| 摘要: |
| 摘要：随着控股股东股权质押行为的常态化，企业是否会在控股股东股权质押背景下采取并购决策已经成为一个值得关注的研究议题。以2013－2022年中国上市公司为样本，运用有调节的中介模型，对控股股东股权质押影响企业并购行为的机制进行实证探讨。研究发现：存在控股股东股权质押行为的企业倾向于开展并购重组活动，且股权质押的比例越高，并购的倾向性也越明显；控股股东股权质押可以通过增强管理层股权激励程度，促进并购行为的发生；数字化转型对其中介效应的后半路径具有负向调节作用。基于实证分析结果为企业和资本市场治理决策提供相关建议：第一，严格监管控股股东股权质押行为，加强企业内部治理；第二，完善股权激励制度，促进企业数字化转型；第三，强化投资者风险评估能力，优化投资者结构。 |
| 关键词: 关键词：控股股东股权质押；并购行为；管理层股权激励；数字化转型 |
| DOI： |
| 分类号:F271；F832.51 |
| 基金项目:基金项目：甘肃政法大学研究生科研创新项目“董事会非正式层级、数字化转型与企业ESG表现——环境不确定性的调节效应”（2024035）；甘肃政法大学研究生科研创新项目“AIGC时代万花筒职业生涯观对女性工作繁荣的链式双中介影响机制研究”（2024032）。 |
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| Controlling Shareholders’ Stock Pledge and M&A Behaviors |
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YANG Yong-jie，YANG Yi-meng
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(Gansu University of Political Science and Law)
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| Abstract: |
| Abstract：With the normalization of equity pledge behavior by controlling shareholders, whether enterprises will adopt merger and acquisition decisions in the context of controlling shareholder equity pledge has become a research topic worthy of attention.Taking Chinese listed companies from 2013 to 2022 as samples and uses a moderated mediation model to empirically analyze the impact and mechanism of controlling shareholder equity pledge on corporate merger and acquisition behavior. Research has found that companies with equity pledge from controlling shareholders are more likely to engage in mergers and acquisitions compared to companies without equity pledge from controlling shareholders. The higher the level of pledge, the stronger the company’s willingness to engage in mergers and acquisitions. The pledge of controlling shareholder equity can promote the occurrence of mergers and acquisitions by enhancing the incentive level of management equity, and digital transformation has a negative regulatory effect on the second half of its intermediary effect. Based on empirical analysis results, provide relevant suggestions for corporate and capital market governance decisions, firstly, strictly regulate the equity pledge behavior of controlling shareholders and strengthen internal governance of enterprises. Secondly, improve the equity incentive system to promote digital transformation of enterprises. Thirdly, strengthen investor risk assessment capabilities and optimize investor structure. |
| Key words: Key words：Controlling Shareholders’ Stock Pledge；M&A Behaviors；Management Equity Incentive；Digital Transformation |
