控股股东的股权质押动机研究——以东方雨虹为例

Research on the Equity Pledge Motivation of Controlling Shareholders:A Case Study Based on Oriental Yuhong

近年来,我国资本市场呈现出A股市场几乎“无股不押”、股民“谈押色变”的局面,控股股东通过股权质押掏空上市公司的案例频繁发生。控股股东股权质押,都是为了掠夺上市公司财富吗?本文以控股股东质押动机为核心,以委托代理理论、控制权理论、信号传递理论为基础,构建了“动机——行为——影响路径——结果”的分析体系;以东方雨虹为例,试图回答上述问题,并分析其中的影响路径。研究结果表明:东方雨虹控股股东将股权高比例质押,取得的资金投入上市公司,用于扶持其转型升级,顺利渡过经营危机、成为行业龙头;在稳定的治理结构、清晰的产权结构、专注主业等因素的共同影响下,控股股东得以从东方雨虹获得高额的控制权共享收益;当共享收益大于私人收益,作为理性经济人,控股股东更有动机“扶持”上市公司的发展以获得更高的回报。本文从经营、投资、筹资三个维度,分析控股股东扶持上市公司发展的动机、行为路径及其产生的积极影响,对我国上市公司及控股股东股权质押的实践具有一定的指导意义。

In recent years,China’s capital market presents a situation of A-shares at“all-in pledge”and shareholders being“panic at pledge”.Controlling shareholders’hollowing out listed companies through equity pledges becomes more rampant.Do controlling shareholders pledge their shares just to hollow out their listed companies?In this paper,we take the controlling shareholders’motivation of equity pledge as the core concept,on the basis of theories in principal-agent,control and signal transmission,to build an analysis system of“motivation-behavior-mechanism of actions-results”.Taking Oriental Yuhong as an example,we try to answer the above questions and analyze the mechanism of those actions.The research results show that the controlling shareholder pledged a high proportion of equity to obtain funds to support Oriental Yuhong’s development so that it could seize the historical opportunities and become the leader of the industry.Because of the influence of such factors as stable governance structure,simple property right structure and so on,controlling shareholders could obtain a huge amount of sharing benefits.If the sharing benefit of the controlling shareholder is greater than the private benefit,as an economic man,the controlling shareholder is more likely to“support”the development of the listed company to obtain higher returns.This paper analyzes the source of the controlling shareholder’s motivation to“support”the development of listed companies and its positive influence from such dimensions as business,investment and fundraising activities,which has certain guiding significance for the practice of equity pledge by controlling shareholders of listed companies in China.