新三板市场即是全国中小企业股份转让系统（下文简称新三板），与主板市场相比， 有挂牌门槛低、成本低等特点。近几年来，许多中小企业逐渐进入新三板这个新型融资 平台走向资本市场，但是目前新三板的发展和企业的融资方式尚存在短板，因企业以及 市场限制因素使得交易量较少、资金流动性差，且导致融资难问题。处于这样的市场背 景下，股权质押作为一种有效融资模式，越来越显出其重要性。 本文主要采用了案例分析法、规范研究法、事件研究法，分析了案例公司股权质押 动因以及经济后果。研究分析表明，山水环境通过股权质押为企业发展提供资金支持， 企业在扩大市场规模后，其收益初见成效，营业收入及营业利润逐年增长，企业的盈利 能力、偿债能力以及资产收益得到了提高，同时也导致了两权分离程度加剧。文章最后， 对本文研究案例总结，并对新三板企业股权质押业务的健康发展和新三板管理平台提出 相关建议。 目前挂牌新三板市场的多数是中小企业，且融资的渠道不多。随着市场的发展和完 善，新三板市场中将有更多的公司选择股权质押，愈加凸显其重要地位。国内关于“主 板”市场股权质押的研究文献已经取得丰富的成果，相比之下“新三板”市场的股权质 押研究案例和文献还不够丰富，本文案例企业山水环境2015年开始进行股权质押，在 新三板市场中较有代表性，对其质押动因和经济后果分析，并提出相应的建议，不仅是 对今后新三板平台的管理人员和类似企业有借鉴的作用，也可增加该领域的参照案例和 研究文献。因此本文对新三板企业山水环境股权质押的动因及经济后果影响分析，具有 一定的现实意义和理论意义。 关键词：股权质押；新三板；财务绩效；融资；山水环境；企业价值 II A STUDY ON THE CAUSES AND ECONOMIC CONSEQUENCES OF EQUITY PLEDGE OF NEW THIRD BOARD ENTERPRISES ——CASE ANALYSIS BASED ON SHANSHUI ENVIRONMENT Co., Ltd ABSTRACT Compared with the main board market, the new third board market is characterized by low listing threshold and low cost. In recent years, many small and medium-sized enterprises have gradually entered the new third board, a new financing platform, into the capital market. However, there are still short boards in the development of the new third board and the financing methods of enterprises. Due to market restrictions, enterprises have less trading volume, poor liquidity of capital, and difficult financing problems. In such a market background, as an effective financing mode, equity pledge is becoming more and more important. This paper mainly uses case analysis, normative research and event research to analyze the causes and economic consequences of equity pledge of the case company. Research and analysis show that Shanshui environment provides financial support for the development of enterprises through equity pledge. After the expansion of market scale, the income of enterprises has achieved initial results. The operating income and operating profit have increased year by year, and the profitability, solvency and asset income of enterprises have been improved. At the same time, the degree of separation of the two rights has been intensified. At the end of this paper, we summarize the research cases, and put forward some suggestions for the healthy development of equity pledge business and the new third board management platform. At present, most of the listed new third board markets are small and medium-sized enterprises, and there are not many financing channels. With the development and III improvement of the market, more and more companies will choose equity pledge in the new third board, which is becoming more and more important. Domestic research literature on equity pledge in the "main board" market has achieved rich results. Compared with the research cases and literature on equity pledge in the "new third board" market, the research cases and literature on equity pledge in the "new third board" market are not rich enough. The new third board enterprise landscape environment selected in this paper started to carry out equity pledge in 2015, which is more representative in the new third board market. This paper analyzes its pledge motivation and economic consequences, and proposes The corresponding suggestions are not only useful for managers and enterprises of the new third board platform in the future, but also can add reference cases and research literature in this field. Therefore, it is of great practical and theoretical significance for this paper to analyze the causes and economic consequences of the pledge of Shanshui environment Co., Ltd equity of the new third board enterprises. KEY WORDS: equity pledge; new third board; financial performance; financing; Shanshui environment Co.; enterprise value IV 目 录 摘要 ........................................................................................................................................... I ABSTRACT ............................................................................................................................. II 目 录 ...................................................................................................................................... IV 第一章 导论 .............................................................................................................................. 1 1.1 研究背景与研究意义 ......................................................................................................... 1 1.1.1 研究背景 .......................................................................................................................... 1 1.1.2 研究意义 .......................................................................................................................... 2 1.2 文献综述与研究评述 ......................................................................................................... 2 1.2.1 关于股权质押影响因素的相关研究 .............................................................................. 2 1.2.2 关于股权质押经济后果的相关研究 .............................................................................. 4 1.2.3 国内外研究评述 .............................................................................................................. 7 1.3 研究目的与研究方法 ......................................................................................................... 8 1.3.1 研究目的 .......................................................................................................................... 8 1.3.2 研究方法 .......................................................................................................................... 9 1.4 研究内容与研究框架 ......................................................................................................... 9 1.4.1 研究内容 .......................................................................................................................... 9 1.4.2 研究框架 ........................................................................................................................ 11 1.5 研究的主要创新点 ........................................................................................................... 12 第二章 理论基础与理论分析 ................................................................................................ 13 2.1 理论基础 ........................................................................................................................... 13 2.1.1 基于信息不对称理论 .................................................................................................... 13 2.1.2 基于委托代理理论 ........................................................................................................ 14 2.1.3 基于融资需求理论 ........................................................................................................ 15 2.2 理论分析 ........................................................................................................................... 16 2.2.1 股权质押的动机 ............................................................................................................ 16 V 2.2.2 股权质押的经济后果 .................................................................................................... 17 第三章 制度背景与现状描述 .............................