控股股东股权质押与金融化投资研究——基于风险与收益的中介效应检验

Research on Controlling Shareholder s Stocks Pledge and Corporate Financialization Investment:Based on the Intermediary Effect Test of Risk and Return

利用2008—2017年沪深A股控股股东存在股权质押的上市公司数据,对控股股东股权质押与公司金融化投资间的关系进行探讨。研究发现:(1)控股股东股权质押比例越高,公司金融化投资规模越大;(2)控股股东存在股权质押的公司,可以通过降低经营风险或公司治理效率来提升公司的金融化投资水平;(3)控股股东存在股权质押的公司,通过提高公司金融化投资规模而降低公司实体投资水平和投资效率;(4)当行业竞争度较高、投资者保护水平较低时,控股股东股权质押比例越高,公司金融化投资规模越大。

This paper uses the data of the stock pledge of controlling shareholder of China A-share listed companies from 2008 to 2017 to explore the relationship between stock pledge of controlling shareholder and corporate financialization.The study found that under the same conditions,the higher the stock pledge ratio of the controlling shareholder,the larger the scale of the company s financial investment.The companies with stock pledge of controlling shareholder can increase the company s financial investment by reducing operating risks or corporate governance efficiency.Further research that the stock pledge of the controlling shareholder reduce the company s entity investment level and investment efficiency by increasing the company s financial investment scale.When the industry is more competitive and the level of investor protection is lower,the higher the stock pledge ratio of the controlling shareholder,the greater the scale of the company s financial asset investment.