上市公司控股股东股权质押的经济后果研究：利益相关者视角

During recent years,it has become the new normal that listed companies' shareholders use stock pledges to finance themsevles. Stock pledges satisfy controlling shareholders' cash needs on one hand, and also influence the related decisions of listed companies made by controlling shareholders on the other hand, and naturally, stock pledges would have influences on the benefits and behaviors of other stakeholders of listed companies. The academic study on controlling shareholdrs' stock pledges is just starting at present in China, but it deserves to do systematic and deep research because both the scale and timing durationg of the stock pledges in China have had big influence on the sustainably healthy development of the capital market. Now in China, it is possible that stock pledges would transmit risk from capital market to the complete financial system under the conditionds such as stock market crash, magnify financial system risk and result in systematic financial crises.Consequently, it is necessary to do systematic and deep study on the economic consequences regarding controlling shareholders' stock pledges. The project will completely collect related data, research the economic consequences of controlling shareholders' stock pledges from the stakeholders' perspective, clarify the potential risks and risk transmission mechanism, and deeply analyze the measures that could be taken by stakeholders and regulators to deal with the related risks all the time.

近几年来，包括控股股东在内的上市公司股东利用股权质押进行融资已日渐成为我国资本市场的“新常态”。上市公司控股股东将股权质押一方面满足了自身的资金需求，另一方面也必然影响其对上市公司相关事项的决策，进而影响到上市公司利益相关者的利益与行为。目前我国学术界对上市公司控股股东股权质押的研究处于起步时期，但我国上市公司控股股东的股权质押无论是规模还是时间跨度都足以对资本市场的持续健康发展产生重大影响，在股价急跌等情形下很可能会将资本市场风险传导至整个金融体系，放大我国的金融系统风险，甚或带来系统性金融危机。因此，非常有必要对控股股东股权质押经济后果展开系统深入研究。本项目将全面收集整理包括控股股东在内的上市公司股东股权质押数据，从利益相关者视角系统研究控股股东股权质押的经济后果，厘清其潜在风险和风险生成传导机制，深入分析利益相关者和监管机构如何在事前事中和事后应对这些风险。