大股东股权质押对股价波动的影响——基于非财务信息披露视角

The Impact of Stock Pledge of Blockholder on Price Volatility-Based on the Perspective of Non-Financial Information Disclosure

股权质押是股东在保留表决权和决策权的同时将股份进行质押获得融资的一种方式。本文以2012-2019年沪深A股上市公司为样本,研究股权质押、非财务信息披露与股价波动之间的关系。实证研究后发现,存在大股东股权质押行为的上市公司股价波动较低,非财务信息披露水平较高。较高的非财务信息披露水平,可以提前发出风险预警,缓解信息不对称,并配合管理层更好的“包装”公司,以提升投资者信心、稳定投资者情绪,它部分中介了股权质押与股价波动之间的关系,并且该作用只在非国有样本中显著。本文以非财务信息披露为切入点,研究大股东股权质押影响股价波动的机制,对监管机构制定股权质押相关的信息披露政策具有一定的参考价值。

Stock pledge is a way for shareholders to obtain funds by pledging their shares while retaining voting and decision-making rights.This paper takes the Shanghai-Shenzhen A-share listed companies over the 2012-2019 periods as a sample to study the relationship among stock pledge,non-financial information disclosure and price volatility.Empirical results indicate that companies with large shareholders’stock pledge have lower price volatility and higher non-financial information disclosure.The higher level of non-financial information disclosure can give risk warning in advance,alleviate the degree of information asymmetry,package the company to improve investors’confidence and stabilize investors’sentiment.It partially mediates the relationship between stock pledge and price volatility,which is only significant in non-state-owned samples.Based on the point of non-financial information disclosure,this paper studies the mechanism that stock pledge how to affect price volatility,which has a certain reference value for the regulatory authorities to formulate the information disclosure policy related to the stock pledge.