發(fā)布時間：2018-10-12 16:03

【摘要】：隨著2013年滬深交易所通過金融創(chuàng)新開展股票質(zhì)押式回購以來,上市公司進行股權(quán)質(zhì)押的融資行為已經(jīng)越來越普遍,根據(jù)wind數(shù)據(jù)庫統(tǒng)計,在2016年一年參與股票質(zhì)押的上市公司多達1600多家,超過我國A股證券市場上市公司數(shù)量的一半,而且有的上市公司一年不止發(fā)生一次股權(quán)質(zhì)押行為,例如2016年發(fā)生股權(quán)質(zhì)押融資次數(shù)最多的是上海萊士(002252.sz),多達87次,幾乎每個月有7次之多,根據(jù)筆者2016年統(tǒng)計質(zhì)押次數(shù)前10的公司平均發(fā)生52.3次股權(quán)質(zhì)押行為。如此普遍頻繁的股權(quán)質(zhì)押行為是否會對上市公司的市值管理帶來影響呢?本文基于這樣的疑問通過對A股中2010年起到2016年一季度之間發(fā)生過控股股東股權(quán)質(zhì)押的上市公司進行篩選分析研究發(fā)現(xiàn):1,控股股東的股權(quán)質(zhì)押行為確實有助于上市公司加強市值管理,但頻繁的股權(quán)質(zhì)押行為卻會削弱市值管理效果;2,控股股東和中小股東同時存在股權(quán)質(zhì)押時市值管理行為會明顯強于僅僅只有控股股東存在質(zhì)押行為時的情況,也即控股股東和中小股東的股權(quán)質(zhì)押行為對市值管理產(chǎn)生協(xié)同效應(yīng);3,不同企業(yè)屬性的控股股東發(fā)生股權(quán)質(zhì)押行為時市值管理情況也會顯著不同,當(dāng)民營企業(yè)的控股股東發(fā)生股權(quán)質(zhì)押時,民營上市公司會有更明顯的市值管理。最后,根據(jù)本文的結(jié)論提出防范股權(quán)質(zhì)押風(fēng)險和加強市值管理的相關(guān)政策建議。
[Abstract]:Since 2013, when Shanghai and Shenzhen Stock Exchange launched stock pledge repurchase through financial innovation, the financing behavior of stock pledge by listed companies has become more and more common. According to wind database statistics, In 2016, as many as 1600 listed companies participated in stock pledge, more than half of the number of listed companies in China's A-share stock market, and some listed companies have more than once a year stock pledge behavior. For example, in 2016, the largest amount of equity pledge financing occurred was Shanghai 002252.sz (87 times), almost seven times a month. According to the author's 2016 statistics, the companies with the top 10 pledge times on average have 52.3 times of equity pledge behavior. Will such frequent stock pledge affect the market value management of listed companies? Based on this question, this paper makes a screening analysis of the listed companies in A shares that have pledged the shares of controlling shareholders between 2010 and the first quarter of 2016. The results show that: 1. City companies to strengthen market value management, However, the frequent behavior of equity pledge will weaken the effect of market value management. 2, the market value management behavior of controlling shareholder and small shareholder is obviously stronger than that of only controlling shareholder. That is, the equity pledge behavior of controlling shareholders and minority shareholders has a synergistic effect on market value management. When controlling shareholders of private enterprises pledge shares, private listed companies will have more obvious market value management. Finally, according to the conclusion of this paper, the paper puts forward some policy suggestions on preventing the risk of equity pledge and strengthening market value management.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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