地区社会信任视角下股权质押对股价崩盘的影响

The impact of shares pledge on crash risk from the perspective of regional social trust

十四五规划既强调完善现代金融监管体系,健全金融风险预防、预警、处置、问责制度体系;同时也强调推进诚信建设,形成高效规范、公平竞争的国内市场。通过研究股权质押这一股价崩盘风险的重要诱因,引入社会信任作为调节变量,检验非正式制度对金融风险的制约作用。研究发现:股权质押比例越大,会导致控制权和现金索取权的偏离越大,这加强了股东的道德风险,提高了其“掏空”的动机,使股票价格与价值的偏离积累,增大了股价崩盘风险;社会信任减弱了股权质押对于降低股价崩盘风险的正向作用,其调节作用与代理问题相关;是否存在内控缺陷和信息不对称程度对研究结论无明显影响。

The 14th Five-Year Plan emphasizes not only the improvement of the modern financial regulatory system and the improvement of the financial risk prevention,early warning,disposal and accountability system,but also the promotion of the integrity culture construction so as to form an efficient,standardized and fair competition domestic market.This paper studies the influence of shares pledge,an important cause of crash risk,and innovatively introduces social trust as a regulating variable to test the restricting effect of informal system on financial risk.We find that the increase of the proportion of equity pledge,the greater the deviation of control rights and cash claims,which strengthens the moral hazard of shareholders and increases their motivation of“tunneling”.This makes the stock price and the value deviation accumulation,increased the crash risk.Social trust weakens the positive effect of shares pledge on reducing the crash risk.The existence of internal control defects and the degree of information asymmetry have no obvious influence on the research conclusion.Therefore,the system construction of integrity culture and shares pledge is very important to prevent the risk of the capital market.