论文总字数：18050字

摘 要

最近几年，资本市场上兴起了一种资金到账快、灵活度高的融资方式—股权质押，企业大股东纷纷利用股权质押进行融资，监管制度乃至市场机制的持续完善是股权质押出现的主要原因。股权质押本质上隶属非实物质押范畴，主要指的是出质方将自己原本持有的股份当成一种特定标的物用于质押的行为，易于变现、流程短是股权质押的特点。从股东方面来看，股权质押实质上一把双刃剑，存在双向影响，首先其能将企业融资难困境顺利破解；其次，存在出质人信用缺失下的道德风险和大股东控制权转移的风险等各种风险。

基于此，本文以山西振东制药为例，采用2015-2019年山西振东制药（300158）公告的数据，运用文献研究、案例分析等方法分析山西振东制药公司资本结构受大股东股权质押的影响,分析研究的切入点包括股权质押的意图、股权质押的基本措施及股权质押措施存在的风险。分析证实，股权质押通常会将风险因素触发，企业会因此而面临经营管理风险，情况严重时有可能导致企业破产。而要化解上述风险，就必需全面强化企业内部管理与控制，严格防范股权质押实施前大股东的行为；进一步改进和完善股权质押过程中的信息披露行为；加强质权人对于股权质押动机的调查以及质押后的一系列监管行为。

关键词：股权质押；资本结构；大股东

A Study on The Impact of Large Shareholders'Equity Pledge on Corporate Capital Structure: A Case Study of Shanxi Zhendong Pharmaceutical

ABSTRACT

In recent years, a financing method called equity pledge has emerged in the capital market, in which the funds are paid quickly and the flexibility is high, the main reason for the emergence of the pledge of stock right is the continuous improvement of the supervision system and even the market mechanism. In essence, the pledge of stock right belongs to the category of non-material pledge, which mainly refers to the behavior that the pledger uses the stock he holds as a specific object in pledge, which is characterized by easy realization and short process. From the perspective of shareholders, in essence, the pledge of stock rights is a double-edged sword with two-way influence. First, it can successfully solve the financing difficulties of enterprises; Second, there are all kinds of risks, such as moral risk under the lack of PLEDGOR's credit and the risk of the transfer of the control right of the major shareholder.

Based on the data of Shanxi Zhendong Pharmaceutical (300158) announcement from 2015 to 2019, this paper analyzes the impact of large shareholder's equity pledge on the capital structure of Shanxi Zhendong pharmaceutical company by using the methods of literature research and case analysis, the cut-in point of the analysis includes the intention of the pledge, the basic measures and the risks of the pledge. The analysis confirms that the pledge of stock rights will usually trigger the risk factors, and the enterprise will face the management risk, which may lead to bankruptcy. In order to solve the above risks, it is necessary to strengthen the internal management and control of enterprises, strictly guard against the behavior of the major shareholders before the implementation of the pledge of shares, and further improve and perfect the information disclosure behavior in the course of the pledge of shares Strengthen the pledgee's investigation of the motivation of the pledge of stock rights and a series of supervision after the pledge.

Keywords: Equity Pledge;Capital Structure;Large Shareholders

目 录

摘 要 I

ABSTRACT II

一、绪论 1

1.1研究背景 1

1.2研究的目的和意义 1

1.3研究方法和内容 1

1.4论文框架 2

二、股权质押对企业资本结构影响的文献综述 3

2.1关于大股东股权质押对上市公司的影响 3

2.2关于企业资本结构 3

2.3文献述评 3

三、股权质押的现状、存在的问题及成因 4

3.1股权质押的现状 4

3.2大股东股权质押的用途和动机 4

3.3股权质押的风险和防范 5

四、以山西振东制药为例分析 7

4.1振东制药基本情况 7

4.2振东制药股权质押情况分析 7

4.3振东制药资产结构分析 9

五、比较分析 11

5.1乐视网（300104）基本情况 11

5.2振东制药VS乐视网 11

结论与建议 13

参考文献（References） 14

谢辞 15

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