控股股东股权质押对上市公司融资约束的影响——以A股上市公司为证据

Research on the Impact of Controlling Shareholder’s Equity Pledge on Financing Constraints of Listed Companies--Evidence from A-share Listed Companies

选取2014年-2018年A股上市公司的面板数据进行静态面板回归分析,探究控股股东股权质押对上市公司融资约束的影响,并根据公司所有权性质划分国有企业和民营企业做进一步研究。研究表明,存在控股股东股权质押会加剧上市公司的融资约束程度,但随着质押比例上升,外部监管力度变强产生治理效应且部分控股股东会将质押资金投向上市公司,进而缓解了融资约束;股权质押对国有上市公司的融资约束影响不大,但会显著加剧民营上市公司的融资约束程度。控股股东应慎重进行股权质押行为,重视自身在上市公司中的特殊地位,利用其在决策、治理上的优势,提升业绩和企业价值,降低信息不对称性,改善企业自身融资约束情况。

The panel data of A-share listed companies from 2014 to 2018 were selected for static panel regression analysis to explore the impact of controlling shareholders’equity pledge on financing constraints of listed companies,and further research was conducted according to the nature of the company’s actual controllers.The research shows that the existence of controlling shareholder equity pledge will aggravate the degree of financing constraint of listed companies,but as the proportion of pledge rises,the external supervision will become stronger and the governance effect will be achieved;some controlling shareholders will direct the pledged funds into the listed companies,thus alleviating the financing constraints.Pledge has little effect on the financing constraints of state-owned listed companies,but it will significantly increase the degree of financing constraints of private listed companies.The controlling shareholder should carefully choose the equity pledge behavior,attach importance to its special position in the listed company,use its advantages in decision-making and governance,vigorously develop the company’s performance,enhance the company’s value,reduce information asymmetry,and improve the company’s own financing constraints.