关键词: 大股东股权质押,慈善捐赠,代理冲突,风险防御

Abstract: Will the pledge of stock rights of the major shareholders raise or lower the level of donations of the enterprises? This is a competitive proposition. Taking the 2009-2016 China’s A-share listed companies as research samples, this paper investigates the impact of the major shareholders’ pledge of stock rights on charitable donations. The findings show that the major shareholders’ pledge of stock rights has a positive effect on corporate charitable donations, and the scale and frequency of pledges are significantly and positively correlated with the level of donations. The findings of further research indicate that the agency conflict between major shareholders and small and medium shareholders has weakened the positive impact of major shareholders’ equity pledge on charitable donations, that the information transparency will enhance the positive impact of major shareholders’ equity pledge on charitable donations, and that the litigation risks the enterprises are faced with will weaken the promotion effect of the major shareholders’ equity pledges on charitable donations. These conclusions have important reference value for the investors, regulatory authorities and listed companies.

Key words: major shareholders’ equity pledge; charitable donation; agency conflict; risk prevention