股权质押,股权集中度对公司绩效的影响研究
首发时间:2020-06-15
摘要:在股权质押作为一种新的融资方式快速兴起的时候,研究股权质押与公司绩效的关系至关重要,有利于指导企业提高企业绩效。本文选取房地产行业为研究对象,以2016-2018三年的相关数据构建模型,运用面板数据截面加权估计,实证研究股权质押、股权集中度和公司绩效的关系。结果表明:在房地产行业,股权质押与公司绩效负相关,股权集中度越高,股权质押对公司绩效的负面影响越弱。
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Research on the Influence of Equity Pledge and Equity Concentration on Company Performance
Abstract:When equity pledge is rapidly emerging as a new financing method, it is of vital importance to study the relationship between equity pledge and conpany performance, which will help guide com panies to improve corporate performance.This article selects the real estate industry as the research object, builds a model based on the relevant date from 2016 to 2018, and uses panel data cross-section weighted estimation to empirically study the relationship between equity concentration and company performance.The results show that in the real estate industry, equity pledge is negatively related to company performance. The higher the concentration of equity, the weaker the negative impact of equity pledge on company performance.
Keywords: Equity pledge Company performance Equity concentration Real estate industry
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