股票质押司法冻结影响因素的实证研究

An Empirical Study of the Influencing Factors on Judicial Freeze of Stock Pledging

近年来,伴随着股票质押业务的快速发展,大股东股票质押司法冻结风险引发广泛关注。基于上市公司2010年1月至2016年4月的质押数据及司法冻结数据,分析股票质押司法冻结的影响因素及对策。结果表明:大股东受到的监管处罚和持仓标的的行业分布是影响司法冻结最重要的两个要素,如果大股东受到监管部门处罚且持仓标的属于两高一剩行业,质押面临的司法冻结风险加大;此外当质押股东为民营企业,且持仓标的属于两高一剩行业,在自身负债率较高的情况下,大股东面临的司法冻结风险加大。基于此,建立金融行业的信息共享机制、明确业务底线思维及贯彻供给侧改革去产能的任务成为后期预防质押司法冻结风险的应对之策。

In recent years, with the rapid development of equity pledging business, the judicial freezing risk of large shareholders’ stock pledge has caused widespread concern. Based on the pledging data and judicial freezing data of listed companies from January 2010 to April 2016, this paper makes an analysis of the influencing factors on judicial freezing of stock pledging and their countermeasures. The results show that supervisory penalties on major shareholders and the industry distribution of underlying securities are the two most important factors affecting judicial freezing. If the major shareholders are punished by the regulatory authorities and the underlying securities belong to high energy consumption and excess capacity industries, the pledge will be faced with greater risk of judicial freezing. In addition, when the pledged shareholders are private enterprises and the holding target belongs to the high energy consumption and excess capacity industries, the major shareholders will be faced with even greater risks of judicial freezing under the circumstances of higher debt ratio. Therefore, to establish information sharing mechanism in the financial industry, to clarify business bottom line thinking and to carry out the task of supply-side reform and reducing production capacity shall be the countermeasures to prevent the risk of judicial freezing of pledge.