作　　者： ; ;

机构地区： 中山大学管理学院

出　　处： 《会计研究》 2021年第12期95-106,共12页

摘　　要： 本文基于上市公司股份回购的视角,分析了控股股东股权质押后进行市值管理的行为。结果发现:控股股东股权质押比例越高,上市公司回购股份的概率和回购比例就越高;细分控制权转移风险发现,当控股股东面临质押预警风险、资本市场处于熊市行情、上市公司股价崩盘风险较高、上市公司为民营企业、上市公司所在省份市场化程度较高时,二者的正相关关系更明显;细分股份回购计划发现,控股股东股权质押比例越高,上市公司回购股份金额越多、完成度越高、持续时间越长;细分股权质押特征发现,控股股东股权质押的质权方越多、质押笔数越多,上市公司回购股份的概率和回购比例也越高。上市公司发布股份回购计划能够获得积极的市场回报,但控股股东股权质押的企业获得的市场回报低于无股权质押的企业;控股股东股权质押企业多次发布股份回购计划时,其市场回报会逐次下降。最后本文排除了西方资本市场股份回购假说对本文的替代性解释。 Based on the perspective of share repurchase of listed companies,this paper analyzes the market value management behavior of the company after the controlling shareholders pledge their shares.The results show that the higher the proportion of controlling shareholders’share pledge,the more likely the listed companies are to repurchase shares,and the higher the proportion of repurchase;After subdividing the control right transfer risk of controlling shareholders,we find that when the controlling shareholders are faced with margin call,the capital market is in a bear market,the stock crash risk is high,the listed companies are private enterprises,and the listed companies are located in the province which market level is high,the positive correlation between the controlling shareholders’share pledge and the share repurchase of listed companies is more obvious;After subdividing the stock repurchase plan,we find that the higher the proportion of controlling shareholders’share pledge,the more the amount of shares repurchase,the closer the repurchase amount is to the upper limit of the plan,and the longer the repurchase duration;After subdividing the features of controlling shareholders’share pledge,we find that the more pledgees and the more number of pledges of controlling shareholders,the more likely the listed company is to repurchase shares,and the higher the proportion of share repurchase.The listed companies can obtain significantly positive market returns by issuing share repurchase plans,but the market returns of the enterprises with controlling shareholders’pledged shares are lower than those without share pledge;When the companies whose controlling shareholder pledge his share issues the share repurchase plan for many times,its market return will decline gradually.Finally,this paper excludes the alternative explanation of share repurchase hypothesis in western capital market.

关 键 词： 控股股东股权质押 市值管理 股份回购

领　　域： [经济管理—金融学]