侯丽　姜力文　侯德帅　周雪峰

摘 要：本文采用沪深A股2003～2018年上市公司的样本数据，考察了控股股东股权质押对资本结构动态调整的影响。研究发现：控股股东股权质押比例越高，实际资本结构趋向目标水平调整得越慢;内部股权制衡机制不能抑制这种负向影响，但公司聘用行业专长的审计师可以减弱控股股东股权质押对资本结构动态调整产生的阻碍作用。进一步研究表明，相对于国有控股股东，非国有控股股东股权质押后防御控制权转移风险的动机更强，致使实际资本结构以较慢的速度趋向目标水平调整;控股股东股权质押对资本结构动态调整产生的抑制作用主要依赖于发行股票和现金分红的权益调整方式。

关键词：股权质押;动态资本结构;股权制衡;审计师行业专长;调整速度与方式

中图分类号：F275文献标识码：A文章编号：1003-5192（2021）03-0047-08doi：10.11847/fj.40.3.47

The Controlling Shareholders Share Pledging and

Dynamic Adjustment of Capital Structure

HOU Li1， JIANG Li-wen2， HOU De-shuai3， ZHOU Xue-feng1

（1.School of Business， Zhengzhou University of Aeronautics， Zhengzhou 450046， China; 2.School of Economics and Management， Shandong University of Science and Technology， Qingdao 266590， China; 3.School of Accounting， Capital University of Economics and Business， Beijing 100070， China）

Abstract：Based on the panel data of firms listed in Shanghai and Shenzhen stock exchange from 2003 to 2018， this paper empirically tests the impact of controlling shareholders share pledging on the dynamic adjustment of capital structure. The research finds that the higher the proportion of controlling shareholders share pledging is， the more slowly the adjustment of the actual capital structure moves toward the target level; check-and-balance of ownership structure cannot suppress this negative impact， but auditor with industry expertise can weaken the negative impact of controlling shareholders share pledging on the dynamic adjustment of capital structure. Further research shows that the negative effect of controlling shareholders share pledging on the dynamic adjustment of capital structure in non-state-owned enterprises is significant instead of that in state-owned enterprises. The negative impact of the controlling shareholders share pledging on the dynamic adjustment of the capital structure is mainly caused by the stock issuance and cash dividends.Key words：share pledging; dynamic capital structure; check-and-balance of ownership structure; auditors industry expertise; adjustment speed and adjustment method

1 引言

控股股東股权质押是指控股股东将其持有上市公司股权质押给银行、券商以及信托等金融机构获取贷款的一种融资方式。根据Wind数据统计分析，截至到2019年12月31日，沪深A股3809家上市公司中有83%的样本存在股东股权质押，其中控股股东股权质押占比达到66%;控股股东股权质押比例均值为59%，近400家上市公司控股股东股权质押比例高达90%以上，更有甚者将其自身100%的股权进行质押。与其他质押物不同，控股股东质押股票的股价处于随机游走状态，所以股权质押贷款属高风险贷款业务。为保障贷款的安全性，金融机构一般与控股股东设定预警线和平仓线。……