【作者】 黄敏；

【导师】 刘黄金； 秦瑞；

【作者基本信息】 南京理工大学 ， 金融（专业学位）， 2021， 硕士

【摘要】 在中国资本市场,股权质押由于其灵活性及成本低的特点,在资本市场融资中逐渐普遍化,但不容忽视的是,股权质押背后蕴藏着巨大的股价崩盘风险,从而扰乱资本市场秩序。已有研究发现大股东股权质押会增大股价崩盘风险,引发股市动荡,阻碍了资本市场的健康有序发展。而近几年,巨额商誉减值对公司盈利能力的影响也造成上市公司股价崩盘风险增大。若大股东股权质押,商誉减值的存在是否会加剧股价崩盘风险,以及如何减弱股价崩盘风险等问题值得深究。本文以2013-2018年沪深A股上市公司为研究对象,基于管理层信息操纵理论、信息不对称理论和信号传递理论,通过理论分析、现实分析和实证分析考察了大股东股权质押、商誉减值以及两个因素结合对股价崩盘风险的影响。研究发现,大股东股权质押与股价崩盘风险以及商誉减值与股价崩盘风险之间呈现显著的正相关关系,其传导机制在于大股东股权质押会增加市场的信息不对称性,而商誉减值也使得信息透明度降低,从而引发股价崩盘风险;并且,商誉减值会在一定程度上加大股权质押导致的信息不对称性,从而使得股价崩盘风险更严重,即商誉减值对股权质押与股价崩盘风险之间的正相关关系有正向影响。本文从商誉减值角度出发,研究其对股权质押与股价崩盘风险之间关系的影响,进一步丰富了股价崩盘风险影响因素的研究,对于股权质押制度的规范和完善、质押机构以及担保公司股权质押业务的风险管理以及信息披露等方面具有一定的启示作用。更多还原

【Abstract】 In the Chinese capital market,due to its flexibility and low cost,equity pledges have gradually become common in capital market financing.However,it cannot be ignored that there is a huge stock price collapse risk behind equity pledges,which disrupts the order of the capital market.Studies have found that the pledge of major shareholders’ equity will increase the risk of stock price collapse,trigger stock market turmoil,and hinder the healthy and orderly development of the capital market.In recent years,the impact of the huge impairment of goodwill on the company’s profitability has also increased the risk of a listed company’s stock price collapse.If major shareholders’ equity pledges,whether the existence of goodwill impairment will aggravate the risk of stock price collapse and how to reduce the risk of stock price collapse is worthy of further investigation.This article takes the Shanghai and Shenzhen A-share listed companies from 2013 to2018 as the research object.Based on management information manipulation theory,information asymmetry theory and signal transmission theory,it examines the pledge of major shareholders’ equity and goodwill through theoretical analysis,realistic analysis and empirical analysis.The impact of impairment and the combination of two factors on the risk of stock price collapse.The study found that there is a significant positive correlation between the pledge of major shareholders’ equity and the risk of stock price collapse,as well as the impairment of goodwill and the risk of stock price collapse.The transmission mechanism is that the pledge of major shareholders’ equity will increase the information asymmetry in the market,while goodwill decreases.The value also reduces the transparency of information,thus triggering the risk of stock price collapse;and,the impairment of goodwill will increase the information asymmetry caused by the equity pledge to a certain extent,which makes the risk of stock price collapse more serious,that is,the impairment of goodwill has an effect on equity.The positive correlation between pledge and stock price collapse risk has a positive impact.From the perspective of goodwill impairment,this article studies its impact on the relationship between equity pledge and stock price collapse risk,and further enriches the research on the factors affecting stock price collapse risk,and regulates and perfects the equity pledge system,pledge institutions and guarantee company equity The risk management and information disclosure of the pledge business have certain enlightening effects.更多还原