“神雾系”控股股东股权质押:“支持”亦或“掏空”?

“Shenwu”Controlling Shareholder Equity Pledge:“Support”or“Hollow Out”?

民营企业集团控股股东股权质押到底是“支持”还是“掏空”,选取“神雾系”作为案例研究对象,分析了“神雾系”控股股东股权质押的资金流向和经济后果,并进一步讨论了股权质押“支持”和“掏空”上市公司的条件及路径。研究发现:“神雾系”质押资金一方面用于缓解融资困境、垫付重大合同预付款、维持基本运营的需要,支持了企业发展;另一方面用于关联交易进行利益输送、违规担保,引发财务造假、债务违约、业绩对赌失败等后果,最终股价下跌、被迫退市。可见,民营企业集团股权质押行为会同时表现出“支持”和“掏空”两种动机,在企业积极创新、专注主业、行业发展前景良好的情况下会利用质押资金“支持”企业发展;在产权结构不明晰、筹资渠道单一、治理结构不稳定、质押状态的交易笔数异常、行业发展受限的情况下会“掏空”上市公司,损害中小股东利益。

Whether the shareholding pledge of controlling shareholders of private enterprise groups is“supporting”or“hollowing out”?we selected“God mist system”as the case study object,and analyzed the capital flow and economic consequences of the shareholding pledge of controlling shareholders of“God mist system”.Futher,we discussed the conditions and paths of“supporting”and“hollowing out”of listed companies.It is found that:on the one hand,the pledged funds of“Shenwu system”are used to alleviate financing difficulties,advance major contracts,maintain basic operation needs,and support the development of enterprises;On the other hand,it is used for interest conveying and illegal guarantee in connected transactions,which leads to consequences such as financial fraud,debt default,performance betting failure,and finally the stock price falls and is forced to delist.It can be seen that the equity pledge behavior of private enterprise groups will show two motivations of“support”and“hollowing out”at the same time,and will use pledged funds to“support”the development of enterprises under the condition that enterprises actively innovate,focus on the main business and have good development prospects.In the case of unclear property rights structure,single financing channels,unstable governance structure,abnormal number of pledged transactions,and limited development of the industry,it will“hollow out”listed companies and damage the interests of minority shareholders.