股权型纾困基金的影响因素及效能研究

Study on the influencing factors of listed companies’ obtaining bailout funds and their bailout effects

纾困基金是我国证券市场在特定环境下的特殊产物,主要是为了民营上市公司控股股东补充资金、降低负债,缓解因股权质押风险而产生的流动性压力。本研究分析上市公司控股股东获取纾困基金支持的影响因素及其纾困效应,为后期纾困基金效能最大化提供经验参考。研究发现:第一大股东质押比例、董事会规模、公司规模、公司上市年限均对获得纾困基金支持具有显著影响;在事件窗口内,发布公告获得纾困基金支持的上市公司其平均累计超额收益率均大于0,证券市场给予该类上市公司股价以正向反馈。

The bailout fund is a special product of my country’s securities market under a specific environment. It is mainly for the controlling shareholders of private listed companies to supplement funds, reduce liabilities, and ease the liquidity pressure caused by equity pledge risks. This paper studies the influencing factors and the bailout effect of the controlling shareholders of listed companies in obtaining the support of the bailout fund, and provides an empirical reference for the maximization of the efficiency of the bailout fund in the later stage. The study found that: the pledge ratio of the largest shareholder, the size of the board of directors, the size of the company, and the company’s listing years all have a significant impact on the bailout fund support;within the event window,the average cumulative excess return of the listed companies that announced the bailout fund support. If the rate is greater than 0,the stock market gives positive feedback to the stock price of such listed companies.