资产误定价的影响,研究发现,当企业存在杠杆增持以及杠杆增持水平提高时,投资者非理性程度也会随之提高,信息披露质量随之降低,加剧企业资产误定价程度。相比于熊市状态,控股股东杠杆增持与资产误定价的正向关系在牛市状态下更为显著;控股股东股权质押带来的杠杆风险能够发挥警示作用,降低杠杆增持引致的资产误定价;机构投资者持股能够缓解二者的正相关关系,发挥治理作用。经济后果分析表明,控股股东杠杆增持所引致的资产误定价将加剧股价崩盘的发生。本文丰富了控股股东杠杆增持和资产误定价相关研究,对提高资本市场资源配置效率具有一定的理论和现实意义。

In order to stabilize the stock price,avoid systemic financial risks,and support industrial capital to make use of the capital market to become bigger and stronger,the CSRC put forward the special insider trading behavior of leverage holdings.Under this background,this paper discusses the influence of leveraged holdings of controlling shareholders on the mispricing of enterprise assets,and found that when enterprises have leverage holdings and the level of leverage holdings increases,the irrational degree of investors will also increase,and the quality of information disclosure will decrease,which will further aggravate the mispricing degree of enterprise assets.Compared with the bear market,the positive relationship between leverage increase of controlling shareholders and asset mispricing is more significant in the bull market.The leverage risk brought by the pledge of the controlling shareholder’s equity can play a warning role and reduce the mispricing of assets caused by leverage increase;Institutional investors’shareholding can alleviate the positive correlation between them and play a governance role.The economic consequence analysis shows that the mispricing of assets caused by the leverage increase of controlling shareholders will aggravate the occurrence of stock price crash.This paper not only enriches the related research of controlling shareholders’leverage increase and asset mispricing,but also has certain theoretical and practical significance for improving the efficiency of capital market resource allocation.