【摘要】 作为公司快速获得所需资金的手段之一,股票质押在近些年逐渐成为热度话题。文章以2007-2017年沪深两市A股上市公司为研究样本,分析了股票质押行为对公司会计稳健性的影响,以及控股股东股票质押和非控股股东股票质押两者对公司会计稳健性的不同程度的影响。文章实证结果显示,股票质押行为会显著增强会计稳健性,同时,公司的会计稳健性会随着股票质押比例的提高而增强;将股票质押行为按照质押人的身份划分为控股股东质押和非控股股东质押,前者比后者更能增强公司的会计稳健性;在进一步检验中,将会计稳健性按照来源分成条件稳健性和非条件稳健性后发现,股票质押行为对条件稳健性有显著影响,对非条件稳健性无显著影响。更多还原

【Abstract】 As one of the company’s rapid access to the required funds,stock pledge has gradually become a hot topic in recent years. This paper takes the shareholder pledge and the company’s accounting conservatism of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2017 as the research object. It analyzes the impacts of stock pledge on the company’s accounting conservatism,and different degrees’ impact of stock pledges by controlling shareholders and noncontrolling shareholders on the corporate accounting conservatism. The empirical results show that the stock pledge behavior significantly enhances the accounting conservatism;at the same time,the company’s accounting conservatism increases with the increase of stock pledge ratio. The stock pledge behavior is divided into controlling shareholder pledge and non-controlling shareholder pledge. The former better enhances the company’s accounting conservatism than the latter. Further examination finds that stock pledge has a significant impact on the conditional conservatism of the company,but no significant impact on the non-conditional conservatism.更多还原