自2010年以来，股权质押凭借其操作简便、流动性好的优点，越来越受到 企业控股股东的青睐。但是，质押物股权价值的波动，可能导致控股股东面临 控制权被削弱或丧失的风险。控股股东为了维护股价的稳定，可能会通过手中 拥有的控制权对影响企业股价的日常经营活动进行干预，导致企业投资效率下 降，而对于任何企业，不断提高投资效率是保持企业可持续发展的重要保障。 因 此，本文通过对控股股东股权质押对企业非效率投资的影响展开研究，并进一 步探讨控股股东股权质押影响企业非效率投资的具体作用路径，同时探究媒体 关注度在其中所起到的调节作用，为市场、企业投资者以及政府部门合理配置 资源提供行之有效的建议。 首先，本文基于委托代理理论和信息不对称理论，分析了控股股东股权质 押加大企业两权分离程度的原理，基于信号传递理论，探究了媒体在资本市场 上是否能缓解信息不对称问题，基于融资约束理论，探讨了自由现金流水平对 企业非效率投资的影响，据此提出本文的研究假设；随后，以我国深沪两市A 股上市公司为研究样本，运用实证研究方法，对控股股东股权质押对企业非效 率投资的影响、媒体关注度的调节作用以及自由现金流的中介效应进行实证研 究。本文主要研究结果如下：控股股东股权质押对企业非效率投资产生正向的 影响，进一步研究发现，在非国有企业中，该正向关系比在国有企业中更加显 著，且控股股东股权质押是通过作用于企业自由现金流水平进而影响企业非效 率投资。同时，研究发现媒体关注度在控股股东股权质押对企业非效率投资的 正向关系中起着负向调节作用，企业受到关注度越高，控股股东侵占企业利益 的动机将会降低，进而降低企业非效率投资水平；最后，结合本文研究结论， 提出具有针对性的意见。 本文的贡献之处在于从中间机制的角度进行研究，引入自由现金流，有利 于企业更深入的了解控股股东股权质押对企业价值的影响路径，帮助企业和控 股股东选择恰当的融资方式，合理配置资源；同时，引入媒体关注度，研究其 在控股股东股权质押对企业非效率投资影响中的调节作用，为促进我国新闻媒 体行业健康发展提供有力证据，为进一步完善我国股权质押制度提供有力支撑。 关键词：股权质押，非效率投资，企业产权性质，媒体关注度，自由现金流 II Abstract Since 2010, equity pledges have become more and more popular with corporate controlling shareholders due to their simple operation and good liquidity. However, fluctuations in the value of the pledged equity may cause the controlling shareholder to face the risk of weakening or losing control. In order to maintain the stability of the stock price, the controlling shareholder may intervene in the daily operating activities that affect the stock price of the company through the control power in his hand, resulting in a decline in the investment efficiency of the company. For any enterprise, continuously improving investment efficiency is an important guarantee for maintaining sustainable development of the enterprise.Therefore, the thesis conducts research on the impact of controlling shareholder equity pledge on corporate inefficient investment, and further explores the specific role path of controlling shareholder equity pledge affecting corporate inefficient investment, and explores the mediating role of media attention in it, which will provide effective advice to rationally allocate resources for the market, corporate investors, and government departments. First, based on the Principal-agent theory and Information asymmetry theory, the thesis analyzes the principle that controlling shareholder equity pledge would increase the degree of separation between the control rights and cash flow rights of company. And based on the Signal transmission theory, the thesis explored whether the media can alleviate the problem of information asymmetry in the capital market. Based on Financing constraint theory, the thesis explored the impact of free cash flow levels on inefficient corporate investments. In view of this, the research hypothesis of this thesis is proposed. Then, taking China's Shenzhen and Shanghai A-share listed companies as a research sample, the empirical research is conducted on the effects of controlling shareholder equity pledge on corporate inefficient investment, the moderating role of media attention, and the intermediary effect of free cash flow. The main findings of the thesis are as follows: the controlling shareholder's equity pledge has a positive impact on the inefficient investment of enterprises. Further research has found that this positive relationship is more pronounced in non-state-owned enterprises than in state-owned enterprises,And the controlling shareholder's equity pledge affects the company's inefficient investment by acting on the company's free cash flow level. At III the same time, the study finds that media attention plays a negative regulating role in the positive relationship between controlling shareholder equity pledge and inefficient investment of enterprises.The higher the company's attention, the lower the motivation of the controlling shareholder to approve the company's interests, which will reduce the company's inefficient investment level; Finally, combined with the conclusions of this thesis, we put forward targeted opinions. The contribution of this thesis is to research from the perspective of intermediate mechanisms. Introduction of free cash flow will help companies to understand the path of the impact of controlling shareholder equity pledge on corporate value, and help companies and controlling shareholders to choose appropriate financing methods and reasonable allocation. At the same time, media attention is introduced to study its moderating role in the impact of controlling shareholder equity pledge on corporate inefficient investment, which will provide strong evidence for the healthy development of China's news media industry, and provide strong support for further improving China's equity pledge system. Keywords: Equity pledge, inefficient investment, nature of corporate property rights, media attention, free cash flow IV 目 录 摘要 .................................................................................................................................................. I Abstract ............................................................................................................................................ II 第1章 导论 .................................................................................................................................... 1 1.1研究目的及意义 ................................................................................................................ 1 1.1.1研究背景 ................................................................................................................. 1 1.1.2研究目的 ................................................................................................................. 2 1.1.3研究意义 ................................................................................................................. 3 1.2国内外文献综述 ................................................................................................................ 4 1.2.1控股股东股权质押相关的文献综述 ...................................................................... 4 1.2.2非效率投资相关的文献综述 .................................................................................. 7 1.2.3媒体关注度相关的文献综述 .................................................................................. 9 1.2.4自由现金流对企业投资效率的影响相关的文献综述 ........................................ 11 1.2.5文献述评 ............................................................................................................... 12 1.3研究内容与方法 .............................................................................................................. 12 1.3.1研究内容 ............................................................................................................... 13 1.3.2研究方法 ............................................................................................................... 14 第2章 概念界定及理论基础 ...................................................................................................... 16 2.1概念界定 ...................................................