摘要
股权质押制度为股东将股票质押给质权人的一种融资方式。中国的股权质押制度最早
始于一九九五年颁布的担保法，其中对股权可以质押作出了规定。在 2013年，上交所和中
登公司推出了有关上市公司股票质押式回购交易的规定。股权质押因其门槛较低、方便快
捷而被许多上市公司股东使用。到 2022年初，已有二千五百多家上市公司有股权质押融资，
质押股数达到 4162.22亿股，质押市值 36196.2亿元。但股权质押风险不可忽视，因股权质
押风险而导致股东股权被冻结、平仓乃至控制权变更现象屡屡发生，给公司、投资者乃至
整个市场带来巨大风险，要探寻控股股东股权质押问题，帮助公司合理运用这种融资方式。
本文选取 A股上市公司博天环境为分析对象，研究控股股东汇金聚合股权质押的动因
与影响。本文首先对股权质押和控股股东进行了定义，引入研究理论，对我国近年来上市
公司的股权质押概况进行简要梳理，接下来阐述了博天环境的经营状况、股东股权结构及
控股股东股权汇金聚合的股份质押过程，最后依据相关理论，采用案例分析法、事件研究
法和对比分析法进行动因及影响分析。经深入研究后可以发现：（1）由于公司高速增长和
业务模式特点而产生的大量融资需要，是控股股东汇金聚合进行股权质押的基本动机，此
外的重要动因还有将持有的有限售条件股份变现和保持控制权等；（2）控股股东股权质押
将对公司经营产生不利作用，导致公司财务面临较大风险；（3）控股股东股权质押会引发
市场对公司股票看空，在短期内导致股价下跌，长期内导致公司价值下降；（4）控股股东
股权质押比例过高的情况下，会存在公司控股权改变的重大危险。同时，本文基于研究结
果，并根据我国资本市场发展情况与股权质押现状提出：上市公司控股股东需要稳健运营
公司、避免过度投资，强化风险预警和管理，防范股权质押风险；上市公司控股股东要提
升信息透明度，避免在股价高估时进行过高比例的股权质押，以稳定股票价格；监管部门
可以强化股权质押的信息公开制度，加强对高比例股权质押的管理，积极管理股权质押比
例和质押率，运用多种方法稳定证券市场。
关键词：
股权质押；控股股东；上市公司；博天环境
I

Abstract
Equity pledge is a financing behavior in which the pledgor, as a shareholder of the company,
pledges the stock it holds to the pledgee. The equity pledge system in China originated from the
Security Law issued in 1995, which stipulated that equity can be pledged. In 2013, the SSE and
CSDC introduced regulations on repurchase transactions of shares pledged by listed companies.
Equity pledge is widely used by listed companies because of fewer restrictions and convenient
handling. By the beginning of 2022, more than 2,500 listed companies have equity pledge
financing, with 416.222 billion shares pledged and a market value of 3619.62 billion yuan
pledged. However, the risk associated with equity pledge must be taken seriously. Due to the risk
of equity pledge, shareholders' equity is frozen, liquidated and even the change of control rights
occur frequently, which brings huge risks to the company, investors and even the whole market.
Therefore, it is necessary to actively explore the issue of equity pledge of controlling
shareholders to help the company rationally use this financing method.
This paper selects the A-share listed company Poten Enviro as the analysis object to study
the motivation and impact of the controlling shareholder Huijin Juhe's equity pledge. First, this
paper defines equity pledge and controlling shareholder, and introduces study related theory, then
briefly summarizes the current situation of the development in recent years. Next, it describes the
operating conditions of Poten Enviro, shareholder equity structure and the process of equity
pledge of controlling shareholder Huijin Juhe. Finally, this paper analyzes the causes and impacts
of the pledge of stock rights of Huijin Juhe based on relevant theories and research methods
including case study method and event study method. After in-depth study, it can be found
that :(1) a large amount of financing needs due to the rapid growth of the company and the
characteristics of the business model are the basic motivation for the controlling shareholder
Huijin Juhe to pledge their shares. In addition, other important motivations are to cash in the
limited sale condition shares held and maintain control rights. (2) Equity pledge by controlling
shareholders will have an adverse effect on the operation of the company, leading to great
financial risks of the company; (3) The stock pledge of controlling shareholders will cause the
II
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