控股股东股权质押对公司价值的影响——以华谊兄弟为例.pdf

哈尔滨商业大学硕士毕业论文 摘 要 股权质押融资近年来在良好的资本市场环境下增长迅速，因为它可以向金融机构 质押股权获得资金用于企业的各项投资。但是股权质押融资只能缓解公司短期的财务 困境，对长期公司价值的损害非常严重，而且也存在不少潜在风险。在此基础上，本 文选择案例分析股权质押对公司价值的影响，具有重要的现实意义。 本文选取华谊兄弟为研究主体，通过直观计算控股股东股权质押对公司价值产生 的影响，通过分析股权质押的动机，以及路径深入研究股权质押，发现华谊兄弟增加 股权质押融资会导致公司价值减少，市场效果不佳，控股股东控制权与现金流权分离 程度加剧，侵害了控股股东的利益，增加了转让风险。为了减少股权质押负向影响公 司价值给企业带来的损失，建议华谊兄弟完善董事会和监事会的治理结构，加强公司 风险管控，尽可能多的披露股权质押相关信息，紧跟政策变化作出适当决策。使案例 公司真正认真意识到股权质押带来的安全隐患，用适合公司经营状况的质押方式质押 股权，从而规避股权风险，减少对公司价值带来的损失。 关键词：股权质押融资公司价值公司治理; ; I 哈尔滨商业大学硕士毕业论文 Abstract In recent years, equity pledge financing has grown rapidly in a good capital market environment, because it can pledge equity to financial institutions to obtain funds for variousinvestmentsof enterprises.However,equity pledge financing can only alleviatethe companys short-term financial difficulties, which has a very serious damage to the long-term company value, and there are many potential risks. On this basis, this article chooses a case to analyze the impact of equity pledge on the value of the company,which hasimportantpractical significance. In this article, HuayiBros.MediaGroup is selected as the research subject, through the intuitive calculation of the impact of major shareholders equity pledge on the companys value, through the analysis of the motivation of equity pledge and the path of in-depth study of equity pledge, it is found that HuayiBros.MediaGroup increase of equity pledge financing will lead to the decrease of the companys value, the poor market effect, the aggravation of the separation of major shareholders control rights and cash flow rights, and the infringement of major shareholders rights The interests of shareholders increase therisk oftransfer.In order to reduce the negative impact of equity pledge on thevalue