四川大学硕士学位论文
的关系，并分析股权性质差异带来的影响。
主要研究结论如下：第一，控股股东股权质押行为会加剧上市公司的财务
风险，即二者呈现正向关系。第二，股权集中在股权质押对财务风险的负面影
响中存在调节效应，会弱化二者的正相关关系。第三，与国有企业相比，非国
有企业的控股股东股权质押行为对企业的财务风险有更强的负面影响，并且，
股权集中的调节效果更为显著。即相对集中的股权结构会有效抑制股权质押让
上市公司财务风险上升的作用。同时，结合以上结论，本文提出了建立严格的
事前审核机制，明确股权质押的动机，规范股权质押行为；优化公司股权结构，
提高公司内部治理水平；深化企业混合所有制改革，推进金融创新，完善事后
追踪机制三个方面的对策措施。
关键词：股权质押，股权集中度，财务风险，调节效应，PSM-DID
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四川大学硕士学位论文
Research on the influence of controlling shareholders' equity pledge on the level
of financial risk
Major：finance
Postgraduate：XiongRui
Supervisor：ZengZhongdong
Abstract: At present, China's capital market is developing rapidly, market
participants have high demand for emerging financing means, and stocks have the
characteristics of high liquidity and transparent price, which are high-quality assets of
shareholders. Therefore, when shareholders use shares as collateral to integrate into
funds, it is easy to be accepted by banks and other financial institutions. Therefore,
equity pledge, a new means of debt financing, came into being and is sought after and
loved by the market. In such an environment, the uncertainty brought by the
fluctuation of the capital market is easy to make listed companies have greater
financial risks. Although equity pledge belongs to the financing behavior of the
controlling shareholder due to its own financial decision, due to the information
asymmetry between the controlling shareholder and the pledgee, it provides the
controlling shareholder with the opportunity to seek private interests through equity
pledge with the help of the company's resources and its own voice, so as to "empty
out" the interests of the company, Damage the interests of minority shareholders, and
then affect the normal operation of the company, resulting in the company's financial
difficulties. At the same time, China's listed companies generally have the
phenomenon of "one dominant" and the controlling shareholders have the absolute
right to speak and control. In view of this, the behavior of controlling shareholders'
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四川大学硕士学位论文
equity pledge is closely related to the financial risk of listed companies. At this stage,
the academic research on equity pledge mainly involves several aspects such as
corporate performance, enterprise innovation and earnings management, but ignores
the research on enterprise risk management. Therefore, this paper discusses the impact
of controlling shareholders' equity pledge on the financial risk of listed companies,
and discusses the equity pledge The relationship between ownership concentration
and financial risk and exploring the changes brought by the difference of ownership
nature are of great significance to the good development of China's economy.
For the subject to be studied in this paper, this paper first combs and summarizes
the relevant research results of domestic and foreign scholars on equity pledge,
financial risk and equity concentration, including the motivation and purpose of equity
pledge, financial early warning model, and the relationship between the three.
Secondly, based on the existing research results of scholars at home and abroad, using
the relevant theoretical basis to mine the internal logic, so as to put forward the
research hypothesis. Finally, this paper selects the companies listed in Shanghai and
Shenzhen A shares from 2014 to 2019 as the research sample, statistically analyzes
their financial data, empirically discusses the relationship between equity pledge,
financial risk and equity concentration by using psm-did model, and analyzes the
impact of differences in equity nature.
The main conclusions are as follows: first, the equity pledge of controlling
shareholders will aggravate the financial risk of listed companies, that is, the two show
a positive relationship. Second, the concentration of equity in the negative impact of
equity pledge on financial risk has a regulatory effect, which will weaken the positive
correlation between the two. Third, compared with state-owned enterprises, the equity
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