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以2020年创业板涨跌幅限制由10%放宽至20%这一制度调整为准自然实验,选取2017—2022年沪深主板与创业板上市公司为研究对象,利用双重差分模型考察了涨跌幅限制放宽对控股股东股权质押的影响。研究发现,涨跌幅限制放宽显著降低了控股股东股权质押水平。机制检验表明,股价波动性上升是涨跌幅限制放宽抑制控股股东股权质押的重要传导路径。进一步从融资约束、股价崩盘风险与卖空机制3个维度展开异质性分析,发现上述政策效应在融资约束较高、股价崩盘风险较大以及被纳入卖空标的的企业中更为显著。经济后果检验发现,涨跌幅限制放宽显著降低了上市公司资金占用和关联交易水平。研究结论可为评估涨跌幅限制改革的治理效应提供参考。

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