股票流动性对股权质押的影响研究——理论解释与经验证据

Research on the Impact of Stock Liquidity on Equity Pledge——Theoretical Explanation and Empirical Evidence

出售还是出质,是股东在面临融资需求时可选择的两种融资方式。本文推演股票流动性影响股权质押水平的理论逻辑,并进行实证检验。研究发现:股票流动性正向影响股权质押比例,且主要通过直接渠道起作用;股票流动性对股权质押供给面的正向影响(便于质押)超过了对需求面的负向影响(便于出售);股权集中度高、非国有企业和道德风险水平高的样本组中的正向影响更强;股价高估和股价信息含量均非替代性解释。

Sale and pledge are two financing methods that shareholders can choose when facing financing needs.This paper deduces the theoretical logic of the impact of stock liquidity on the level of equity pledge,and makes an empirical test.It is found that stock liquidity has a positive impact on the proportion of equity pledge,and mainly through direct channels;the positive impact of stock liquidity on the supply side of equity pledge(i.e.to facilitate the pledge)exceeds the negative impact on the demand side(i.e.to facilitate the sell);the positive influence is stronger in the sample group with high ownership concentration,the SOE sample and the sample group with high moral hazard level;overvaluation of stock price and information content of stock price are not alternative explanations of the effect of stock liquidity.