摘要
本文以2007-2019年间上市公司的相关数据为样本,基于融资约束下的上市公司采取股权质押行为对公司财务风险的影响。结果表明:①融资约束对财务风险具有显著正向影响;②控股股东股权质押行为加剧上市公司面临的融资约束状况,且股权质押是融资约束与财务风险的中介变量;③在国有企业和审计机构为国际“四大”审计师事务所的上市公司中,控股股东股权质押的融资约束效应较弱,企业的财务风险较小。
This article takes the relevant data of listed companies from 2007 to 2019 as a sample,based on the impact of equity pledge behaviors of listed companies under financing constraints on the company's financial risks.The results show that:①financing constraints have a significant positive impact on financial risks;②controlling shareholders'equity pledges aggravate the financing constraints faced by listed companies,and equity pledges are an intermediary variable between financing constraints and financial risks;③among the listed companies whose state-owned enterprises and audit institutions are international"big four"audit firms,the financing restraint effect of the pledge of controlling shareholders'equity is relatively weak,and the financial risk of the enterprise is relatively small.
作者
储成兵
孙丽
CHU Cheng-bing;SUN Li(School of Accountancy,Anhui University of Finance and Economics,Bengbu 233030,China)
出处
《价值工程》
2021年第16期241-243,共3页
Value Engineering
基金
安徽财经大学研究生科研创新基金项目(ACYC2019264)。
关键词
控股股东
股权质押
融资约束
财务风险
controlling shareholder
equity pledge
financing constraint
financial risk