| 摘要: |
| 本文基于2015－2018年深交所A股主板上市公司样本，实证检验股权质押对上市公司信息披露质量的影响。研究发现：股权质押对上市公司信息披露质量具有负面影响。在股权质押背景下，国有企业相比于非国有企业的信息披露质量更高，同时规模大的公司比规模小的公司信息披露质量更高。针对以上研究结论，提出相关政策建议：一是加强外部监管，降低公司与投资者之间的信息不对称性；二是优化股权结构，加强公司内部中小股东对大股东的制衡作用；三是完善公司治理，公司控股股东在加强内控的同时有效激励公司管理层；四是保护非国有企业，制定有效政策以降低非国有企业融资困难的风险。 |
| 关键词: 股权质押；上市公司信息披露质量；控制权 |
| DOI： |
| 分类号:F832.5 |
| 基金项目: |
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| Research on the Impact of Equity Pledge on the Quality of Information Disclosure of Listed Companies |
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LI Wan-ze
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Business School，University of Nottingham
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| Abstract: |
| Based on the sample of A-share listed companies on the main board of Shenzhen Stock Exchange from 2015 to 2018，this paper empirically tests the impact of equity pledge on the quality of information disclosure of listed companies.The results show that：equity pledge has a negative impact on the quality of information disclosure of listed companies.Further research finds that under the background of equity pledge，the quality of information disclosure of state-owned enterprises is higher than that of non-state-owned enterprises，and the quality of information disclosure of large-scale companies is higher than that of small-scale companies.In view of the above research conclusions，this paper puts forward relevant policy suggestions：The first is to strengthen external regulation to reduce information asymmetry between companies and investors; The second is to optimise the shareholding structure and strengthen the checks and balances of small and medium shareholders on major shareholders within the company; The third is to improve corporate governance，and the controlling shareholder of the company can effectively motivate the management of the company while strengthening internal control; The fourth is to protect non-state-owned enterprises，the government should formulate effective policies to reduce the risk of financing difficulties for non-state enterprises. |
| Key words: Equity Pledge;Quality of Information Disclosure of Listed Companies;Control Rights |
