【作者】 刘娟；

【导师】 曾鸿志；

【作者基本信息】 江西财经大学 ， 金融， 2022， 硕士

【摘要】 随着近年来公司的快速发展扩张,解决资金问题成为重中之重,传统的银行借贷难以满足公司对资金的需求,股权质押由于成本低、程序简单、融资迅速等先天优势而成为各大公司的重要选择。自2013年政策性放开股权质押业务以来,该业务在我国得到了迅速的发展,不少公司控股股东的股权质押率达到100%。在股权质押风靡资本市场的同时,监管部门对股权质押的监管政策、公司对股权质押的规章制度却没跟上其发展的步伐,各种风险问题接踵而至,2015年后我国资本市场因为股权质押而“爆仓”的公司接连不断。由此,股权质押引发的一系列问题,给公司、中小投资者带来了巨大的经济损失,甚至影响到资本市场的稳定性。足以说明,股权质押制度尚不完善,因此对于该主题的研究至关重要。“一股独大”、“股权过度集中”是我国上市公司的共性,因此把控股股东作为研究对象对我国资本市场更有意义,故而本文选取曲美家居作为案例,研究控股股东股权质押的动因和经济后果,从而促进资本市场的稳健运行。本文通过文献研究法回顾国内外有关股权质押的动因和经济后果的理论,并为研究内容需要用到的理论基础作出陈述。其次简述曲美家居的基本情况,梳理股权质押的流程。然后分析该公司大股东股权质押的动因和经济后果,同时分析曲美家居降低股权质押率的方法及存在的问题。从前人的理论以及公司战略等角度分析股权质押的动因;从经济学角度分析股权质押产生的结果,计算并对比股权质押前后控股股东两权分离的情况,利用事件研究法分析股权质押对短期股价的影响,利用经济增加值法分析股权质押对公司长期价值的影响,通过财务指标分析公司经营业绩的变化,并利用Z-score模型判断公司的财务风险。最后针对本文的研究内容和目的作出总结并提出合理化建议。通过研究本文得出以下结论:公司股权质押的动机可能是由于公司内部资金短缺、外部融资渠道有限、为了公司战略发展和维持对公司的控制权。通过经济学角度的分析,发现股权质押不仅会导致控制权和现金流权的分离,还会给公司的短期股价、长期公司价值和公司业绩带来消极影响,并造成一定的财务风险。公司采取引入战略投资人、定向增发股票、用公司经营性净现金流还款和较低利率的银行贷款四种措施来置换股权质押,从而降低控股股东的股权质押率,但这四种方式的机会成本较高并会使公司的控制权稀释,伴随的问题值得关注和思考。最后本文针对研究结果对相关各方提出建议,对于上市公司来说,应该提高在战略发展和选择中的谨慎性、合理优化公司的股权结构,对中小投资者来说应该理性投资、密切关注控股股东在股权质押后的行为,对于监管层来说应该完善信息披露机制、健全相关的法律法规。更多还原

【Abstract】 With the rapid development and expansion of the company in recent years,solving the problem of funds has become the top priority,and traditional bank loans are difficult to meet the company’s demand for funds.Due to the low cost,simple procedures,and rapid financing,it has become an important choice for major company.Since the policy liberalized equity pledge business in 2013,the business has developed rapidly in China,and the equity pledge rate of many company controlling shareholders has reached 100%.While the equity pledge is popular in the capital market,the regulatory authorities’ supervision policies for equity pledge and the company’s rules and regulations on equity pledge did not keep up with the pace of its development,and various risk problems have come one after another.After 2015,China’s capital market has witnessed a series of companies "bursting positions" due to equity pledge.Therefore,a series of problems caused by equity pledge have brought huge economic losses to the company and small investors,and even affected the stability of the capital market.It is enough to show that the equity pledge system is not perfect,so it is essential to study this theme."One Big Share Alone" and "excessive equity concentration" are the commonality of listed companies in our country.Therefore,the controlling shareholder as the research object is more meaningful to our country’s capital market,so this article selects Qumei Home Furnishings Group Co.,Ltd as a case to study motivations and economic consequences of the controlling shareholder equity,so as to promote the steady operation of the capital market.This thesis reviews the domestic and foreign theories on the motivations and economic consequences of equity pledge through literature research,and states the theoretical basis for the research content.Secondly,it briefly describes the basic situation of Qumei Home and combs the process of equity pledge.Then analyze the motivations and economic consequences of equity pledge by major shareholders,and at the same time analyze the method of reducing equity pledge rates and existing problems.It analyzes the motivations of equity pledge from the theory of former people and corporate strategy.From the economic perspective to analyze the results of equity pledge,calculate and compare the separation of the two rights of the controlling shareholders before and after the equity pledge,using event study method to analyze the impact of equity pledge on short-term stock price,using the method of economic value added method to analyze the impact of equity pledge on the long-term value of the company,through financial indicators to analyze changes in the company’s operating performance,and using Z-score model to judge the financial risk of the company.Finally,this thesis summarizes the research content and purpose,and puts forward reasonable suggestions.Through studying this thesis,the following conclusions: The motivations of the company’s equity pledge may be due to the shortage of internal funds within the company,limited external financing channels,support the strategic development of the company and maintain the control of the company.According to the analysis of the economic perspective,it is found that equity pledge will not only lead to the separation of control rights and cash flow rights,but also bring negative impacts on the company’s short-term stock price,long-term company value and company performance,and cause certain financial risks.The company uses a bank loan with strategic investors,targeted issuance,uses the company’s operating net cash flow repayment and low interest rates to set up the pledge of equity for equity,thereby reducing the equity pledge rate of controlling shareholders.However,the opportunity cost of these four methods higher and diluted the control of the company,the accompanying issues are worthy of attention and thinking.In the end,this thesis makes suggestions for the relevant parties.For the results of the study,the listed company should enhance the prudence in strategic development and rationally optimize the company’s ownership structure.For small and medium investors,they should invest rationally and pay close attention to the behavior of controlling shareholders after equity pledge.For regulators,they should improve information disclosure mechanism and relevant laws and regulations.更多还原