大股东股权特征与股权质押:基于中小板上市公司的分析

Large Shareholders' Equity Characteristics and Equity Pledge: An Analysis based on the SME Board Listed Companies' Data

越来越多的上市公司,尤其是中小板上市公司在进行股权质押融资,结合中小板上市公司面临的融资约束、融资风险以及股权质押引发的公司治理等问题,本文从大股东特征的角度分析大股东股权性质、持股比例以及股权制衡度对中小板上市公司股权质押的影响,发现法人大股东较自然人大股东具有更高的股权质押率;大股东持股比例与股权质押率之间成负相关性;股权制衡对大股东股权质押有抑制作用,但这种抑制作用需要股权制衡率达到60%-70%以上才能发挥作用。

More and more listed companies,especially SME board listed companies pledge their stock rights. Combined with financing constraints,financing risks and the corporate governance issues caused by equity pledge that SME board listed companies are facing,this article analyzes the influence of nature of equity,equity- holdings＇ ratio and ownership balancing on equity pledge from the perspective of a large shareholder feature. The results show that compared with the natural large shareholders,legal person large shareholders have a higher share pledge rate; there exists a significant negative correlation between equity- holdings＇ ratio and equity pledge＇ s ratio; ownership balancing can inhibit the major shareholders＇ equity pledge,but when the rate of ownership balancing has increased more than 60%- 70%,this inhibition will play important roles.