关键词: 股权质押, 临时公告, 信息披露

Abstract: This paper use A -share listed companies as the research object between 2007 and 2015, this paper takes temporary announcement as the breakthrough point, distinguishing announcement news properties, Empirical test whether the controlling shareholders share pledges intervene the information disclosure of listed companies, we found, compared to non-controlling shareholders share pledges, the listed company of the controlling shareholders with share pledges to disclose more good news, and the good news is more likely disclosure during the trading day and bad news is more likely disclosure during the non-trading day. In the further analysis, we also found the relationship is not significantly in samples of pledge of investor attention and repeat pledge, only when stock price fell near open line, the controlling shareholders to intervene information disclosure. This behavior can be significantly increased share price and avoid the crisis, but the behavior is also increase the stock price volatility and reduces the share price information content.

Key words: Share Pledges, Temporary Announcement, Information Disclosure