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本文以S公司为例,采用案例分析法,研究不同市场环境下大股东股权质押行为与投资者保护之间的关系。结果表明,市场发展稳定时,投资者对S公司这一业绩表现良好,进行过多次股权质押的公司给予了较大的信任。市场发展波折时,尽管企业自身表现出色,投资者对自身利益能否得到保护存有较大疑虑,对企业及市场均缺乏信任。为切实保障中小股东的利益,管理当局和上市公司有必要进一步加强各方面保护措施,获取中小股东的信任,促进资本市场健康有序的发展。
In this paper, S company, for example, uses the case analysis method to study the relationship between shareholder pledge behavior and investor protection under different market conditions. The result shows that when the market is developing steadily, investors have a good faith in the performance of S Company and the companies that have pledged a large number of shares for more than one year. In the twists and turns of the market, despite the outstanding performance of the enterprises themselves, investors have more doubts about whether their own interests can be protected and lack trust in both the enterprises and the markets. In order to effectively protect the interests of minority shareholders, it is necessary for management authorities and listed companies to further strengthen protection measures in all aspects, gain the trust of minority shareholders and promote the healthy and orderly development of the capital market.