【作者】 黄磊；

【导师】 陈言；

【作者基本信息】 山东大学 ， 金融（专业学位）， 2020， 硕士

【摘要】 目前我国的上市公司普遍存在着股权质押的现象,整个A股市场可称无股不押。根据国泰安数据库显示,2019年上市公司股权质押的数量2397家,质押市值已经超过4万亿。直到2019年8月,已经有95.4%进行过股权质押的上市公式。股权质押已然在融资体系中占据了很重要的地位,成为了大多数A股上市公司所选择的融资方式。可是股权质押规模在日益的增加,风险也正逐渐凸显了出来,股权价值波动导致市场风险、由于交易市场并不完善而使交易本身存在风险、质押主体在信息不对称情况下产生的道德风险、与本身立法不完善产生的法律纠纷等等因素很大程度上加剧了资本市场的波动。而某些高位质押的公司面临的平仓风险更是造成连锁反应,已然影响了资本市场的健康发展,监管者也已经不断重视起来,近年不断颁布相关的政策对质押市场加以整顿,以求保证资本市场平稳运行、公司融资渠道畅通的同时预防系统性金融风险。本文先对目前股权质押市场、与公司融资约束情况进行了梳理,结合相关的理论与文献进行回顾与总结。从理论与实务层面分析了影响控股股东股权质押与融资约束间关系的影响因素。通过搜集沪深A股上市公司2008-2018年间11年的质押与企业财务数据,研究发现股权质押会加剧企业融资约束水平并且受到质押主体和质押特征的影响,具体体现为:第一,民营企业控股股东股权质押会加剧企业融资约束程度,尤其是在企业自身处于较低融资约束水平的时候。国有企业由于其经营的特殊性,在进行股权质押时并不会对企业融资约束水平产生明显影响。第二,上市公司存在经常性高比例股权质押时不仅无法缓解融资约束,反而会使融资约束更加严重。监管政策实施的效果有待进一步的观察,而本文的研究有助于新规的实施与制定。最后笔者根据文献与实证研究结果从投资者企业以及监管层的角度提出建议,警惕妄图长期进行股权质押以套取资金侵害投资者利益的控股股东,在制定和实施质押规则时,可以通过质押主体和质押特征区分对待不同质押意图的企业,对确实面临短期经营困难需要资金的企业给予帮助。更多还原

【Abstract】 At present,there is a common phenomenon of stock pledge in China’s listed companies.The whole A-share market can be called "no stock without pledge".According to the database of Tai ’an,in 2019,the number of equity pledges of listed companies was 2397,with a market value of more than 4 trillion.Until August 2019,95.4%of the listed companies had carried out equity pledge.Equity pledge has occupied a very important position in the financing system,and has gradually become a preferred and willing financing method for A-share listed companies.However,with the continuous expansion of the scale and quantity of equity pledge,the risks are also highlighted.The fluctuation of equity value leads to market risks,the existence of risks in the transaction itself due to the imperfection of the transaction market,the moral risks of the pledge subject under the condition of information asymmetry,and the legal disputes caused by the imperfection of its own legislation,etc.to a large extent,aggravate the fluctuation of the capital market。The risk of closing positions of some high-level pledge companies has caused a chain reaction,which has affected the healthy development of the capital market.Regulators have also paid more attention to it.In recent years,they have issued relevant policies to rectify the pledge market,so as to ensure the smooth operation of the capital market,the smooth financing channels of the company and prevent systemic financial risks.This paper first reviews and summarizes the current equity pledge market and corporate financing constraints,combined with relevant theories and literature.From the theoretical and practical level,this paper analyzes the influencing factors of the relationship between the controlling shareholders’ equity pledge and financing constraints.Through collecting the pledge and corporate financial data of Shanghai and Shenzhen Stock Markets of A-Share in China listed companies in 2008-2018,the study finds that equity pledge will aggravate the level of corporate financing constraints and be affected by the subject of pledge and the characteristics of pledge,specifically as follows:first,equity pledge of controlling shareholders of private enterprises will aggravate the level of corporate financing constraints,especially when the enterprise itself is at a low level of financing constraints When.Because of the particularity of state-owned enterprises’ operation,the level of financing constraints will not be significantly affected when they pledge their stock rights.Secondly,when there is a high proportion of regular stock pledge in listed companies,it can not alleviate the financing constraints,but will make the financing constraints more serious.The effect of regulatory policy implementation needs to be further observed,and the research of this paper is helpful to the implementation and formulation of new regulations.Finally,according to the results of literature and empirical research,the author puts forward suggestions from the perspective of investors and regulators,and is wary of controlling shareholders who want to carry out equity pledge for a long time in order to get funds against the interests of investors.When formulating and implementing pledge rules,enterprises with different intention of pledge can be treated differently through the subject of pledge and the characteristics of pledge,which is really necessary for short-term operation difficulties The enterprise with the funds will help.更多还原