摘要
控股股东股权质押在带来融资便利的同时,也可能引发控制权转移风险,促使其进行盈余管理以稳定股价。现有研究多聚焦于股权质押期间,缺乏对股权质押全过程的动态考察。本文以2011-2023年沪深A股上市公司为样本,采用双向固定模型,实证检验控股股东股权质押全过程对上市公司应计性和真实性盈余管理的影响。研究发现,相较于质押前,质押后上市公司应计性盈余管理下降,偏向较为隐蔽的真实性盈余管理方式;完全解押后,真实性盈余管理程度下降,公司业绩下滑;并且随着连续质押期增长,控股股东的盈余管理意愿逐渐下降。对于控股股东股权质押对企业盈余管理带来的影响,投资者应关注控股股东股权质押动态及潜在盈余管理行为,上市公司需要完善治理机制以约束机会主义行为,监管部门也应该强化对股权质押资金用途及财务透明度的要求。
While providing financing convenience,controlling shareholders'share pledging may also trigger risks of control transfer,prompting them to engage in earnings management to stabilize stock prices.Existing research predominantly focuses on the pledging period,lacking dynamic investigation into the entire process of share pledging.This paper examines A-share listed companies in Shanghai and Shenzhen from 201l to 2023,employing a two-way fixed-effects model to empirically test the impact of the entire process of controlling shareholders'share pledging on listed companies'accrual-based and real earnings management.The findings reveal that compared to the pre-pledging period,listed companies exhibit decreased accrual-based earnings management after pledging,indicating a preference for more concealed real earnings management methods.Following full release of the pledge,the extent of real earnings management declines while company performance deteriorates.Furthermore,as the continuous pledging period extends,the controlling shareholders'inclination for earnings management gradually diminishes.Regarding the impact of controling shareholders'share pledging on corporate earnings management,investors should monitor pledging dynamics and potential earnings management behaviors,listed companies need to improve governance mechanisms to constrain opportunistic conduct,and regulatory authorities should strengthen requirements for the use of pledged funds and financial transparency.
作者
金永红
曾怡涵
温雨婷
Jin Yonghong;Zeng Yihan;Wen Yuting(School of Finance and Business,Shanghai Normal University,Shanghai 200233,China)
出处
《金融理论探索》
2025年第4期15-29,共15页
Exploration of Financial Theory
基金
上海市哲学社会科学基金一般项目“股权质押下控股股东行为及其监管研究”(20BJB008)。
关键词
股权质押
控股股东
盈余管理
控制权转移风险
equity pledge
controlling shareholders
earnings management
risk of control transfe
