国际金融研究院：2022年股权质押研究报告风险还是机会（21页）.pdf

1、 研究报告 （2022 年 第 3 期 总第 112 期）2022 年 6 月 13 日 股股权权质押：风险还是机会？质押：风险还是机会？资本市场与公司金融研究中心 量子数聚（北京）科技有限公司 刘碧波 何治国 朱菲菲 【摘要】【摘要】近年来，股权质押被认为是上市公司及股东的重要风险因素，甚至成为资本市场的系统性风险来源。清华大学国家金融研究院资本市场与公司金融研究中心联合量子数聚（北京）科技有限公司成立课题组，基于工商登记数据，从股权网络的视角分析了股权质押的积极影响，具体结论如下：（1）股权质押融资能够显著促进股东的创业行为。基于基础模型和双重差分模型的分析结果均支持该结论。（2）2013

2、 年政策允许证券公司开展场内股权质押交易这一外生冲击，利好自然人股东的质押融资。在该政策推出后，自然人大股东的创业活动更加活跃。（3）创业效率上，2013 年政策冲击后，自然人股东在高增长行业的创业行为更加活跃，表明大股东的创业活动具有经济效率。清华大学国家金融研究院资本市场与公司金融研究中心 Research Report June 13th,2022 Serial Reports on Ownership Network III:Share Pledging:Risk or Opportunity?Center for Capital Market and Corporate Financ

3、e Quantum Data(Beijing)Technology Corporation Bibo Liu,Zhiguo He,Feifei Zhu Abstract：Recently,share pledging has been considered as an important risk factor for listed companies and shareholders,and even a source of systemic risk for the capital market.Using firm registration data from State Adminis

4、tration for Industry and Commerce(SAIC),Center for Capital Market and Corporate Finance,together with Quantum Data(Beijing)Technology Corporation,examines the positive effect of share pledging from the ownership network perspective,with the following findings.1）Share pledge financing by large shareh

5、olders can significantly promote the firm creation.The results based on the basic analysis and difference-in-differences model all support this conclusion.2)The exogenous shock of the 2013 policy allowing securities firms to conduct share pledge transactions in exchange market is more favorable to n

6、atural person shareholders,and thus their entrepreneurial activities(including the number of newly established firms and capital allocation to new firms)are more active after this policy.3)The entrepreneurial behavior of natural person 清华大学国家金融研究院资本市场与公司金融研究中心 shareholders in high-growth industries