控股股东股权质押动机:创新投入还是利益侵占?

Equity Pledge of Controlling Shareholders:Innovative Development or Interest Encroachment?

股权质押借款是上市企业重要的融资方式,控股股东股权质押动机的差异性会对企业发展造成不同的影响。基于2010—2018年我国上市企业样本数据的实证研究发现:控股股东股权质押对企业创新发展有明显的抑制作用;在控股股东股权质押期间,其质押比例越高则对企业的利益侵占现象越严重。相较于国有企业,非国有企业控股股东股权质押更容易抑制企业创新发展和加深对企业的利益侵害;相较于高竞争企业而言,高垄断企业对股权质押所获取的现金流的使用更为自由,更有“掏空”企业的动机。进一步研究发现,内部管理规模将会缓解控股股东股权质押对企业创新发展的抑制影响;企业所在地区法治环境越好将会越易矫正控股股东股权质押对企业的利益侵占行为。

Equity pledge borrowing is an important financing method for listed companies,which can bring bank credit more conveniently,but the difference in the motivation of controlling shareholders' equity pledge will have different impacts on the development of enterprises.Based on the data of a sample of listed enterprises in China from 2010 to 2018,this paper finds that:controlling shareholders' equity pledges have a significant inhibiting effect on the innovation development of enterprises;the higher the pledge ratio of controlling shareholders' equity pledges,the more serious the encroachment on the interests of enterprises during the pledge period.Compared with state-owned enterprises,non-state-owned enterprises are more likely to inhibit innovation and deepen the infringement of interests;compared with highly competitive enterprises,highly monopolistic enterprises have more freedom to use the cash flow obtained from equity pledges and have more incentives to “empty” the enterprise.It is further found that the scale of internal management will alleviate the inhibiting effect of controlling shareholder's equity pledges on the innovation development of enterprises;the better the rule of law environment in the region where the enterprise is located,the more it will correct the encroachment of controlling shareholder's equity pledges on the enterprise's interests.