金融科技的公司治理效应:基于控股股东股权质押视角

Corporate Governance Effects of FinTech:A Perspective from Controlling Shareholders’Share Pledge

基于2011—2022年沪深A股上市公司数据,考察金融科技对控股股东股权质押的影响及作用机制。研究发现,金融科技能够显著抑制控股股东股权质押行为,经过一系列内生性处理和稳健性检验后该结论依然成立。机制检验表明,金融科技具有资源配置效应和信息增益效应,主要通过缓解融资约束、降低信息风险来抑制控股股东股权质押行为。异质性分析发现,在非国有企业、传统行业以及市场化程度较高的地区,金融科技对控股股东股权质押行为的抑制作用更加明显。研究结论为金融科技的公司治理效应提供了微观证据,同时对于增强市场内在稳定性具有一定的现实意义。

Using data of A-share listed firms from 2011 to 2022,we investigates the effect and mechanism of FinTech on controlling shareholders’share pledge.The results show that FinTech has a negative effect on the controlling shareholders’share pledging,and the conclusion still holds after a series of endogeneity and robustness tests.The mechanism test shows that FinTech has resource allocation effect and information gain effect,which mainly reduces controlling shareholders’share pledge by alleviating financing constraints and reducing information risk.The heterogeneity analysis finds that the inhibitory effect of FinTech on controlling shareholders’share pledge is more pronounced in non-state-owned enterprises,traditional industries and regions with a higher degree of marketisation.The finding provides micro evidence for the corporate governance effects of FinTech,and are also of practical significance for enhancing the intrinsic stability of the market.