控股股东股权质押、质押压力与公司违约风险

Controlling Shareholder s Share Pledge,Pledge Pressure and Corporate Default Risk

现有股权质押的研究仅关注了质押数量,忽视了质押价格的重要作用,难以准确地刻画控股股东质押压力。本文基于手工整理的单笔质押价格数据度量质押压力,研究控股股东质押压力如何影响企业违约风险。以2008—2018年A股上市公司为样本,本文研究发现控股股东质押压力越大,企业的违约风险越高。机制检验表明,质押压力通过加剧企业的融资约束和控股股东的掏空行为提高了企业违约风险。进一步研究发现,在场内质押和股市为熊市时,质押压力对违约风险的影响更强;较强的内源融资能力和较好的外部监督环境能够缓解质押压力对违约风险的影响。本文为更加准确和直接地度量控股股东质押压力带来了有益借鉴,也为化解系统性金融风险、确保资本市场平稳运行提供了重要启示。

The existing research on equity pledge only focuses on the quantity of pledge,but ignores the important role of pledge price,so it is difficult to accurately describe the pledge pressure of controlling shareholders.This paper measures the pledge pressure based on the single pledge price data collated by hand and studies the impact of controlling shareholder s pledge pressure on enterprise s default risk.Taking the A-share listed companies from 2008 to 2018 as samples,this paper finds that the greater the pressure of the controlling shareholder s pledge,the higher the default risk of the enterprise.The mechanism test shows that pledge pressure increases the default risk of enterprises by intensifying the financing constraints and tunneling behavior of controlling shareholders.Further research shows that on-site pledge and when stock market is bear market,the impact of pledge pressure on default risk is stronger.Meanwhile,stronger endogenous financing ability and better external supervision environment can alleviate the impact of pledge pressure on default risk.This paper provides a useful reference for measuring the pledge pressure of controlling shareholders more accurately and directly and provides important enlightenment for resolving systemic financial risks and ensuring the smooth operation of capital market.