摘要
文章以2009-2019年1043家A股上市公司的数据验证行业、地区同伴效应对大股东股权质押的影响。研究发现:行业与地区同伴效应将正向影响大股东的股权质押行为,地区同伴的影响更大;融资约束与国有产权性质均会削弱股权质押的同伴效应,市场竞争则加剧了股权质押的同伴效应;另外,股权质押的同伴效应会损害上市公司的企业价值,加深大股东的掏空程度。
Based on the data of 1043 A-share listed companies during 2009-2019,this paper verifies the impact of in-dustry and regional peer effect on the equity pledge of major shareholders.It is found that industry and regional peer effect positively affect the equity pledge behavior of major shareholders,and regional peer effect has a greater impact;financing constraints and the nature of state-owned property rights weaken the peer effect of equity pledge,while market competition intensifies the peer effect of equity pledge;in addition,the peer effect of equity pledge damages the enterprise value of listed companies and deepens the tunneling degree of major shareholders.
作者
潜力
葛燕妮
QIAN Li;GE Yan-ni
出处
《金融论坛》
CSSCI
北大核心
2022年第6期55-63,73,共10页
Finance Forum
基金
国家自科基金项目“信用交易、过度自信与股市泡沫”(71661008)
江西省社科规划项目“江西省上市公司股权质押的同伴效应研究”(20YJ13)
江西省高校人文社科项目“可持续发展视阈下江西省地方债指数的编制与预警研究”(JJ20106)。
关键词
股权质押
行业同伴效应
地区同伴效应
异质性
企业价值
equity pledge
industry peer effect
regional peer effect
heterogeneity
enterprise value
