王新红,曹 帆.控股股东股权质押是否增加企业的财务风险?——来自民营企业的经验证据[J].南京审计学院学报,2021,(3):
控股股东股权质押是否增加企业的财务风险?——来自民营企业的经验证据
  
DOI:
中文关键词:  控股股东  股权质押  财务风险  民营企业  财务决策  财务行为
英文关键词:controlling shareholder  equity pledge  financial risk  private enterprise  financial decision making  financial behavior
基金项目:国家社会科学基金项目(17BGL060);陕西省科技厅软科学项目(2020KRM083);陕西省会计学会科研课题(SKX201710)
作者单位
王新红,曹 帆 西安科技大学 管理学院陕西 西安 710600 
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中文摘要:
      以2014—2019年深沪A股民营上市公司为样本,考察控股股东股权质押对企业财务风险的影响。研究发现,控股股东股权质押增大企业财务风险的效应受到股权质押率高低的影响,当控股股东股权质押率较高时,股权质押增大企业财务风险的效应会更加显著。进一步研究发现,股权制衡度弱化了股权质押增大企业财务风险的效应。在董事长和总经理两职合一的民营上市公司中,控股股东股权质押增大企业财务风险的效应更加显著。
英文摘要:
      Taking A-share private listed companies in Shenzhen and Shanghai from 2014 to 2019 as samples, this paper investigates the impact of controlling shareholders' equity pledge on corporate financial risk. The results show that the controlling shareholders' equity pledge increases the financial risk which is affected by the equity pledge rate. When the controlling shareholder's equity pledge rate is high, the effect of equity pledge on corporate financial risk will be more significant. Further research shows that equity checks and balances weaken the effect of equity pledge on increasing corporate financial risks. And the positive relationship between equity pledge and corporate financial risk will be more significant in companies where the same person acts as the chairman and general manager.
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