控股股东股权质押对实体企业金融化的影响

The Influence of Stock Pledge of Controlling Shareholders on the Financialization of Entity Enterprises

基于我国非金融类上市公司2007-2018年的数据,分析控股股东股权质押与实体企业金融化的关系。研究发现:控股股东股权质押会导致更高的企业金融化水平。调节效应分析发现,管理层持股比例越高,控股股东股权质押对企业金融化的正向影响越大。作用机制检验发现,控股股东股权质押通过恶化上市公司的融资约束进而加剧企业的金融化程度,存在"股权质押-融资约束-金融化"的传导路径。研究结果有助于进一步理解控股股东股权质押的经济后果,也为厘清实体企业"脱实向虚"的内在机制提供一个新视角。

Based on the data of non-financial listed companies in China from 2007 to 2018,this paper analyzes the relationship between stock pledge of controlling shareholders and financialization of entity enterprises.The results demonstrate that the pledge of controlling shareholders'equity will lead to a higher level of enterprise financialization.The moderating effect analysis shows that the higher the proportion of managerial ownership,the greater the positive influence of the pledge of controlling shareholders on the financialization of enterprises.The mechanism test reveals that the pledge of controlling shareholders'shares exacerbates the financialization of enterprises by aggravating the financing constraints of listed companies,and there is a transmission path of“equity pledge-financing constraints-financialization”.The research of this paper is helpful to further understand the economic consequences of stock pledge of controlling shareholders,and also provides a new perspective to clarify the internal mechanism of deviation from the real economy.