货币政策不确定性会影响大股东融资决策吗?——基于股权质押动机的视角

Will Monetary Policy Uncertainty Affect Major Shareholders'Financing Decisions?——From the Perspective of Equity Pledge

从股权质押视角切入,考察货币政策不确定性对大股东融资决策的影响。研究发现:货币政策不确定性会抑制大股东股权质押行为。该影响主要通过增强企业融资约束、降低企业投资支出和提高质押风险实现。进一步分析发现货币政策不确定性主要抑制了大股东将所得资金用于自身和第三方的非支持型股权质押,且该抑制作用在风险承担水平较高、存在机构类非控股大股东、民营、金融业市场化程度低和行业竞争程度低的企业中更强。研究有助于理解货币政策对微观企业和大股东行为的作用机制,为政府宏观调控、引导经济发展提供新的借鉴。

From the perspective of equity pledge,this paper examines the impact of monetary policy uncertainty on major shareholders’financing decisions.It is found that the uncertainty of currency policy will restrain the equity pledge behavior of major shareholders.This effect mainly reduces the investment expenditure of enterprises and increases the risk of stock price collapse.Further analysis shows that the uncertainty of monetary policy mainly suppresses the major shareholders to use the funds for their own and the third party’s unsupported equity pledge,and the inhibitory effect is stronger when there is a greater risk of control transfer of the controlling shareholders and the existence of institutional non-controlling shareholders in private enterprises and companies.The study helps to understand the mechanism of monetary policy on the behavior of micro-enterprises and major shareholders,and provides a new reference for the government’s macro-control and guiding economic development.