摘要
基于2010-2020年的A股上市公司样本数据,本文研究了大股东掏空对公司控制权变更的影响,结果表明:(1)大股东掏空程度越高,公司控制权变更倾向越大,股权质押爆仓导致的控制权变更与大股东掏空具有更显著的正向关系,一系列稳健性检验后,结论依然成立。(2)大股东掏空会通过恶化企业财务状况(降低公司业绩,进而提高融资约束)和提高股权质押动机来影响控制权变更。(3)在民营企业、机构投资持股比例低、高管持股比例低以及独立董事占比低的公司中,大股东掏空与控制权变更具有更强的正向关系。
Based on the sample data of A-share listed companies from 2010 to 2020,this paper studies the impact of major shareholder hollowing out on corporate control change.The results show that:(1)The higher the degree of major shareholders'hollowing out,the greater the tendency of company's change of control rights.The change of control rights caused by stock pledge explosion has a more significant positive relationship with major shareholders'hollowing out.After a series of robustness tests,the conclusion still holds.(2)The hollowing out of major shareholders will affect the change of control rights by worsening the company's performance and financing environment and improving the motivation of equity pledge.(3)In private enterprises,companies with low shareholding ratio of institutional investment,low shareholding ratio of senior executives and low proportion of independent directors,hollowing out by major shareholders has a stronger positive relationship with change of control.
出处
《投资研究》
CSSCI
北大核心
2023年第3期79-99,共21页
Review of Investment Studies
基金
国家社会科学基金一般项目(19BJY017)
关键词
掏空
控制权变更
财务困境
股权质押
Tunneling
Change of control
Financial distress
Equity pledge
