会计学院知识库

  企业股权结构的集中化将控股股东推上历史舞台，从而为股权质押创造了前提条件。股权质押这一融资渠道对于企业本应大有裨益，但“利益侵占和掏空”等质疑声不绝于耳。无论是质权人还是广大投资者，对于控股股东股权质押的动机真假难辨严重影响到外界对上市公司的价值评判。那么如何正确识别上市公司控股股东股权质押的真实意图以及其对于质押双方、广大投资者的影响仍需进一步研究。
  本文以相关理论为基础，以上市公司荣科科技为研究对象，采用案例研究法对比研究荣科科技两任控股股东的股权质押现象。透过企业内外部融资环境以及现金流情况分析其股权质押的动机，揭示了控股股东在迥异的股权质押动机下造成的影响，从而为外部投资者如何辨别上市公司股东股权质押动机提供一定的参考；最后总结出案例公司两任控股股东股权质押的行为异同及动机， 在此基础上得到一些启示并展望未来的研究方向。
  经过对其两任控股股东股权质押的动机研究表明： 荣科科技第一任控股股东付艳杰、 崔万涛是“非支持型” 的股票质押，该行为给上市公司带来了消极的市场反应， 影响了上市公司的盈利和成长能力，严重侵害了交易各方利益者的权益。第二任控股股东辽宁国科的股权质押是“支持型”的活动，其展现了积极的市场反应，改善了上市公司的经营发展，给质权人和中小股东带来了收益。研究启示有：股权质押的利益相关者可以通过分析企业内部融资、用资需求、现金流状况以及外部面临的融资约束综合评判控股股东股权质押的动机以更好的维护自身权益；论从市场反应亦或财务绩效角度来看，不同的股权质押行为对于上市公司的影响大相径庭； 质权人应加强对控股股东股权质押行为的事前审查与事后监督行为。

The centralization of corporate ownership structure pushes controlling shareholders onto the historical stage, thus creating a prerequisite for equity pledge. Equity pledge, as a financing channel, is supposed to be of great benefit to enterprises, but there are many doubts about 'expropriation and tunneling '. Whether the pledgee or the majority of investors, it is difficult to distinguish the true and false motivation of controlling shareholders' equity pledge, which seriously affects the external value judgment of the company. Therefore, how to correctly identify the real intention of controlling shareholders’ equity pledge in listed companies and its impact on both sides of pledge and the majority of investors still need further research. Based on the relevant theory, this paper takes Rongke Technology as the research object, and uses case study method to compare the equity pledge of two controlling shareholders of Rongke Technology. Through the enterprise internal and external financing environment and cash flow analysis of the stock pledge motivation, and reveals the controlling shareholder in different stock pledge motivation under the influence of production, so as to provide some reference for external investors how to identify the stock pledge motivation of listed company shareholders ;finally, it summarizes the similarities and differences of the behavior and motivation of the two controlling shareholders ' equity pledge in the case company, it obtains some enlightenment and looks forward to the future .
The research on the motivation of the equity pledge of the two
controlling shareholders shows that Fu Yanjie and Cui Wantao, are
“ non-supportive ” stock pledges. This behavior has brought negative
market reactions to listed companies, affected the profitability and growth ability of listed companies, and seriously violated the interests of stakeholders in the transaction. The equity pledge of the second
controlling shareholder, Liaoning Guoke, is a ' supporting ' equity pledge activity, which shows a positive market reaction, improves the operation and development of listed companies, and brings benefits to pledgers and minority shareholders. The research enlightenment is that the stakeholders of equity pledge can comprehensively judge the motivation of controlling shareholders ' equity pledge by analyzing internal financing, capital demand, cash flow status and external financing constraints to better safeguard their own rights and interests;whether from the perspective of market reaction or financial performance, different equity pledge behavior has different effects. The pledgee should strengthen the pre-review and post-supervision of the pledge behavior .