基于信息不对称视角的股权质押影响股价波动性分析

Analysis on the Impact of Equity Pledge on Stock Price Volatility from the Perspective of Information Asymmetry

摘要: 股权质押是指股权持有者将其持有的股票作为标的物而设立的质押，以此向金融机构换取流动资金的行为。基于信息不对称理论视角，分析大股东的股权质押行为对股价波动的影响。主要的研究结论：上市公司大股东的股权质押行为会对股价的波动产生影响。相比于短期的股权质押，大股东股权质押的总期限越长，对股价波动影响程度越大。

Abstract: Equity pledge refers to the pledge established by the equity holders to take their stocks as the subject matter, so as to exchange liquidity from financial institutions. Based on the theory of in-formation asymmetry, this paper analyzes the impact of major shareholders’ pledge on stock price fluctuations. The main conclusions are as follows: The pledge behavior of major shareholders of listed companies will have an impact on the fluctuation of stock prices. Compared with short-term equity pledge, the longer the total term of equity pledge of major shareholders, the greater the impact on the fluctuation of stock price.