摘要
选取2009-2019年中国A股上市公司年度数据,构建面板回归模型对大股东股权质押对企业风险承担的影响及其作用机制进行了实证分析。研究表明:(1)大股东股权质押对企业风险承担具有促进作用。相对于民营企业与低市场化进程地区企业,大股东股权质押对国有企业与高市场化进程地区企业风险承担的促进力度更大。(2)大股东股权质押容易引发企业过度投资而加剧非效率投资,由此加大企业风险承担,“大股东股权质押-非效率投资-企业风险承担”的传导渠道有效。(3)股权制衡对大股东股权质押与企业风险承担关系具有负向调节作用,股权制衡度提高会减弱大股东股权质押对企业风险承担的促进作用。(4)信贷约束对大股东股权质押与企业风险承担关系具有正向调节作用,信贷约束度提高会加剧大股东股权质押对企业风险承担的促进作用。该成果将为防控中国实体企业运营风险及实现中国经济高质量发展提供重要的理论指导与决策参考。
This paper gives an empirical research by using data of China listed companies during 2009-2019 and panel regression model to impact of share pledges of major shareholders on corporate risk taking and its mechanism.The research shows that:(1)Share pledges of major shareholders has a promoting effect on enterprise risk taking.Compared with private enterprises and enterprises in regions with low marketization process,major shareholders’Share pledges has a greater impact on promoting risk taking of state-owned enterprise and enterprises in regions with high marketization process.(2)Pledges of major shareholders’share is likely to lead to excessive investment and intensify non-efficient investment,thus reducing marginal income and increasing enterprise risk taking.Transmission channel of“share pledges of major shareholders-inefficient investment-risk-taking”is effective.(3)Equity balances have a negative regulating effect on relationship between share pledges of major shareholders and risk taking.Improvement of equity balances will weaken the role of share pledges of major shareholders in promoting risk taking.(4)Credit constraint have a positive regulating effect on the relationship between share pledges of major shareholders and risk bearing.Improvement of credit constraint will intensify the role of equity pledge of major shareholders in promoting risk taking.
作者
顾海峰
刘子栋
GU Hai-feng;LIU Zi-dong
出处
《科学决策》
CSSCI
2021年第11期1-17,共17页
Scientific Decision Making
基金
国家社会科学基金一般项目(项目编号:13BGL041)
教育部人文社会科学研究规划基金项目(项目编号:20JYA790014)。
关键词
股权质押
风险承担非效率投资
股权制衡
信贷约束
share pledges
risk taking
inefficient investment
equity balances
credit constraint
