ABSTRACT

This paper tests the superimposed negative market reaction of listed companies with high-level share pledging by controlling shareholders to the coronavirus disease 2019 (COVID-19) pandemic and finds that it is alleviated in the pharmaceutical industry and when the share pledge funds are obtained from a brokerage firm or flow back to the listed companies. Furthermore, a low-quality information environment exacerbates the negative reaction, while high-level research and development (R&D) investment and free cash flow alleviate it. A possible mechanism underlying the results is that the “gray rhino” erodes the company’s operating efficiency. This paper provides timely and direct evidence regarding the capital market’s response to COVID-19.

摘要

本文测试了控股股东高级别股权质押的上市公司对 2019 冠状病毒病（COVID-19）大流行的叠加负面市场反应，发现在制药行业以及从股权质押资金获得时，这种反应得到缓解。经纪公司或流回上市公司。此外，低质量的信息环境会加剧负面反应，而高水平的研发（R＆D）投资和自由现金流可以缓解这种负面反应。结果背后的一个可能机制是“灰犀牛”侵蚀了公司的运营效率。本文提供了有关资本市场对 COVID-19 反应的及时和直接的证据。