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MBA畢業論文_控股股東股權質押及經濟后果的案例研究DOC

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更新時間:2021-7-28

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我國部分企業存在融資難融資貴的問題,因而相比其他融資方式更為方便快捷 且成本更為低廉的股權質押融資正被越來越多的上市公司所使用,但這一融資方式 也造成了一系列的問題,特別是控股股東進行股權質押融資以后對于中小股東等投 資者利益的侵占,給企業帶來經濟后果的同時也損害了投資者的利益。本文選取銀 億股份為案例對控股股東的股權質押融資問題進行了研究,旨在通過對控股股東股 權質押融資問題的探討,更為理性的認識控股股東股權質押融資這一行為以及其產 生的經濟后果,同時也幫助投資者更好的做出投資決策。 本文首先介紹了股權質押融資的相關文獻,建立對于股權質押的初步概念以及 控股股東股權質押的動因和可能給公司帶來的影響;接下來選取銀億股份股權質押 進行案例分析,通過分析發現控股股東的股權質押行為給公司價值帶來的影響是雙 向的,但是大規模的股權質押帶來了銀億股份公司風險的上升,也損害了投資者的 利益。而造成這一結果的成因除了股權質押便捷的融得了大量資金造成公司的戰略 選擇上的錯誤,還有公司內部治理結構和內控制度的不完善,以及公司高管的頻繁 變更。最后針對前文的分析給投資者提出了一些建議,包括關注公司宏觀微觀環境 的變化,公司的戰略選擇,公司的日常公告的透明度,控股股東自身的財務狀況, 公司的管理層的變動等,以促進投資者的理性投資,防范和化解因控股股東股權質 押帶來的風險。 關鍵詞:股權質押 控股股東 經濟后果 動因II 華 中 科 技 大 學 碩 士 學 位 論 文 Abstract There is a problem for some enterprises in China, that it is difficult to get the operating money from financial institutions. Therefore, compared with other financing methods, more and more listed companies use stock pledge financing to get the money they need. However, this method has also caused a series of problems, especially the encroachment of the interests of small and medium-sized shareholders after the controlling shareholder's stock pledge financing, harmed the investors. Thesis selects Yinyi as a case to study the stock pledge financing of controlling shareholders. The purpose of thesis is to understand the behavior of controlling shareholder’s stock pledge financing and the effect it lead to. First, thesis introduces the relevant literature on stock pledge financing, helping investors to know the initial concept of stock pledge and the motives of controlling shareholders' stock pledge and the possible impact on the company. Then selecting the typical case of Yinyi to do a Case analysis combining with relevant theories. Through analysis, found that the controlling shareholder's stock pledge behavior has two-way impact on the company's value, and the large-scale stock pledge has make the risk increase, harmed the interests of investors as well. The cause of this result is that by using stock pledge, the company's strategic choices are more aggressive, and the internal governance structure and internal control system do not work, and the frequent changes of company executives make the problem worse. Finally, based on the previous analysis, thesis give investors some suggestions, including pay attention to the changes in the company's macro-micro environment, the company's strategic choices, the transparency of the company's daily announcements, the controlling shareholders' own financial situation, the company's management changes, etc. Hope thesis can make investment more rational and help prevent the risks brought by the stock pledge of the controlling shareholders. Keywords: Stock pledge Controlling shareholders Economic consequences MotivationIII 華 中 科 技 大 學 碩 士 學 位 論 文 目 錄 摘要 .............................................................................................................I Abstract.......................................................................................................... II 圖目錄 ..........................................................................................................IV 表目錄 ............................................................................................................V 1 引言.............................................................................................................1 1.1 股權質押及相關概念........................................................................1 1.2 研究背景和研究意義........................................................................1 1.3 研究框架和研究內容........................................................................5 2 股權質押融資研究綜述............................................................................8 2.1 股權質押的理論基礎........................................................................8 2.2 股權質押文獻綜述..........................................................................10 3 銀億股份股權質押融資概述..................................................................16 3.1 銀億股份簡介..................................................................................16 3.2 銀億股份股權質押融資的動因......................................................20 4 銀億股份股權質押的經濟后果及成因..................................................28 4.1 銀億股份股權質押的經濟后果......................................................28 4.2 銀億股份股權質押后果的成因......................................................47 5 建議與結論 ..............................................................................................52 5.1 針對投資者的建議..........................................................................52 5.2 研究結論..........................................................................................53 致 謝 ...........................................................................................................55
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