控股股东股权质押与网络平台互动

Equity Pledge of Controlling Shareholders and Interaction of Online Platforms

在股权质押情境下考察控股股东是否为了缓解控制权转移风险而增强网络平台互动性是一个值得关注的话题。基于2009—2020年中国A股上市公司的数据实证研究发现,控股股东股权质押后,公司在“互动易”和“上证e互动”回复投资者提问的丰富性和及时性显著提高,即控股股东股权质押对网络平台互动性存在正向影响。当控制权转移风险较高、散户规模较大、可视性较差时,控股股东股权质押对网络平台互动性的正向作用更强。进一步研究表明,控股股东股权质押后,上市公司“答非所问”程度降低;上市公司增强网络平台互动性的行为降低了股价崩盘风险和股价波动风险,也缓解了资产误定价,有助于促进资本市场稳定、提高市场信息效率。因此,在投资者发声日渐便利的时代,上市公司的市值管理思路应由传统的信息供给观向信息需求观转变,控股股东应从公司长远利益出发,重视网络平台互动性的提高,以兼顾自身和其他利益相关者的方式进行市值管理。

In the context of equity pledge,it is a topic worth paying attention to whether the controlling shareholder enhances the interaction of the network platform in order to alleviate the risks of control transfer.Based on the data of China's A-share listed companies from 2009 to 2020,this paper conducts an empirical study.The findings show that,after the equity pledge of the controlling shareholders,the response richness and response timeliness of the companies on“Easy Interaction”and“Shanghai Stock Exchange e Interaction”improve significantly,i.e.,the equity pledge of controlling shareholders has a positive impact on the interaction of online platforms.When the controlling right transfer has higher risks,larger scale of retail investors and lower visibility,the equity pledge of the controlling shareholders will have a greater impact on the interaction of the online platform.Further study shows that irrelevant responses of the listed companies decrease after the controlling shareholders'equity pledging.The behavior of the listed companies to strengthen the interaction of the online platforms has reduced share crash risks and share price fluctuation risks,and also alleviated asset mispricing,which is conductive to the promotion of the capital market stability and the improvement of market information efficiency.Therefore,in the era of increasingly convenient“voicing”of investors,the market value management ideas of listed companies should be changed from the traditional“information supply”to the“information demand”.The controlling shareholders should pay more attention to the improvement of the interaction of online platforms from the perspective of corporate long-term interests,and conduct market value management in the way of considering both themselves and other stakeholders simultaneously.