控股股东股权质押对公司市值管理的影响——以苏宁易购为例

The Impact of Equity Pledge by Controlling Shareholders on the Company’s Market Value Management—Taking SUNING.COM as an Example

摘要: 近年来，股权质押方面相应制度的完善，加之其操作简单、成本较低，股权质押逐渐成为了我国上市公司控股股东进行资金融通的重要方式之一。本文从实际案例出发，本文运用扎根理论的方法对从公司官网、权威网站获得的原始信息资料进行分析研究苏宁易购控股股东股权质押后对公司市值管理的具体影响。从而得出以下三个结论：(1) 增强投资者信心是苏宁易购控股股东股权质押后进行市值管理的主要动机。(2) 股价持续低迷增强了苏宁易购控股股东股权质押后管理市值的动机。(3) 股权质押比例高低是影响苏宁易购控股股东股权质押后市值管理手段的主要因素。

Abstract: In recent years, the improvement of the corresponding system of equity pledge, coupled with its simple operation and low cost, equity pledge has become an important means for the controlling shareholders of listed companies in China to carry out financing. Starting from the actual case, this paper uses the method of rooted theory to analyze the original information obtained from the company’s official website and authoritative website to study the specific impact of SUNING.COM’s controlling shareholders on the company’s market value management after the pledge of shares. Thus the following three inferences are drawn: (1) Enhancing investor confidence is the main motivation for market value management after the equity pledge of SUNING.COM’s controlling shareholders. (2) The continued downturn in stock prices has enhanced the motivation of SUNING.COM controlling shareholders to manage market value after equity pledge. (3) The proportion of equity pledge is the main factor affecting the market value management methods after the equity pledge of SUNING.COM controlling shareholders.