摘要
以2010—2020年中国沪深A股上市企业为研究样本,基于市场竞争和股权结构的双重视角,实证检验控股股东股权质押与企业绩效间关系及其内在调节机制。研究发现,控股股东进行股权质押显著抑制了企业绩效,且控股股东股权质押规模越大,企业绩效表现越差。进一步考察产品市场竞争和股权结构的调节效应后发现,产品市场竞争会加大控股股东股权质押对企业绩效的抑制作用;股权集中度会削弱控股股东股权质押对绩效的负向影响;股权制衡度则强化了两者间的负相关关系;相对于国有企业,非国有企业中控股股东股权质押对绩效的负面影响更加明显。
By selecting China’s A-share listed companies from 2010 to 2020 as research samples,based on the dual perspective of market competition and shareholding structure,empirically examines the relationship between the controlling shareholder’s equity pledge and firm performance and its internal adjustment mechanism.The findings reveal that the controlling shareholder’s equity pledge has significantly inhibited the firm performance,and the larger the controlling shareholder’s equity pledge,the worse the firm performance.After further examining the moderating effect of market competition and ownership structure,the results show that product market competition would strengthen the inhibitory effect of controlling shareholder’s equity pledge on firm performance.The degree of equity concentration will weaken the negative impact of the controlling shareholder’s equity pledge on firm performance.The equity balance degree will strengthen the negative correlation between the two.Compared with state-owned companies,the negative impact of controlling shareholder’s equity pledge on firm performance is more obvious in non-state-owned companies.
作者
刘运
LIU Yun(School of Finance,Shanghai Lixin University of Accounting and Finance,Shanghai 201209,China)
出处
《南昌大学学报（人文社会科学版）》
CSSCI
2023年第6期45-59,共15页
Journal of Nanchang University(Humanities and Social Sciences)
基金
国家社会科学基金项目“‘一带一路’推进中园区走出去的合作模式与成长路径研究”(18BJY181)
教育部人文社会科学研究青年基金项目“‘一带一路’背景下中国OFDI对沿线国家绿色技术创新的影响研究”(19YJCZH113)
上海高校青年教师培养资助计划项目(ZZ202320028)。
关键词
股权质押
企业绩效
产品市场竞争
股权结构
equity pledge
firm performance
product market competition
equity structure
