控股股东股权质押与股票价格波动的关系研究

Research on the Relationship between Controlling Shareholder's Equity Pledge and Price Fluctuation

股权质押融资作为一种财务运作手段,在一定程度上有助于解决上市公司融资难的问题。股权质押是一把“双刃剑”,股票价格下跌加大了股权质押后爆仓的风险和损失。将2012年至2018年我国A股上市公司作为样本,研究控股股东股权质押和股票价格波动之间的关系,发现控股股东进行股权质押后,股票价格波动变小,并且在内部控制较好和董事会治理水平较高时,股票价格波动较小,对防范股权质押而引发的大规模金融市场系统性风险和完善股权质押的相关监管制度具有一定的现实意义。

As a means of financial operation,equity pledge financing alleviates the financing difficulties of listed companies.However,equity pledge is also a“double-edged sword”,increases the risk and loss of the stock position after equity pledge as stock price drops.Through the 2012-2018 a-share listed companies in our country's controlling shareholder equity pledge and the market reaction was studied,this paper finds that after controlling shareholders equity,share price volatility of the firm is smaller,especially with high inner control and board governess.It has certain practical significance to prevent the large-scale financial market systemic risk caused by equity pledge and improve the relevant supervision system of equity pledge.