控股股东股权质押、投资者情绪与定向增发股价长期表现

发布时间：2018-04-10 01:06

本文选题：控股股东股权质押　切入点：投资者情绪　出处：《中央财经大学学报》2017年11期

【摘要】：上市公司定向增发前控股股东实施股权质押的行为已相当普遍,但控股股东股权质押对定向增发公司的影响研究相对缺乏。笔者利用控股股东股权质押、投资者情绪及定向增发股价长期市场表现三者的传导机制,试图探讨控股股东融资行为对公司定向增发融资后果的影响。研究表明:控股股东股权质押加剧了定向增发后公司长期股价的弱势表现,控股股东股权质押对投资者情绪具有正向影响,投资者情绪对定向增发股价长期超额收益具有负向影响,投资者情绪在控股股东股权质押与定向增发股价长期表现关系间具有部分中介效应。研究结论意味着定向增发前控股股东股权质押利益相关方可能采取相关行动维稳股价、提高市值,但也只是质押期间的权宜之计。
[Abstract]:The behavior of controlling shareholders to carry out equity pledge is quite common, but the research on the influence of controlling shareholders' equity pledge on the company is relatively lacking.Based on the transmission mechanism of controlling shareholders' equity pledge, investor sentiment and long-term market performance, the author tries to explore the influence of controlling shareholder's financing behavior on the financing consequences of company's directional additional offering.The research shows that the controlling shareholder's equity pledge intensifies the weak performance of the company's long-term stock price after the directional additional offering, and the controlling shareholder's equity pledge has a positive effect on the investor's sentiment.Investor sentiment has a negative effect on the long-term excess return of the stock price, and investor sentiment has a partial intermediary effect in the relationship between the controlling shareholder's equity pledge and the long-term performance of the share price.The conclusion of the study means that the stakeholders may take relevant actions to stabilize the stock price and raise market value, but it is only an expedient measure during the period of pledge.
【作者单位】：西安理工大学经济与管理学院;
【基金】：国家自然科学基金项目“我国创业板上市公司控制权配置、经理管理防御与成长性研究”(项目编号;71772151);国家自然科学基金项目“中国上市公司经理层管理防御与激励约束机制的实验研究”(项目编号:71272118)
【分类号】：F832.51

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