股市异常波动、控股股东股权质押与股价崩盘风险

Stock Market Anomalous Fluctuation,Shares Pledge of Controlling Shareholder and Stock Price Crash Risk

控股股东进行股权质押在市场上广泛存在,其是否会加剧抑或降低股价崩盘风险是一个值得探究的话题。与现有文献关注公司层面特征不同,本文将控股股东股权质押对股价崩盘风险的影响置于股市异常波动情景中进行考察。实证研究显示,股市处于异常波动时,控股股东股权质押行为加剧了股价崩盘风险。进一步研究发现,低媒体关注和高盈余管理行为会强化控股股东股权质押和股价崩盘风险的正相关关系。研究结果表明,控股股东股权质押在股市异常波动环境中,会成为一颗潜在“地雷”,而盈余管理投机活动则是一种“踩雷”行为,加剧股价崩盘风险,损害公司价值。

Equity pledge by controlling shareholders is widespread in the market.Whether it will increase or reduce the risk of stock price crash is a topic worth exploring.Different literature from the existing that focuses on the characteristics of the company,this paper examines the impact of the pledge of controlling shareholders'shares on the risk of stock price crash in the case of Stock market anomalous fluctuation.The empirical study shows that when the stock market is in anomalous fluctuation,the pledge of controlling shareholders'shares increases the risk of stock price crash.Further research found that low media attention and earnings management behavior strengthened the relationship.The results show that the pledge of controlling shareholders'equity will become a potential"mine"in the abnormal fluctuation environment of the stock market,while the speculative activities of earnings management will be a"mine"behavior,which will aggravate the risk of stock price crash and damage the value of the company.