摘要
党的十九大召开以来,随着金融体制不断深化改革,金融风险得到有效防范,金融服务也不断趋于完善和多样化,以满足企业日益剧增的融资需求,参与股权质押融资的企业也越来越多,但是股权质押融资会不会加大股价崩盘风险?本文使用深交所中小板上市企业作为样本进行实证研究,发现:股权质押融资确实会加剧股价崩盘风险。进一步研究发现:(1)股权质押融资会随着杠杆率加大而加大股价崩盘风险;(2)民营企业通过股权质押融资比非民营企业对股价崩盘风险的正向影响更大。希望本文的研究发现能够为相关政策制定提供微观证据。
Since the 19 th Party Congress, with the deepening of the reform of the financial system, financial risks have been effectively prevented, and financial services have been continuously improved and diversified to meet the increasing financing needs of enterprises There are more and more enterprises involved in equity financing, but will equity financing increase the risk of stock price collapse? This paper uses small and medium-sized listed companies on Shenzhen Stock Exchange as a sample to make an empirical study, and finds that the Equity Pledge Financing will indeed aggravate the risk of stock price collapse. Further research shows that:(1) Equity Financing will increase the risk of stock price collapse with the increase of leverage ratio;(2) private enterprises have more positive impact on stock price collapse risk than non-private enterprises. I hope that the findings of this paper can provide microevidence for relevant policy-making.
出处
《浙江金融》
2020年第4期53-63,共11页
Zhejiang Finance
关键词
股权质押
股价崩盘风险
杠杆率
工具变量法
Equity Pledge
Risk of Stock Price Collapse
Leverage Ratio
Instrumental Variable Method
