会计学院知识库

近来，股东愈加青睐股权质押，因其具有易变现、低成本，且筹得资金的同时还可实施控制等特点。2018年初，我国超出95%的A股上市公司进行了股权质押。但近期，多家公司受股市低迷冲击，由于难以持续提供担保而被砍仓，公司价值因此直接受到向下影响。此外，股权质押还能通过不同的路径间接影响公司价值，而控股股东因其核心地位影响公司价值最为显著。数次高比例的质押股权会强化不良动机，公司筹资风险的接连增加、代理冲突的加剧会危害公司价值，对公司的长远发展不利。

文章以延安必康制药为例，探寻股权质押实施对公司价值的影响结果。首先，对中外股权质押、公司价值相关的研究进行归纳总结，得出股权质押实施对公司价值的影响喜忧参半；其次，对延安必康公司及股权质押情况进行简介，侧重探索延安必康控股股东质押股权后如何作用于公司价值，通过市场效应及各项指标综合分析延安必康股权质押对公司价值的影响结果。

研究发现延安必康制药控股股东高比重质押股权对公司价值的影响弊多利少。短期看，股价在股权质押公告发布后短暂上升；长期看，股权质押致使长期持有延安必康股票的收益降低，使公司长远价值受到损害。最后，基于分析结果，根据消极影响给出具体建议，完善股权质押相关规范制度，为其他存在质押行为的上市公司提供参考。

Recently, shareholders have increasingly favored equity pledges because of their easy liquidity, low cost, and the ability to exercise control while raising funds. At the beginning of 2018, more than 95% of my country's A-share listed companies pledged equity. However, recently, many companies have been hit by the downturn in the stock market, and their positions have been cut due to the difficulty of providing guarantees continuously, and the company's value has been directly affected downwards. In addition, equity pledge can indirectly affect corporate value through different paths, and the dominant shareholder has more obvious effect on corporate value because of its nucleus position. Several times of high proportion of pledged equity will intensify the malignant motivation, the continuous increase of financing risk of the company, the intensification of agency conflict will harm the value of the company, adverse to the long-term development of the company.

This article takes Yan'an Bikang Pharmaceutical as an example to explore the effect of equity pledge implementation on corporate value. In the first place, by summarizing the research on equity pledge and corporate value at domestic and overseas, it is concluded that the implementation of equity pledge has mixed effects on corporate value; secondly, it introduces Yan'an Bikang Company and its equity pledge, focusing on exploring the pledge of Yan'an Bikang's controlling shareholders How does the post-equity affect the company's value, and comprehensively analyzes the influence of Yan'an Bikang's pledge of stock rights on the corporation's value through market effects and various indicators.

The research shows that: Yan'an Bikang Pharmaceutical's controlling shareholder's high proportion of pledged equity has more harm than good on the corporation's value. For the near future, the share price rises briefly after the announcement of the equity pledge; the longer answer, the equity pledge reduces the return on long-term holdings of Yanan Bikang shares, which damages the long-term value of the company. In the end, onaccount of the analysis outcomes, specific recommendations are given depending on the adverse effects, and the relevant normative system of equity pledge is improved, so as to provide reference for other listed companies with pledge behavior.