大股东股权质押、盈余管理和股票回报率

发布时间：2017-12-31 06:23

本文关键词：大股东股权质押、盈余管理和股票回报率　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的繁荣发展,资本市场提供的融资方式多种多样,股权质押融资越来越为金融机构和公司青睐。根据Wind数据库统计,2015年共发生大股东股权质押融资4274次,相比2014年增长59.66%。股权质押融资呈现爆发式增长,如今已成为普遍的融资方式,因为其相比传统的不动产抵押与动产抵押具有自身独特的的优势,股权质押融资方式拓宽了公司的融资渠道。然而,在肯定股权质押积极作用的同时,也必须认识到股权质押可能产生负面影响。对质权人而言,如果没有选准优良股权,有可能给自身带来损失。对于出质人来讲,最大的风险可能就是股价下跌。对于上市公司大股东来讲,如果市场对上市公司没有信心,股价出现大幅下跌,甚至跌破平仓线,大股东就需要补仓或提供其他担保。大股东为了避免股价下跌的风险,可能会进行盈余管理或股价操纵。由于调节股票市价的成本相对较低,因此大股东有动机也有能力调节公司发布的市场信息以避免金融机构“惜贷”行为。另一方面,如果大股东“高位”质押所拥有的股权,而在“低位”放弃股权,这会侵害债权人及中小股东利益。自从出现股权质押融资方式以来,有很多文献研究股权质押对盈余管理的影响,本文在以往研究股权质押对盈余管理影响的基础上,对二者关系进行了进一步研究。首先,本文通过动态研究,对比同一上市公司在股权质押后盈余管理程度的变化,为我国资本市场中公司股权质押与盈余管理的关系提供了新的经验证据;其次,已有证据表明,股东为防止股价下跌带来的风险,有股价操纵的动机。股东通过股票回购等方式操纵股价,在股市中可能使股票有更高的股票回报率。目前并未有论文研究股权质押与股票回报率的关系,本文研究股权质押与股票回报率的关系,可以为股权质押在资本市场产生的影响提供新的经验证据。
[Abstract]:Along with the prosperity and development of China's capital market, the capital market to provide financing ways, equity pledge financing more and more financial institutions and companies favor. According to Wind database statistics, 2015 a total shareholder equity pledge financing 4274 times, compared to 2014 growth of 59.66%. equity pledge financing show explosive growth, has now become a common financing compared with the traditional way, because the mortgage of real estate and chattel mortgage has its own unique advantages, equity pledge financing broaden the financing channel of the company. However, the positive role in the positive equity pledge at the same time, also must be aware of the equity pledge may have a negative impact. The mortgagor, if there is no selection excellent equity, may have to bring their own losses for the quality of people, the biggest risk is probably fell. The major shareholders of listed companies, such as If the market has no confidence in the listed companies, stock prices fell sharply, even below the liquidation line, large shareholders need to cover positions or other security. Large shareholders in order to avoid the risk of falling stock prices, may carry out earnings management and stock price manipulation. The stock price adjustment cost is relatively low, so the large shareholders have the motivation and the ability to regulate the company released market information to avoid financial institutions "credit crunch" behavior. On the other hand, if the shareholder "high" pledge of equity owned, and in the "low" to give up equity, it will infringe the interests of minority shareholders and creditors. Since the equity pledge financing, there are a lot of literature on the equity pledge effect on earnings management, based on previous studies on the basis of equity pledge for the impact of earnings management, the relationship between the two was further studied. Firstly, through the dynamic study , compared to the same degree of earnings management of listed companies changes in equity pledge, pledge of equity relationship for China's capital market and earnings management provides new empirical evidence; secondly, there is evidence that, in order to prevent the shareholders of shares fell the risks of a stock price manipulation motivation. Shareholders through the repurchase of shares stock price manipulation in the stock market, the stock may have higher stock returns. At present there is no research on the relationship between equity pledge and the stock return rate, this paper studies the equity pledge relationship with stock returns, can provide new empirical evidence for the influence of stock right pledge in the capital market.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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