经济政策不确定性影响大股东股权质押决策吗?——基于融资约束和错误定价视角被引量：13

Does Economic Policy Uncertainty Affect Large Shareholders’ Equity Pledge Decision?——From the Perspective of Financing Constraints and Mispricing

原文传递

导出

摘要本文以中国A股非金融上市公司为研究对象,采用Baker et al.(2016)编制的"中国经济政策不确定性指数",探讨经济政策不确定性对大股东股权质押决策的影响及其作用机制。研究结论表明,经济政策不确定性能够提高大股东股权质押的意愿及规模,上述影响在非国有企业和存在卖空限制的公司中更为显著。进一步地,影响机制检验发现融资约束和错误定价是经济政策不确定性影响大股东股权质押决策的两种渠道。此外,大股东在经济政策不确定性较高时进行股权质押将加剧系统性风险。本研究不仅为经济政策不确定性的微观经济效应提供了新的证据,同时也从宏观层面解释了大股东股权质押的影响因素。 This paper takes China’s A-share non-financial listed companies as the research object,and uses"China’s economic policy uncertainty index"compiled by Baker et al.(2016)to explore the impact of economic policy uncertainty on majority shareholders’equity pledge decision-making and its mechanism.The empirical results show that the uncertainty of economic policy can improve the willingness and scale of equity pledge of major shareholders,and the above effect is more significant in non-state-owned enterprises and companies with short selling restrictions.Further,the impact mechanism test found that financing constraints and mispricing are two channels through which economic policy uncertainty affects the majority shareholder’s equity pledge decision.In addition,the pledge of major shareholders’equity when the economic policy uncertainty is high will aggravate the systemic risk.This study not only provides new evidence for the microeconomic effect of economic policy uncertainty,but also explains the influencing factors of large shareholders’equity pledge at the macro level.

作者史永东宋明勇 SHI Yongdong;SONG Mingyong(School of Applied Finance and Behavioral Science,Dongbei University of Finance and Economics,Dalian,116025,China;School of Finance,Dongbei University of Finance and Economics,Dalian,116025,China)

机构地区东北财经大学应用金融与行为科学学院东北财经大学金融学院

出处《金融评论》 CSSCI 北大核心 2021年第1期73-94,123,共23页 Chinese Review of Financial Studies

基金国家社科基金重大项目(19ZDA094) 国家自然科学基金项目(71971046,71772030,71702025) 大连市第二批领军人才项目(大人社发[2018]573号)的资助

关键词经济政策不确定性股权质押融资约束错误定价系统性风险 Economic Policy Uncertainty Equity Pledge Financing Constraints Mispricing Systemic Risk

分类号 F832.51 [经济管理—金融学] F120 [经济管理—世界经济]

作者简介史永东,东北财经大学应用金融与行为科学学院、金融学院教授,博士生导师,经济学博士;宋明勇,东北财经大学应用金融与行为科学学院、金融学院博士研究生。