控股股东股权质押、产权性质与公司价值

Controlling Shareholder’s Equity Pledge, Property Right Nature and Company Value

摘要: 一直以来，控股股东股权质押是市场关注的焦点。本文基于我国沪深两市A股非金融上市公司2010~2020年的年度数据，分析控股股东股权质押与公司价值的关系。研究发现：控股股东股权质押与公司价值之间呈现倒“U”型关系，而且这一现象仅在非国有企业中显著。

Abstract: The Pledge of controlling shareholders’ equity has always been the focus of the market. Based on the annual data of A-share non-financial listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020, this paper analyzes the relationship between controlling shareholders’ equity Pledge and corporate value. The result shows that: The relationship between controlling shareholders’ equity Pledge and corporate value is inverted U-shaped, and this phenomenon is only significant in non-state-owned enterprises.