控股股东股权质押与会计信息透明度——基于企业社会责任的调节作用

Controlling Shareholder s Share Pledge and Accounting Information Transparency Based on the Moderating Effect of Corporate Social Responsibility

以2010—2020年深交所A股上市公司为研究样本,实证分析控股股东股权质押对会计信息透明度的影响,以及企业社会责任在两者间发挥的调节作用。研究发现,相对于控股股东未进行股权质押的公司,存在控股股东股权质押的公司会计信息透明度更低,且股权质押比率越高,透明度越低。同时,企业社会责任对此起到抑制作用,且该抑制作用在非国有企业中更显著。研究结论对于完善公司内外部治理、促进资本市场稳定健康发展具有启示意义。

Taking A-share listed companies of Shenzhen Stock Exchange from 2010 to 2020,this paper empirically analyzes the influence of controlling shareholder s share pledge on accounting information transparency and the moderating role of corporate social responsibility between the two.The results indicate that compared with the companies without controlling shareholder s share pledge,the accounting information transparency of the companies with controlling shareholder s share pledge is lower.And the higher the share pledge ratio,the lower the transparency.At the same time,corporate social responsibility has a restraining effect on this,and the restraining effect is more significant in non-state-owned enterprises.The conclusions have enlightenment for improving the internal and external corporate governance and promoting the stable and healthy development of capital market.