摘要
金融市场稳定在保持经济持续健康发展和社会大局稳定中处于重要地位。在我国经济转轨和发
展过程中，不仅要保证金融的总体稳定运行，又要有效地防范和控制重大金融风险。作为金融风险
的重要诱因，研究资产误定价的影响因素和形成机理十分必要。众所周知防范和化解金融风险也一
直是监管部门和金融机构重点关注的内容，为了稳定市场，规避系统性金融风险，支持产业资本利
用资本市场做大做强，2015年 7月 8日，中国证监会首次以文件形式授权在六个月内减持所持股份
的产业资本，通过证券公司定向资产管理等杠杆增持方式，增加公司在二级市场的持股比例，为相
关股东增持提供了便利。然而控股股东杠杆增持能否如证监会所愿，在公司股价大幅下跌时发挥稳
定股价的作用，防范和化解金融风险，促进资本市场稳定健康发展；还是会聚焦风险，引发“爆仓”
隐患，损害企业和投资者利益，目前相关研究尚付阙如，仍需进一步探讨。
本文以 2015-2020年我国所有 A股上市公司作为研究样本，基于信号传递理论、控制权理论和
行为金融理论，深入阐释控股股东杠杆增持对企业资产误定价的可能影响及作用机制，并进一步从
股票市场状态、股权质押和产权性质等视角分析了这种影响的异质性，以及控股股东杠杆增持影响
下的资产误定价对企业股价崩盘风险的影响。研究结果表明：（1）控股股东杠杆增持与资产误定价
显著正相关，进一步采用控股股东杠杆增持比例、增持股数和增持金额反映控股股东杠杆增持水平
与资产误定价的关系后发现，控股股东杠杆增持水平越高，企业资产误定价程度越严重；（2）中介
机制检验表明，控股股东杠杆增持主要通过提高投资者非理性程度和降低企业信息披露质量加剧企
业资产误定价；（3）区分不同股市状态、股权质押以及产权性质后的调节效应表明，相比于熊市状
态，当股票市场处于牛市时，控股股东杠杆增持与资产误定价的正向关系更为显著；控股股东股权
质押所带来的杠杆风险能够在一定程度上降低由控股股东杠杆增持所引致的资产误定价；相比于民
企控股股东，国企控股股东增持动机更为简单，控股股东杠杆增持与资产误定价正向关系得到削弱；
机构投资者持股能够缓解控股股东杠杆增持所引致的资产误定价，发挥治理效应；（4）基于经济后
果的拓展性检验表明，控股股东杠杆增持所引致的资产误定价最终将加剧企业股价崩盘的发生，验
证了控股股东杠杆增持的巨大风险所在。
本文可能的贡献和意义在于：（1）本文从控股股东这一具体的行为主体出发，基于控股股东杠
杆增持这一资本新兴话题，深入检验杠杆增持下控股股东对企业资产误定价的影响，不仅丰富了控
股股东杠杆增持经济后果及影响机制的研究，有助于完善控股股东股权治理行为；也丰富了“公司
治理与微观企业行为”的研究框架，在学术价值上有一定的增量贡献。（2）考察资产误定价的影响
因素，深入挖掘其内在机理并进而探讨如何缓解企业资产误定价程度对于防范和化解金融风险，促
进资本市场平稳健康运行并提高资本市场资源配置有效性具有重要的现实意义。（3）考察控股股东
杠杆增持与资产误定价二者的关系，有利于从侧面验证我国证监会出台的鼓励控股股东杠杆增持的
政策效果，也为监管部门后续制定并完善鼓励控股股东增持的相关政策提供理论支撑和经验借鉴。
关键词：控股股东杠杆增持；资产误定价；投资者非理性；信息披露质量；杠杆风险
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Abstract
Financial market stability is the premise and basis for maintaining the continued health development
of China and the stability of social overall situation. In our country's economic transformation period, it is
necessary to ensure the overall financial operation, but also to achieve significant financial risk effective
prevention and control. As an important cause of financial risks, it is necessary to discuss its influencing
factors and formation mechanisms. On the other hand, prevent and resolve the financial risks have always
been the content of the supervision department and financial institution. In order to stabilize the market,
systematic financial risks are avoided, support industrial capital use the capital market to do strong, China
Securities Regulatory Management Committee at 2015 On July 8th, the first time in the form of documents
will be allowed to reduce stocks within 6 months to increase the stock of the company through securities
company oriented by securities companies in the secondary market, and provide relevant shareholders.
However, whether the controlling shareholder leverage increases whether the SFC is willing to play the role
of the company's share price, prevent and resolve financial risks, prevent and resolve the financial risks,
promote the stable and healthy development of the capital market; or focus on risk, trigger the "explosion"
hidden danger , Damage to the interests of enterprises and investors, currently related research, still need
further discussion.
This paper selection 2015-2020, our country's total A-share listed company as an initial research
sample, based on signal transmission theory, control theory and behavioral finance theory, in-depth
explanation of the possible impact of the controlling shareholder leverage to incorporate the incorrect price
of corporate assets, and further from the equity Presuce, property rights and stock market status, etc.
Analyze the heterogeneity of this impact, and the influence of asset misunderstandings under the impact of
the controlling shareholder leverage on the risk of corporate share price collapse. The results show that: (1)
The controlling shareholder leverage increase is remarkable. The shareholder leverage increases will
significantly improvecorporate assetmisunderstandings; (2)Furtheradoption of thecontrolling
shareholder leverage increase ratio, the increase of the number of shares and the increasing amount reflects
the relationship between the handling shareholder leverage and the misunderstand price, the higher the
level of the controlling shareholder leverage, the more serious the incorrect price of corporate assets; (3)
Distinguishing between different stock market conditions, increasing motivation, and postpartum nature
indicates that compared to the Bear market, when the stock market is in the bull market, the controlling
shareholder The forward relationship between lever increase and asset misoperation is more significant; the
leverage riskbrought by theshares of thecontrolling shareholder equity willreduce the asset
misunderstand caused by the holding shareholder leverage; compared to the controlling shareholders of
private enterprises The increase in the increase of the controlling shareholders of state-owned enterprises is
simpler, and the main leverage of the controlling shareholder leverage is weakened; (4) The expansion test
based on economic consequences shows that the asset misunderstand price exacerbated by the
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