摘要
以民营上市公司神州长城公司为例,对控股股东在其股权质押前后,其公司业绩与公司价值方面的变化以及对公司价值的影响进行研究。采用反映公司价值变化的事件研究法,计算相应的CAR值以及托宾Q比率研究股权质押与公司价值之间的关系。研究发现,公司控股股东适当的股权质押会增加公司价值,但是股权质押的风险同质押比例成正比例关系,即质押风险随着质押比例的增加而提高,过高的质押比例会导致风险大于收益进而损害公司价值。
Taking Shenzhou Great Wall Company as an example,this paper studies the changes of corporate performance and corporate value of controlling shareholders before and after their equity pledge,as well as the impact on corporate value.Using the event study method to reflect the change of corporate value,the corresponding CAR value and Tobin Q ratio were calculated to study the relationship between equity pledge and corporate value.It is found that the appropriate equity pledge by the controlling shareholder will increase the value of the company,but the risk of equity pledge is directly proportional to the proportion of the pledge.In other words,the risk of pledge increases with the increase of the proportion of pledge.Excessive proportion of pledge will lead to greater risk than profit and damage the value of the company.
作者
周蕾
杨佳
罗超
ZHOU Lei;YANG Jia;LUO Chao(Anhui University of Finance and Economics,Bengbu 233030,China;Changhuai Xinda Real Estate Co.,Ltd,Huainan 232000,China)
出处
《河南科技学院学报(社会科学版)》
2021年第9期36-43,共8页
Journal of Henan Institute of Science and Technology
基金
国家社会科学基金一般项目“会计信息质量、股票风险溢价与股价崩盘预警机制研究”(18BGL076),主持人:周蕾。
关键词
控股股东
股权质押
公司价值
神州长城
controlling shareholders
equity pledge
corporate valuel
Shenzhou Great Wall Company