摘要
股权质押业务的快速发展为上市公司融资创造了便利条件，并且在满足资金
需求的前提下不影响公司的控制权。但是股权质押也存在不可忽视的风险，大量
爆仓的股票引起重视。当股价下跌的时候，控股股东股权质押会被要求追加担保，
一旦跌破平仓线或预警线，就会强行平仓从而导致控制权转移，进而引发抛售风
险，最终可能引发股价崩盘风险。为了规避此风险，控股股东在信息不对称理论、
委托代理理论、控制权私利理论的影响下，会采取一些消极手段规避风险，从而
会对股权质押期间的股价崩盘风险造成某种影响。因此，研究控股股东股权质押
对股价崩盘风险的影响具有重要的理论意义和现实意义。
本文将理论分析方法和实证研究方法相结合，围绕控股股东股权质押对股价
崩盘风险影响展开研究。首先，对本文涉及的相关理论进行了阐述，继而剖析了
股权质押如何影响股价崩盘风险。其次，结合当前我国股权质押的规模、质押比
例及行业分布，详细分析了我国股权质押的现状并指出当前面临的风险。然后以
我国沪深A股非金融行业上市公司 2014年-2020年数据为研究样本，通过构造控
股股东股权质押变量和股价崩盘风险衡量指标，进行回归分析和稳健性检验，实
证探究控股股东股权质押对股价崩盘风险的影响。通过实证研究表明：我国上市
公司控股股东股权质押会显著提高上市公司股价崩盘的可能性；在不同产权性质
和环境不确定性下，存在较为明显的差异。最后，根据理论和实证两方面的研究，
并结合当前股权质押的情况，针对股权质押期间减少股价崩盘风险提出了相关对
策建议，这对于规范上市公司的股权质押业务以及防范化解重大具有重要的现实
意义。
关键词：股权质押股价崩盘风险控制权转移
I

Research on the influence of Controlling Shareholder's Equity pledge
on stock price crash Risk
The rapid development of equity pledged business has created convenient
conditions for the financing of listed companies, and does not affect the company's
control over the premise of meeting funds. However, there is also a risk that the equity
pledge also is not negligible, and the stock of a large number of explosives is worth
paying attention. When the stock price falls, the controlling shareholder equity will be
asked to add guarantees. Once the wettle line or the warning line will force the position,
it will cause control transfer, which will lead to selling risks, which may eventually
trigger the risk of the share price. In order to avoid this risk, the controlling shareholder
will adopt some negative means to avoid risks under the influence of information
asymmetry, entrusted proxy theory, and control rights, which will have a definite impact
on the risk of stock prices during equity pledge. Therefore, the impact of studying the
risk of shares on the shares of the shareholders has an important theoretical significance
and practical significance.
This paper combines theoretical analysis methods and empirical research methods
to study the impact of controlling shareholder equity pledge on stock price crash risk.
First, the relevant theories involved in this paper are explained, and the equity pledge
is analyzed to affect the risk of stock prices. Secondly, combined with the current scale,
pledge ratio and industry distribution of our equity pledge, the status quo of my
country's equity pledge and pointed out the current risk. Then, in my country's
Shanghai-Shenzhen A-stock non-financial industry, data is the research sample in 2014
- 2020, through constructing the returning shareholder's shareholder's equity variable
and stock price collapse risk measurement indicators, and empirically explores the
rights of the holding shareholder stock. Influence of the risk of shares collapse. Through
the empirical analysis, it was found that my country's listed company's controlling
shareholder equity will significantly increase the possibility of share price collapse of
listed companies; there is a significant difference in property rights and environmental
uncertainty. Finally, according to the research and empirical research, the relevant
countermeasures recommendations for reducing the stock price collapse risk during the
current equity pledge, which regulates the equity pledge of the listed company and the
significant reality of preventive resolution. significance.
II

Keywords：Equity pledge Stock price crash risk Transfer of control
III
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