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论文编号：	12983
作者编号：	2120192829
上传时间：	2021/12/16 15:38:41
中文题目：	大股东股权质押对公司债券融资成本的影响研究
英文题目：	Research on the Impact of Major Shareholders'' Equity Pledge on Corporate Bond Financing Cost
指导老师：	张晓农
中文关键字：	大股东 股权质押；公司债券融资成本；区域市场化 发展
英文关键字：	Pledge of Major Shareholders'' Equity; Corporate Bond Financing Cost; Regional Financial Development Degree
中文摘要：	随着现代企业制度的发展，我国上市公司越来越多的大股东利用自身持有的股权进行抵押融资。股权质押融资尽管能够提供更多的融资可选项，在一定程度上缓解上市公司面临的融资约束和财务困境问题，但另一方面，高比例的股权质押行为则容易造成大股东的控制权转移，甚至出现股价崩盘的局面，那么在当前债券违约率不断提升的环境下，上市公司的股权质押行为如何影响其公司债券的融资成本？又会对外部投资者的投资决策产生怎样的影响？可见对这些问题进行探究具有十分重要的意义。 本文梳理了大股东股权质押、公司债券融资成本和区域市场化程度相关文献，阐述了文章的理论基础。论文以我国2015—2020年A股上市公司发行的公司债券和大股东股权质押状况等相关数据为样本，探究上市企业的大股东进行的股权质押行为对公司债券融资成本的影响，同时从区域政府干预程度、区域中介组织与法治水平和区域金融发展程度三个角度来衡量区域市场化程度，加入区域市场化程度的交互项，来探究区域市场化程度在大股东股权质押与公司债券融资成本的关系中所发挥的作用。论文还进一步探究了大股东股权质押影响公司债券融资成本的作用机制，引入两类代理成本中介变量，研究上市公司的大股东股权质押行为影响公司债券融资成本的可能路径。 本文经过实证分析，得出如下结论：（1）上市公司股权质押行为会导致企业的债券融资成本提高（2）区域政府干预程度对两者的关系起到了正向的调节作用；区域金融发展程度对两者关系起到了负向的调节作用；区域中介组织与法治水平对两者关系起到了负向的调节作用。（3）上市公司的大股东股权质押行为通过增加第一类代理成本来提高公司债券融资成本，第一类代理成本发挥部分中介效应。文章在此基础上，结合现阶段国内资本市场发展过程中出现的一些问题提出建议，对于资本市场的发展也有一定的积极意义。
英文摘要：	With the development of modern enterprise system, more and more major shareholders of Listed Companies in China use their own equity for mortgage financing. Although equity pledge financing can provide more financing options and alleviate the financing constraints and financial difficulties faced by listed companies to a certain extent , on the other hand , a high proportion of equity pledge is easy to cause the transfer of control right of major shareholders and even the collapse of stock prices . Under the current environment of increasing bond default rate, How does the equity pledge of listed companies affects the financing cost of corporate bonds? What impact will it has on the investment decisions on external investors? It can be seen that it is of great significance to explore these problems. This paper combs the literature related to the equity pledge of major shareholders, the financing cost of corporate bonds and the degree of Regional Marketization, and expounds the theoretical basis of the article. Based on the relevant data of corporate bonds and equity pledge of major shareholders issued by A-share listed companies in China from 2015 to 2020, this paper explores the impact of equity pledge by major shareholders of listed enterprises on the financing cost of corporate bonds Regional intermediary organizations measure the degree of Regional Marketization from three angles: the level of rule of law and the degree of regional financial development, and add the interactive term of Regional Marketization to explore the role of Regional Marketization in the relationship between major shareholders' equity pledge and corporate bond financing cost. The paper also further explores the mechanism of major shareholder equity pledge affecting corporate bond financing cost, introduces two kinds of agency cost intermediary variables, and studies the possible path of major shareholder equity pledge affecting corporate bond financing cost. Through empirical analysis , this paper draws the following conclusions: (1) the equity pledge of listed companies will increase the bond financing cost of enterprises ; (2) the degree of regional government intervention plays a positive regulatory role in the relationship between the two ; The degree of regional financial development plays a negative regulatory role in the relationship between the two ; Regional intermediary organizations and the level of rule of law play a negative regulatory role in the relationship between them . (3) The equity pledge of major shareholders of listed companies increases the financing cost of corporate bonds by increasing the first kind of agency cost , which plays a partial intermediary effect . On this basis , combined with some problems of the development of domestic capital market , this paper puts forward some suggestions , which also has a certain positive significance of the development of capital market .
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