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论文编号：	11849
作者编号：	2120182946
上传时间：	2020/6/22 21:09:54
中文题目：	控股股东股权质押、会计信息质量与股价同步性
英文题目：	Stock Pledge of Controlling Shareholder’s Equity,Quality of Accounting Information and Stock Price Synchronization
指导老师：	周宝源
中文关键字：	控股股东股权质押；股价同步性；会计信息质量；控制权性质
英文关键字：	Pledge of Controlling Shareholder''''s Equity；Stock Price Synchronization；Quality of Accounting Information；Nature of Control Right
中文摘要：	股价同步性是指股价的“同涨同跌”现象，表现为上市公司股票价格随市场和行业整体股价进行变动。现有研究认为股价同步性能够衡量股价的信息含量，股价的信息含量越高，股价同步性越低。股东股权质押是指股东作为出质人，将其所持有的股份作为质押担保而进行融资的一种手段。根据股权质押的相关规则，当公司股价下跌至平仓警戒线而股东无力补仓时，股东会面临控制权转移的风险。为了避免这种风险，股东往往会选择对公司市值进行管理，选择性地进行信息披露，抑制“坏消息”的披露。因此，股东进行股权质押会损害公司信息披露质量，从而降低股价的信息含量，提高股价同步性。 本文选取了中国A股上市公司2009-2018年的数据，基于信息不对称理论、有效市场假 说、行为金融学等理论，选择实证研究的方式，重点研究了控股股东股权质押与股价同步性的相关关系及其作用机制，并在此基础上探究了公司控制权性质对于两者之间相关关系的影响。我们的研究结果表明控股股东股权质押与股价同步性之间呈现正相关关系，控股股东的股权质押行为会提高公司的股价同步性。上市公司的信息披露质量是股权质押和股价同步性两者关系中的中介变量，控股股东股权质押是通过降低公司的信息披露质量而对股价同步性产生影响的。此外，两者的相关关系受上市公司控制权性质的影响。在国有控股上市公司中，会计信息质量的中介效应不明显，控股股东股权质押与股价同步性不显著相关；在非国有控股上市公司中，控股股东股权质押通过影响会计信息质量对股价同步性产生显著影响。
英文摘要：	The synchronization of stock price refers to the phenomenon of "rising and falling together" of stock price, which shows that the stock price of listed companies changes with the overall stock price of the whole market. The existing studies believe that the stock price synchronization can measure the information content of the stock price. The higher the information content of the stock price is, the lower the stock price synchronization is. The pledge of shareholders' equity refers to a means of financing by which the shareholders, as the pledgor, take the shares they hold as the pledge guarantee. According to the relevant rules of equity pledge, when the stock price of the company falls to the closing warning line and the shareholders are unable to make up their positions, the shareholders will face the risk of control transfer. In order to avoid this kind of risk, shareholders often choose to manage the market value of the company, selectively disclose information and suppress the disclosure of "bad news". Therefore, shareholders' equity pledge will damage the quality of information disclosure of the company, so as to reduce the information content of stock price and improve the synchronization of stock price. This paper selects the data of China's A-share listed companies in 2009-2018, choosing the way of empirical research. The research focuses on the relationship between the controlling shareholder's equity pledge and the synchronization of stock price and its mechanism of action, and on this basis, explores the impact of the nature of corporate control, the "four major" audits and the degree of product market competition on the relationship between the two, and obtains the following conclusions 1. There is a positive correlation between the stock pledge of controlling shareholders and the synchronization of stock price. 2. The stock pledge of controlling shareholders has an impact on the synchronization of stock price by reducing the quality of information disclosure of listed companies. 3. The relationship between them is affected by the nature of the control right of listed companies. In the state-owned listed companies, the share pledge of controlling shareholders is not significantly related to the synchronization of stock price; in the non-state-owned listed companies, the share pledge of controlling shareholders is significantly related to the synchronization of stock price.
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