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| 股权质押背景下市值管理研究——以华谊兄弟为例
摘 要
股权质押是指出质人以股权作为质押标的物并将其抵押给质权人来获取资金的一种融资方式，1995年，《担保法》在我国开始实施，它将股权纳入担保范围，以法律形式确立了股权质押担保制度。2007年，我国颁布的《物权法》中规定公司的股权可以被质押。如今，股权质押逐渐被上市公司青睐，中国A股市场已然呈现出“全股质押”的态势。
股权质押与传统的通过股权转让进行融资的方式不一样，它是出质人将其所持股权抵押给质权人来获取资金的一种融资方式，属于抵押担保贷款。相比较于股权转让，股权质押能够保留出质人的投票权，且具备审批流程简单、融资成本较低等优点。也正如此，越来越多的公司选择了股权质押融资。然而，股权质押在给融资方提供众多便利的同时，也带来了许多风险。因为股权质押将股权作为抵押物，当股价下跌时，对于质权方而言，抵押物的价值缩水，债券实现受到威胁，自身利益可能受损。对于出质方来说，如果股价跌破警戒线或触及平仓线，将会被质权方要求补仓，补仓不及时则会面临质权方强制平仓而丧失控制权的风险。
市值管理属于中国特有的管理概念。股权分置改革引起了公众对市场价值的重视，市值也因此渐渐成为了中国资本市场的全新标杆。市值管理这一概念于2005年被中国学者施光耀初次提出，其内涵是上市公司以内在价值为支撑,通过合法合理的方式提升市值,使得公司的内在价值与市场价值达到统一。然而，这一概念在实践中可能会被曲解。由于股价能够对股权质押交易形成重大影响，质押前的股价提升可以获得更多的融资，质押后股价的稳定也能避免股权丧失，一些上市公司控股股东在进行股权质押后，往往会通过各种方式对市值进行管理，其中不乏通过一些短期的市值管理行为抬高市值，使得股价虚高，脱离了公司的内在价值，造成了市值管理的滥用。这种行为会降低了资本市场的有效性，使得市值无法反映公司的内在价值，不利于资本市场的发展，同时，还会对市场上投资者的利益造成损失。从这来看，股权质押会对公司的市值管理有一定的扭曲作用。那么，在股权质押期间，控股股东究竟会采取什么样的市值管理手段？扭曲的市值管理能否真正有效地提升市值呢？
本文采用案例研究法，以华谊兄弟为例，对上市公司控股股东股权质押背景下的市值管理行为及其有效性进行研究。首先，结合现有理论对控股股东进行市值管理的动机进行分析；然后，对市值管理的行为进行分析，发现华谊兄弟通过信息披露、盈余管理、大股东增持和股权激励进行市值管理；其次，分析华谊兄弟价值创造能力和价值实现的变化情况，并引用市值管理评价模型对华谊兄弟市值管理有效性进行评价，发现华谊兄弟采取的市值管理方式虽然在短期内对市值提升起到一定的正向作用，但长期来看缺乏内在价值作为支撑，市值管理效果不佳；最后，总结华谊兄弟市值管理失败的原因，形成案例分析的结论并提出建议。
通过本文的案例研究，为上市公司、投资者和监管机构提供参考。首先，帮助上市公司树立正确的市值管理理念，即以公司的内在价值提升为支撑，运用合理的方式提升市值，实现内在价值与市场价值的统一；然后，建议投资者关注公司的内在价值，谨慎投资；最后，本文也给监管机构对上市公司控股股东滥用市值管理干扰资本市场健康运行，危害投资者利益的行为进行更有效地监管提供了建议。
关键词：股权质押；市值管理；价值创造；价值实现
Abstract
Equity pledge refers to a financing method in which the pledgorgives the equity to the pledgee as collateral to obtain funds. In 1995, the Guarantee Law came into effect in China,which included the equity in the scope of guarantee and established the equity pledge guarantee system in the legal form. In 2007, China promulgated the "Property Law" clearly stipulates that the company's equity can be pledged. Now, equity pledge is gradually favored by listed companies,and China's A-share market has shown a trend of "All Shares Pledge".
Equity pledge is different from the traditional way of financing through equity transfer.It is a financing way in which the Pledgor mortgage the equity held to the Pledgee to obtain funds, and it belongs to mortgage secured loan. Compared with equity transfer, equity pledge can retain the pledgor's voting right,and has the advantages of simple examination and approval process and low financing cost. Just like this, more and more companies choose equity pledge financing.However, equity pledge not only provides a lot of convenience to the financiers, but also brings a lot of risks. Because of equity pledge equity as collateral, when dropped,collateral value for pledge party,is facing the risk of bad debt losses, for the quality, and the party, if the stock price fell below line or hit open line, will be a pledgee request margin, margin not timely will face a pledge, forced to unwind and the risk of losing control.
Market value management is a unique management concept in China.The reform of non-tradable shares has aroused the public's attention to the market value, and the market value has gradually become the new benchmark of China's capital market. The concept of market value management was first proposed by Chinese scholar Guangyao Shi in 2005.Its connotation is that the internal value of listed companies issupported, and the internal value and market value of companies areunified through legal and reasonable ways to increase market value. However, this concept can be misinterpreted in practice.Because the price is very important for equity pledge,the pledged shares before the promotion can get more finance, pledge shares after loss of stability can alsoavoid the stake, some controlling shareholders of listed companies after equity pledge, often through a variety of ways to manage market, including higher market value through some short-term the market value of management behavior, make share prices artificially high, out of the company's intrinsic value, cause the abuse of market value management. Such behavior will reduce the efficiency of the capital market and make the market capitalization fail to reflect the intrinsic value of thecompany, which is not conducive to the development of the capital market. Meanwhile, it will also cause losses to the interests of investors in the market.From this point of view,equity pledge will have a certain distorting effect on the market value management of the company. Then, during the period of equity pledge,what kind of market value management means will the controlling shareholder take? Can distorted market cap management really raise market cap effectively?
This paper adopts the case study method and takes Huayi Brothers as an example to study the market value management behavior and its effectiveness under the background of equity pledge by controlling shareholders of listed companies. Firstly, the motivation of controlling shareholders to conductmarket value management is analyzed based on existing theories. Then, the behavior of market capitalization management is analyzed.It is found that Huayi Brothers adopts information disclosure,earnings management, major shareholder increase and equity incentive to manage market capitalization. Second, analysis of Huayi Brothers value creation ability and the change of value realization,and reference value management evaluation model to evaluate value of Huayi Brothers managementeffectiveness, Huayi Brothers found although in the short term the market value of managementways for market promotion play a positive role,but in the long term lack of intrinsic value as a support, poor performance of value management; Finally, it summarizes the reasons for the failure of market value management of Huayi Brothers, forms case analysis conclusions and puts forward suggestions.
Through the case study of this paper,it provides reference for listed companies, investors and regulators. First of all, to help listed companies establish a correct market value management concept,that is, to enhance the company's internal value as the support,use a reasonable way to enhance market value,to achieve the unity of internal value and market value; Then, investors are advised to pay attention to the intrinsic value of the company and invest cautiously. Finally, this paper also provides suggestions for regulators to conduct more effective supervision on the behaviors of controlling shareholders of listed companies that abuse market value management to interfere with the healthy operation of the capital market and harm the interests of investors.
Key words: Equity pledge; Market value management; Value creation; Value realization
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