曹(cao)志鵬,張明娟.控股(gu)股(gu)東(dong)股(gu)權質押、市場(chang)化水平與公(gong)司風(feng)險承擔(dan)[J].南京審計學院學報(bao),2021,(2):
控股(gu)股(gu)東(dong)股(gu)權質押、市場(chang)化水平與公(gong)司風(feng)險承擔(dan)
  
DOI︰
中文關(guan)鍵詞(ci):  控股(gu)股(gu)東(dong)  股(gu)權質押  風(feng)險承擔(dan)  市場(chang)化水平  投dun)示霾ce)  持(chi)股(gu)比(bi)例  市場(chang)化程度(du)
英文關(guan)鍵詞(ci):controlling shareholder  equity pledge  risk taking  level of marketization  investment decision  shareholding proportion  degree of marketization
基金項目:國家社會科學基金西部(bu)項目(16XJY020)
作者單(dan)位
曹(cao)志鵬,張明娟 陝西科技大(da)學 經濟與管(guan)理學院陝西 西安(an) 710021 
摘要點(dian)擊次(ci)數: 132
全文下載次(ci)數: 167
中文摘要:
      聚焦gua) guan)企業dan) 暈夜股(gu)上市公(gong)司為樣本(ben),研究了控股(gu)東(dong)股(gu)權質押對(dui)上市公(gong)司風(feng)險承擔(dan)的(de)影ba) Q芯糠fa)現︰(1)控股(gu)股(gu)東(dong)股(gu)權質押正向影ba)焐鮮泄gong)司的(de)風(feng)險承擔(dan)水平,且這種影ba)煸誑毓gu)股(gu)東(dong)持(chi)股(gu)比(bi)例較低(di)和所處(chu)地(di)區市場(chang)化程度(du)較高(gao)的(de)公(gong)司中更(geng)為顯著。(2)控股(gu)股(gu)東(dong)股(gu)權質押對(dui)上市公(gong)司風(feng)險擔(dan)的(de)正向影ba) 揮性詮gu)權質押率較高(gao)和公(gong)司存(cun)在融資約束時bei)嘔岱fa)揮作用。(3)上市公(gong)司風(feng)險承擔(dan)的(de)提高(gao)可以促(chun)進公(gong)司價值dang)奶嶸 兄詮gong)司的(de)長(chang)遠dou) 埂(geng)/span>
英文摘要:
      Focusing on micro-enterprises, the paper studies the impact of equity pledge of controlling shareholder on listed companies’ risk-taking by taking China’s A-share listed companies as a research sample. The results show that the equity pledge of controlling shareholders has a positive impact on the risk-taking level of listed companies, and this effect is more significant in the companies with lower proportion of controlling shareholders and higher degree of marketization in the region. The positive effect of equity pledge of controlling shareholders on the risk taking of listed companies will only play a role when the equity pledge ratio is high and the company has financing constraints. The improvement of risk-taking of listed companies can promote corporate value and contribute to the long-term development of the company.
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