控股股东股权质押风险防范研究

Research on Risk Prevention of Controlling Shareholders’ Equity Pledge

近年来,上市公司控股股东股权质押现象普遍,给控股股东自身、银行等金融机构、中小股东以及上市公司带来了一系列风险。研究发现,控股股东股权质押能够缓解企业融资约束,降低企业融资难度。但是,控股股东股权质押也可能提高系统性金融风险的概率,损害中小股东的利益。为缓解控股股东股权质押风险,需要加强金融监管、完善上市公司信息披露、完善上市公司治理水平等。

In recent years, the pledge of controlling shareholders’ equity in listed companies is widespread, which brings a series of risks to controlling shareholders, banks and other financial institutions, small and medium shareholders and listed companies. It is found that the pledge of controlling shareholders’ equity could ease the financial constraints of enterprises and reduce the difficulty of financing. However, the pledge of controlling shareholders’ equity may also increase the probability of systemic financial risk and damage the interests of minority shareholders. In order to alleviate the risk of equity pledge of controlling shareholders, it is necessary to strengthen financial supervision, improve the information disclosure of listed companies, and improve the governance level of listed companies.