摘要
股权质押为上市公司提供了快速融资途径,然而部分企业在进行股权质押的同时进行了过度盈余管理,其背后隐藏着复杂的动机与潜在风险,有待深入分析。本文以森源电气为例,深入分析了其控股股东高比例股权质押的动机,并对其偿债、营运、盈利和成长能力进行全面剖析,探讨了过度盈余管理带来的经济后果。研究发现:森源电气通过盈余管理来掩盖高比例股权质押带来了一系列经济后果,而过度盈余管理并未真正提升公司的长期发展能力,公司财务状况反而出现恶化。近年来,森源电气通过优化业务结构,减少长期项目投入,同时调整股权结构,引入国有资本,在财务上已开始展现出积极的回升迹象。本研究对我国上市公司及控股股东股权质押和盈余管理的实践具有指导意义。
Equity pledge provides a fast financing channel for listed companies.However,some enterprises conduct excessive earnings management while carrying out equity pledge,which conceals complex motives and potential risks,and requires in-depth analysis.Taking Senyuan Electric as an example,this paper deeply analyzes the motives of its controlling shareholder’s high proportion of equity pledge and conducts a comprehensive analysis of debt repayment,operation,profit and growth capabilities,and the economic consequences brought by excessive earnings management.The research finds that Senyuan Electric has concealed a series of economic consequences brought by high proportion of equity pledge through earnings management,and excessive earnings management has not truly enhanced the company’s long-term development capabilities,but the company’s financial situation has deteriorated instead.In recent years,Senyuan Electric has begun to show positive signs of recovery in finance by optimizing business structure,reducing long-term project investment,and adjusting equity structure and introducing state-owned capital.This study has guiding significance for the practice of equity pledge and earnings management in listed companies and their controlling shareholders in China.
作者
张慧毅
常卓恒
ZHANG Hui-yi;CHANG Zhuo-heng(School of Economics and Management,Tianjin University of Science and Technology,Tianjin 300222,China)
出处
《管理案例研究与评论》
北大核心
2026年第1期134-148,共15页
Journal of Management Case Studies
基金
天津市哲学社会科学规划智库专项委托项目“加快推动我市国有企业分拆上市的建议”(TJSCJH24-051)。
关键词
控股股东
股权质押
盈余管理
森源电气
controlling shareholder
equity pledge
earnings management
Senyuan Electric
