控股股东股权质押与企业金融化的关系研究——基于产权性质的调节作用

A Study on the Relationship between Controlling Shareholders’ Equity Pledges and Corporate Financialisation—The Moderating Role Based on the Nature of Property Rights

摘要: 文章以我国2010~2018年A股上市公司数据为研究对象，实证检验了控股股东股权质押、产权性质与企业金融化之间的相互关系。研究结果表明：控股股东股权质押与企业金融化程度呈正相关关系，并且控股股东股权质押比例越高，企业金融化程度也越高；产权性质对控股股东股权质押与企业金融化这一关系具有调节作用。研究结论对于规范控股股东股权质押行为、防止企业“脱实向虚”以及提升金融服务实体经济的能力具有一定的启示意义。

Abstract: The article empirically examines the interrelationship between controlling shareholders’ equity pledges, the nature of property rights and corporate financialisation, using the data of A-share listed companies in China from 2010 to 2018 as the research object. The research results show that: controlling shareholder equity pledge is positively related to the degree of corporate financialisa-tion, and the higher the proportion of controlling shareholder equity pledge, the higher the degree of corporate financialisation; the nature of property rights has a moderating effect on the relation-ship between controlling shareholder equity pledge and corporate financialisation. The findings of the study have implications for the regulation of controlling shareholder equity pledges, the pre-vention of corporate “de-realisation” and the enhancement of the ability of financial services to the real economy.