市值管理还是价值判断?——股权质押情境下上市公司股份回购动机研究

Market Value Management or Value Judgment:Research on Share Repurchase Motivation of Listed Companies in the Context of Equity Pledge

股权质押的控股股东可能利用股份回购所传递的积极信号提振股价,以降低控制权转移风险。运用2011—2019年沪深A股上市公司的数据,本文实证考察了控股股东股权质押与上市公司股份回购之间的关系,并运用2015年的万科股权争夺事件和2018年《公司法》股份回购条款的修订这两个外生冲击构建准自然实验进一步识别了二者之间的因果关系,发现控股股东股权质押与上市公司股份回购之间为显著的正相关关系,股权质押的控股股东将上市公司股份回购作为市值管理、控制权保护的策略性手段。异质性分析表明,当控制权转移风险更大时,控股股东股权质押与股份回购之间的正相关关系更为显著,并且质押风险越大,上市公司的股份回购行为越具市值管理的特征。经济后果分析表明,由于动机变异,股份回购之后上市公司的长期绩效表现和股票市场表现不会明显好转,并且股权质押下的股份回购公告的正面市场反应更弱。

The controlling shareholders of equity pledge may use the positive signal transmitted by share repurchase to boost the stock price,so as to alleviate the risk of control transfer.Using the data of A-share listed companies from 2011 to 2019,this paper empirically investigates the relationship between the equity pledge of controlling shareholders and the share repurchase of listed companies,and constructs quasi natural experiments by using the two exogenous shocks of Vanke's equity competition in 2015 and the revision of the share repurchase provisions of the company law in 2018 to further identify the causal relationship.It is found that there is a significant positive correlation between the controlling shareholder's equity pledge and the share repurchase of listed companies.The controlling shareholder of equity pledge takes the share repurchase of listed companies as a strategic means of market value management and protection of control.Heterogeneity analysis shows that when the risk of control transfer is greater,the positive correlation between controlling shareholders'equity pledge and share repurchase is more significant,and the greater the risk of pledge,the more the share repurchase behavior of listed companies has the characteristics of market value management.Economic consequence analysis shows that due to the variation of motivation,the long-term performance and stock market performance of listed companies will not improve significantly after share repurchase,and the positive market response of share repurchase announcement under equity pledge is weaker.