控股股东股权质押对公司绩效的影响研究-会计学专业论文.docxVIP

控股股东股权质押对公司绩效的影响研究摘 控股股东股权质押对公司绩效的影响研究 摘 要 在所有权高度集中的情况下，公司治理的研究中心已从股东与经理层间的代 理冲突转化为控股股东和中小股东间的利益冲突。控股股东利用控制权可获得控 制权私有收益，侵占公司利益，对小股东造成伤害。 我国上市公司控股股东股权质押行为非常普遍，占全部上市公司的三分之一 左右。股权质押融资说明控股股东存在着资金需求，控股股东利用股权质押获得 资金的同时将股权价值波动的风险转移给了银行，这会降低对小股东侵害的成本， 从而加深大股东与中小股东间的代理问题。因此，研究控股股东股权质押行为带 来的代理冲突具有很大的理论和现实意义。 本文以控股股东股权质押行为为研究对象，阐述了控股股东股权质押贷款的 原因、用途以及给银行和上市公司带来的风险，进而对控股股东股权质押前后的 成本收益进行分析，发现股权质押会使掏空收益增加，而掏空成本在一定条件下 会降低，这会加剧控股股东对上市公司的资金占用，对公司绩效产生负面影响。 然后运用实证研究方法，使用2008年和2009年的数据，对控股股东股权质押与 资金占用、公司绩效的关系进行了全面的研究。实证结果表明，控股股东持股比 例与资金占用负相关，与公司绩效正相关，表现出利益协同效应；控股股东股权 质押比例与资金占用程度正相关，与公司绩效负相关，表现出利益侵占效应；若 将质押股份剔除，以净持股作为股东的表决权，则净持股与公司绩效正相关。 关键词：股权质押；控股股东；资金占用；绩效 ll 硕士学位论文Abstract 硕士学位论文 Abstract Under the highly concentrated ownership，the COre corporate governance is not between the shareholders and the managers，but between the controlling shareholders and the minority shareholders．The controlling shareholders can get private interest by controlling rights which hurt the interest of companies and the minority shareholders． It is common for controlling shareholders tO pledge their stocks in Chinese listed firms．According to the database，about one-third of listed companies whose controlling shareholders pledge their stocks．Stock pledge hints that the controlling shareholders have a requirement for cash．The controlling shareholders obtain funds and transfer out their risk of the unsteady stock price to the bank，which will reduce the controlling shareholders’cost and intensify the agency problems between the controlling shareholders and the minority shareholders．Therefore，it is significant and valuable for theory and practice to study the stock pledge． Based on the stock pledge for research object，this paper describes the reasons， uses and the risks of stock pledge．Then，we analyze the cost and benefit before and after stock pledge and find that the pledge will increase the controlling shareholders’benefits and reduce the cost under certain conditions to tHanel the firm， which lead tO serious