【作者】 李霞；

【导师】 魏卉；

【作者基本信息】 石河子大学 ， 会计硕士（专业学位）， 2020， 硕士

【摘要】 股权质押是指股权所有人以其拥有的股权作为担保从金融机构融得资金的一项财务活动。股权的公开性和易变现性使得金融机构愿意为股东提供其所需要的资金。近年来,股权质押行为在资本市场上频繁发生,其中控股股东的股权质押行为尤为频繁。股权质押行为一方面能够对控股股东努力改善公司业绩从而提升公司价值起到积极影响,另一方面这种融资方式同时也会向外界传递控股股东资金紧张、上市公司财务恶化的信号,这也会使得控制权让位的风险增大,也会加大控股股东利用股权质押进行利益输送的可能性,这样也就会引发代理问题,最终给公司价值带来负面影响。本文选取贵人鸟公司为例,采用案例研究法以贵人鸟公司控股股东频繁的进行高比例股权质押进行融资为切入点,首先介绍贵人鸟公司控股股东股权质押历程以及现状,然后对控股股东该行为的动机进行分析,再通过对贵人鸟公司的短期市场反应、公司财务状况以及公司价值进行分析从而验证控股股东进行高比例且频繁的股权质押行为会对上市公司的价值带来怎样的影响?最后根据公司业绩及价值的变化和公司治理情况相结合找到股权质押存在的根本问题,并针对这些问题提出相应的对策建议。研究发现:第一,控股股东在进行股权质押时往往会将自身利益置于首位,这样就会加速企业财务状况的恶化程度;第二,控股股东的股权质押行为本身就会向外界传递负面影响,当控股股东将质押资金用于自身用途时,这种效果更甚,我们通过计算公司的累计超额收益率时就可以发现其对公司价值带来的负面影响,并且这种影响具有一定的可持续性。通过本文的分析,针对贵人鸟公司控股股东高比例、频繁股权质押行为提出抑制性建议:第一,完善公司内部治理分别从建立合理的股权结构、加强控股股东与中小股东之间的权利的合理分配以及加强三会一层四道防线的监督等方面提出建议;第二,对控股股东股权质押行为做出一定的限制,其中包括明确规定股权质押的频率和比例、限制控股股东股权质押后的表决权以及对控股股东股权质押所得征取所得税;第三,提高股权质押信息披露透明度,在加强股权质押信息披露的完整性的同时规范股权质押披露方式并且要求年报公告中股权质押信息应当详细披露;最后提出完善股权质押相关法律法规的建议,以期对我国资本市场健康、稳步发展起到积极的作用。更多还原

【Abstract】 Pledge of equity refers to a financial activity in which the equity owner uses the equity he owns as a guarantee to obtain funds from financial institutions.The openness and flexibility of equity makes financial institutions willing to provide shareholders with the capital they need.In recent years,stock pledge frequently occurs in the capital market,especially controlling shareholder have frequent activities.On the one hand,equity pledge can exert a positive impact on controlling shareholders’ efforts to improve the company’s performance so as to enhance the company’s value.On the other hand,this financing method will also send signals to the outside world that controlling shareholders are short of funds and the listed company’s financial deterioration,which will also increase the risk of control right relinquishing and increase the possibility of controlling shareholders’ use of equity pledge for benefit transmission.Finally,agency problems will be caused and negative impact will be finally brought to the company’s value.This article selects Guirenniao Co.,Ltd.as an example,using the case method with noble bird company controlling shareholder frequent high proportion of equity pledge for financing as the breakthrough point,firstly it introduces Guirenniao Co.,Ltd.controlling shareholder equity pledge history and the status quo,then the behavior motive are analysised,the largest shareholder by short-term market reaction to the noble bird company,the company’s financial situation,and analyze the value of the company to verify the controlling shareholder of high proportion and frequently equity pledge will affect the value of the listed company how? Finally,based on the change of company performance and value and corporate governance,the fundamental problems of equity pledge are found,and corresponding countermeasures are proposed.The study found that: first,controlling shareholders tend to put their own interests on the first place when they pledge their shares,which will accelerate the deterioration of the financial situation of the enterprise;Second,the controlling shareholder’s equity pledge itself will transport negative influence to the world,when the controlling shareholder will pledge funds for their own use,the effect will be more serious,so,when we calculated the company accumulated excess yields can be found that the negative influence on the value of the company and its sustainability impact.Through the analysis of this article,in view of the high and frequent pledge of equity peformation of Guirenniao Co.,Ltd.controlling shareholders,we can take some inhibitory Suggestions: first,we should improve the internal governance from establishing a reasonable equity structure,strengthening the reasonable distribution of power between the controlling shareholders and minority shareholders and increasing the supervision and other defence Suggestions;Secondly,certain restrictions are imposed on the behavior of controlling shareholders’ pledge of equity,including specifying the frequency and proportion of pledge of equity,restricting the voting right of controlling shareholders after pledge of equity,and levying income tax on the income from pledge of controlling shareholders’ equity.Third,it also should improve the transparency of stock pledge information disclosure,while strengthening the integrity of stock pledge information disclosure,standardize the stock pledge disclosure mode and require that the stock pledge information should be disclosed in detail in the annual report announcement.Finally,some Suggestions on improving relevant laws and regulations of equity pledge are put forward,which will play a positive role in the healthy and steady development of China’s capital market.更多还原