基于股权质押视角的民营企业大股东掏空行为研究

Research on the Tunneling Behavior of Major Shareholders in Private Enterprises from the Perspective of Equity Pledge

股权质押是我国资本市场的普遍现象,股权质押下的大股东掏空事件也频繁发生。基于股权质押视角,考察民营企业大股东掏空行为,以ZL医疗为例,研究发现:民营企业股权质押比例高、资金用途广,为大股东掏空创造有利条件;股权质押通过加剧控制权与现金流权分离度、降低掏空成本强化大股东掏空动机;但是频繁且高比例股权质押易暴露掏空动机,导致大股东选择较为隐蔽的掏空手段;股权质押新规对大股东掏空手段并未产生显著影响,但可能通过约束股权质押行为来抑制大股东掏空动机。研究表明,大股东掏空动机的强化和掏空手段的异化受股权质押影响。因此,完善公司治理机制的重要前提是严格规范的股权质押融资市场。文章丰富民营企业大股东掏空行为的经验证据,拓展股权质押融资的研究视角,不仅有助于完善股权质押监管制度,也为我国资本市场健康发展提供政策启示。

Equity pledge is a common phenomenon in China’s capital market,and the tunneling of major shareholders under equity pledge also occurs frequently.Based on the perspective of equity pledge,we make a re⁃view of the tunneling behavior of major shareholders in private enterprises.Using a case study of ZL Medical,the study finds that:The proportion of equity pledge in private enterprises was high,and the use of funds was wide,which creates favorable conditions for major shareholders’tunneling behaviors;the equity pledge strengthens the major shareholders’tunneling motivation by intensifying the separation of control right and cash flow right,and re⁃ducing the tunneling cost;but it is easy to expose the tunneling motivation under the frequent and high proportion of equity pledge,which leads to major shareholders choosing more covert tunneling means;the new rules of equity pledge have no significant impact on the tunneling means of major shareholders,but these rules might restrain the tunneling motivation by restricting the behavior of equity pledge.This research shows that the enhancement of tun⁃neling motivation and the alienation of tunneling means are affected by equity pledge.Therefore,the important prem⁃ise of improving the corporate governance mechanism is the strictly regulated equity pledge financing market.This paper enriches the empirical evidence of tunneling behavior of major shareholders in private enterprises,and ex⁃pands the research perspective of equity pledge financing,which not only helps to improve the regulatory system of equity pledge but also provides policy enlightenments for the healthy development of China’s capital market.