我国部分企业存在融资难融资贵的问题，因而相比其他融资方式更为方便快捷 且成本更为低廉的股权质押融资正被越来越多的上市公司所使用，但这一融资方式 也造成了一系列的问题，特别是控股股东进行股权质押融资以后对于中小股东等投 资者利益的侵占，给企业带来经济后果的同时也损害了投资者的利益。本文选取银 亿股份为案例对控股股东的股权质押融资问题进行了研究，旨在通过对控股股东股 权质押融资问题的探讨，更为理性的认识控股股东股权质押融资这一行为以及其产 生的经济后果，同时也帮助投资者更好的做出投资决策。 本文首先介绍了股权质押融资的相关文献，建立对于股权质押的初步概念以及 控股股东股权质押的动因和可能给公司带来的影响；接下来选取银亿股份股权质押 进行案例分析，通过分析发现控股股东的股权质押行为给公司价值带来的影响是双 向的，但是大规模的股权质押带来了银亿股份公司风险的上升，也损害了投资者的 利益。而造成这一结果的成因除了股权质押便捷的融得了大量资金造成公司的战略 选择上的错误，还有公司内部治理结构和内控制度的不完善，以及公司高管的频繁 变更。最后针对前文的分析给投资者提出了一些建议，包括关注公司宏观微观环境 的变化，公司的战略选择，公司的日常公告的透明度，控股股东自身的财务状况， 公司的管理层的变动等，以促进投资者的理性投资，防范和化解因控股股东股权质 押带来的风险。 关键词：股权质押 控股股东 经济后果 动因II 华 中 科 技 大 学 硕 士 学 位 论 文 Abstract There is a problem for some enterprises in China, that it is difficult to get the operating money from financial institutions. Therefore, compared with other financing methods, more and more listed companies use stock pledge financing to get the money they need. However, this method has also caused a series of problems, especially the encroachment of the interests of small and medium-sized shareholders after the controlling shareholder's stock pledge financing, harmed the investors. Thesis selects Yinyi as a case to study the stock pledge financing of controlling shareholders. The purpose of thesis is to understand the behavior of controlling shareholder’s stock pledge financing and the effect it lead to. First, thesis introduces the relevant literature on stock pledge financing, helping investors to know the initial concept of stock pledge and the motives of controlling shareholders' stock pledge and the possible impact on the company. Then selecting the typical case of Yinyi to do a Case analysis combining with relevant theories. Through analysis, found that the controlling shareholder's stock pledge behavior has two-way impact on the company's value, and the large-scale stock pledge has make the risk increase, harmed the interests of investors as well. The cause of this result is that by using stock pledge, the company's strategic choices are more aggressive, and the internal governance structure and internal control system do not work, and the frequent changes of company executives make the problem worse. Finally, based on the previous analysis, thesis give investors some suggestions, including pay attention to the changes in the company's macro-micro environment, the company's strategic choices, the transparency of the company's daily announcements, the controlling shareholders' own financial situation, the company's management changes, etc. Hope thesis can make investment more rational and help prevent the risks brought by the stock pledge of the controlling shareholders. Keywords: Stock pledge Controlling shareholders Economic consequences MotivationIII 华 中 科 技 大 学 硕 士 学 位 论 文 目 录 摘要 .............................................................................................................I Abstract.......................................................................................................... II 图目录 ..........................................................................................................IV 表目录 ............................................................................................................V 1 引言.............................................................................................................1 1.1 股权质押及相关概念........................................................................1 1.2 研究背景和研究意义........................................................................1 1.3 研究框架和研究内容........................................................................5 2 股权质押融资研究综述............................................................................8 2.1 股权质押的理论基础........................................................................8 2.2 股权质押文献综述..........................................................................10 3 银亿股份股权质押融资概述..................................................................16 3.1 银亿股份简介..................................................................................16 3.2 银亿股份股权质押融资的动因......................................................20 4 银亿股份股权质押的经济后果及成因..................................................28 4.1 银亿股份股权质押的经济后果......................................................28 4.2 银亿股份股权质押后果的成因......................................................47 5 建议与结论 ..............................................................................................52 5.1 针对投资者的建议..........................................................................52 5.2 研究结论..........................................................................................53 致 谢 ...........................................................................................................55