股权质押对企业价值的影响研究

公司股权质押的融资方式在我国发展得越来越快，其对自身公司价值的影响是一 个值得研究的问题。对此，现有研究大多得出股权质押对公司价值具有绝对的积极影响或绝对 消极影响等一边倒的结论。有鉴于此，本文采用2014-2018年沪深A股主板470家上市公司公告 的数据，研究上市公司股权质押对公司价值影响，得出以下结论：整体上，上市公司的股权质押 对公司价值具有正面影响，有利于公司价值的提高；进一步的研究则发现当上市公司股权质押 比例处在较低水平时，股权质押对公司价值具有正向影响；但当处在较高的水平时，对公司价值 则会产生负面影响，说明上市公司股权质押比例和公司价值具有倒U型的非线性关系。

Research on the Impact of Equity Pledge on Enterprise Value

The development of pledge of stock rights for companies has accelerated dramatically in China. How does the pledge of stock rights affect the value of companies is obviously a problem worth studying. In view of this, this paper focuses on the impact of pledge of stock rights on the value of listed companies. The annual public data of 470 listed companies of the Shanghai and Shenzhen A-share main boards in 2014-2018 is used for empirical analysis and research. The following conclusions are drawn: generally, the proportion of pledge of stock rights of listed companies has a positive impact on the company''s value.Further research shows that when the proportion of pledge of stock rights is at a relatively lower level, it has a positive impact on the company''s value; when the ratio of pledge of stock rights exceeds a certain scale, it has a negative impact on the company''s value. The research shows that pledge of stock rights ratio and companies'' value have an inverted U-shaped relationship.