控股股东股权质押与数字化转型信息披露——基于市值管理的视角

Controlling Shareholder's Stock Pledge and Digital Transformation Information Disclosure:From the Perspective of Market Value Management

当前,数字化概念正受到资本市场的追捧,数字化转型信息可能成为企业市值管理的手段。本文以2007—2019沪深A股非金融上市公司为研究对象,考察控股股东股权质押情境下,数字化转型信息披露的操纵行为。研究发现,控股股东股权质押后,企业会在年报中披露更多的数字化转型信息。控制权转移风险越大,即在股价下跌、融资约束、业绩压力的情况下,该现象越明显。异质性分析发现,市场热度越高、信息环境越差,企业越有可能披露数字化转型信息进行市值管理。进一步分析发现,数字化转型信息披露会带来资本市场的正向反应,产生股价提升效应;控股股东股权质押的公司披露数字化转型信息的同时并未相应增加长期投资。研究为监管部门防范治理概念炒作乱象,规范股权质押后的信息披露行为,降低金融风险,提供经验证据。

At present,the concept of digitization is being sought after by the capital market,and the digital transformation information may become a tool of market value management for enterprises.This paper takes Shanghai and Shenzhen A-share non-financial listed firms from 20o7 to 2019 to investigate the manipulation behavior of digital transformation information disclosure under the situation of stock pledge of controlling shareholders.The study finds that after the controlling shareholder's stock pledge,the firm will disclose more digital transformation information in the annual report.When the risk of control transfer is larger,that is,when the stock price falls,financing constraints,and performance pressure,this phenomenon is more obvious.Heterogeneity analysis shows that the higher the market heat and the worse the information environment,the stronger the motivation of controlling shareholders to increase the information disclosure of digital transformation.Further analysis finds that the disclosure of digital transformation information will receive a positive reaction in the capital market.In the context of controlling shareholder's stock pledge,firms do not increase long-term investment to empower the company's development,at the same time with the disclosure of digital transformation.The research provides empirical evidence for the regulatory authorities to prevent the hype of concepts,regulate the information disclosure behavior after stock pledge,and decrease financial risks.