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股权质押、非效率投资与全要素生产率——基于沪深A股制造业上市公司的实证研究 认领

Equity Pledge,Inefficient Investment and Total Factor Productivity:An Empirical Study Based on Shanghai and Shenzhen A-share Listed Manufacturing Companies
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摘要 利用2009—2018年制造业上市公司的数据,分析发现控股股东股权质押行为对公司发展质量有重要影响,股权质押显著降低了上市公司的全要素生产率。控股股东股权质押产生严重代理问题,控股股东会迫使上市公司改变正常的投资模式,产生非效率投资,非效率投资对股权质押与上市公司全要素生产率之间的关系具有中介效应。进一步研究发现,质押比例高的公司存在投资不足现象,质押比例低的公司存在投资过度现象。研究结论有助于上市公司以及监管机构对股权质押行为的经济后果有更加全面的认识。 Based on the data of listed manufacturing companies from 2009 to 2018,it is found that the equity pledge behavior of controlling shareholders has an important impact on the development quality of the company,and the equity pledge significantly reduces the total factor productivity of the listed companies.There are serious agency problems in equity pledge of the controlling shareholder,and the controlling shareholders will force the listed companies to change their normal investment mode and produce inefficient investment.According to the mediating effect model,it is found that inefficient investment has a mediating effect on the relationship between equity pledge and total factor productivity of listed companies.Further research shows that the companies with high pledge ratio have under-investment while the companies with low pledge ratio have over-investment.The conclusion is helpful for the listed companies and regulators to have a more comprehensive understanding of the economic consequences of equity pledge.
作者 逯苗苗 LU Miaomiao(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China)
出处 《山东财经大学学报》 2021年第1期109-118,共10页 Journal of Shandong University of Finance and Economics
基金 国家社会科学基金项目“权利配置视角下农村基本经营制度改革的逻辑演进、绩效测度与路径优化研究”(18BJL035) 国家社会科学基金青年项目“要素市场化配置对城乡收入差距‘倒U型’演变新趋势的影响研究”(20CJY017)。
关键词 股权质押 投资过度 全要素生产率 投资不足 中介效应 equity pledge over-investment total factor productivity under-investment intermediary effect
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