控股股东股权质押与高溢价并购

股权质押和公司并购都是资本市场近年来的热点问题,但鲜有研究关注两者间的联系。本文将其结合研究发现,控股股东股权质押的发生与公司并购事件显著正相关;当控股股东质押更多时,公司更易产生超额商誉,且并购标的为关联方时这一倾向将会加强。进一步分析发现,当面临更严格的外部监督环境时,控股股东在并购中质押股权的比例将受到抑制。本文的结果表明控股股东股权质押行为与高溢价并购的结合可能成为控股股东套现的一种手段,需要加强警惕和监管。

Controlling Shareholders Equity Pledge and High Premium Acquisition

Equity pledge and M&A are both hot issues in the capital market in recent years,but few researches are aware of the relationship between them.In this paper,it is found that the occurrence of the pledge of controlling shareholders’equity is positively related to the M&A of the company;when the pledge of controlling shareholders’equity is more,the company is more likely to generate excess goodwill,and this tendency will be strengthened when the target of M&A is related party.Further analysis shows that when in a more strict external regulatory environment,the proportion of the controlling shareholders’pledged equity in M&A will be restrained.The results of this paper show that the combination of equity pledge and high premium M&A may become a means of cash out for controlling shareholders,which needs to be strengthened vigilance and supervision.