控股股东股权质押与商业信用融资——基于内部控制质量和审计质量的考量
Stock Rights Pledge of Controlling Shareholders and Trade Credit Financing——An Analysis Based on Internal Control Quality and Audit Quality

以2007-2014年我国A股上市公司为样本，研究控股股东股权质押对商业信用融资的影响。研究表明：相比于非控股股东股权质押的公司，控股股东股权质押的公司获得的商业信用融资更低，即供应商可以感知客户的控股股东股权质押风险。进一步地，以上关系只存在于审计质量和内部控制质量低的公司中；在审计质量高和内部控制质量高的公司中不显著。采用倾向匹配得分法（PSM）、工具变量法（IV）以及固定效应模型（FE）等稳健性测试后，主要结论依然存在。
It is worth studying how the suppliers identify and cope with stock rights pledge of controlling shareholders of the clients. This paper investigates the effect of stock rights pledge of controlling shareholders on the trade credit financing by using the A-share listed companies in China from 2007 to 2014. This paper shows that compared to the companies without stock rights pledge of controlling shareholders, the companies with stock rights pledge of controlling shareholders obtain lower trade credit financing, that is, the suppliers can perceive the risk of stock rights pledge. Furthermore, the above relationship is mainly in the companies with low audit quality and low internal control quality. Based on the consideration of robustness, this paper uses the instrument variable method, PSM and Fixed effect model, the main conclusions are still valid.