单位代码： 10293 密级：
专业学位硕 士 论 文
论文题目： HTY 集团控股股东股权质押对中小股东利益的影
响研究
学号 1318115113
姓名 屠仓富
导师 骆公志
专业学位类别 MBA 工商管理
类型申请 非全日制
专业（领域）申请 工商管理
论文提交日期 2021.04.23
Research on the impact of HTY group;s controlling
shareholder;s equity pledge on the interests of
Minority shareholders
Thesis Submitted to Nanjing University of Posts and
Telecommunications for the Degree of
Master of Business Administration
By
Tu Cangfu
Supervisor: Prof. Luo Gongzhi
April 2021
摘 要
伴随经济飞速发展，企业规模扩张意愿愈加强烈，股权质押已成为当下重要的融资渠道。
作为权利质押的一种外显形式，其与传统质押存在本质区别，以股权作为质押对象，为公司
获取有效融资，保障充足的流动资金，既突破了限售股制约，也能够展现股份应有的经济价
值，更呈现其对经营发展所带来的显著增益。但是股权质押，往往被解读为控股股东存在资
金短缺等问题，进而可能导致股权价的下跌，并将这一风险转移到质权人身上，给中小股东
带来损益。针对股权质押行为的研究、讨论其给中小股东所带来的风险、探寻积极有效的应
对举措，具有突出的研究价值以及现实意义。
首先对股权质押市场当前的发展情况作出阐释，并分析控股股东股权质押影响中小股东
利益的机理。然后以 HTY 集团为具体案例展开研究，旨在分析控股股东的股权质押，特别是
给中小股东权益带来的影响。随后通过事件研究法分析股权质押信息披露对股价的影响，使
用 Z-score 模型分析了股权质押对公司财务风险的影响，再通过具体财务数据的分析阐述了股
权质押对公司价值的影响。由此得出以下结论：一方面，股权质押因其独特优势，可以为控
股股东提供一定的资金，帮助其缓解资金周转难题；另一方面，一旦股权质押的占比随之升
高，也会日渐暴露出其中潜在的各种风险。对于股权质押行为而言，所引发的直接后果就是
两权分离，即质押比例越高，二者分离程度也就越大，由此就会给上市公司的各方主体带来
不同的风险，尤以中小股东风险最大。通过不断完善现有的法律制度，提高企业内部治理，
优化企业外部监督环境，加强中小股东风险防控能力等措施的实施，可以有效缓解股权质押
引发的不良后果。
关键词: 控股股东，股权质押 ，中小股东利益， 风险
I
Abstract
With the rapid development of economy, the desire to expand the scale of enterprises has
become increasingly intense. Equity pledge has become an important financing channel at present.
As an explicit form of pledge of rights, it is fundamentally different from the traditional pledge.
Taking equity as the pledge object, it can obtain effective financing for the company and guarantee
sufficient working capital, which not only breaks the restriction of restricted shares, but also can
show the due economic value of shares, and more importantly, it can bring significant gains to
business development. However, equity pledge is often regarded as the lack of funds and other
problems of the controlling shareholder, which may lead to the decline of equity price and risk
transfer to the pledgee, hence bringing profits and losses to the minority shareholders. It is of
significant research and practical value to study the equity pledge behavior, discuss the risks it
brings to the minority shareholders and explore the positive and effective countermeasures.
Inf this thesis, we firstly explain the current development of equity pledge market and analyze
the mechanism of majority shareholders; equity pledge affecting the interests of minority
shareholders. Then, the author conducts research over the specific case of HTY Group, aiming at
analyzing the majority shareholder;s equity pledge, especially the impact on the rights and interests
of minority shareholders. Then, the influence of equity pledge information disclosure on the stock
price is analyzed through the event study method, and the influence of equity pledge on the
company;s financial risk is analyzed by using the Z-score model. Next, the influence of equity
pledge on the company;s value is elaborated through the analysis of specific financial data. The
following conclusions can be drawn: for one thing, equity pledge, due to its unique advantages, can
provide a certain amount of funds for controlling shareholders to help them ease the problem of
capital turnover; for another, once the proportion of equity pledge increases, various potential risks
will be increasingly exposed. For equity pledge, the direct consequence is the separation of the two
rights, that is, the higher the proportion of pledge, the greater the degree of separation, which will
cause different risks to all parties of the listed company, especially to the small and medium
shareholders. By constantly improving the existing legal system, increasing the internal governance
of enterprises, optimizing the external supervision environment of enterprises, strengthening the
risk prevention and control ability of minority shareholders and other measures, we can effectively
alleviate the adverse consequences caused by equity pledge.
II
Key words: Dominant shareholders, Equity pledge, Minority shareholders; interests, Risks
III