中文摘要：

大股东研究是公司治理中的核心领域之一,股权质押则具有杠杆交易的风险特征.本文对大股东股权质押机理及其对公司价值的影响进行了分析和研究综述,以大股东行为作为切入点，分析了大股东在公司治理中的作用,梳理了大股东股权质押的三种主要动机,对大股东股权质押影响公司价值的机理及可能的后果进行了论述.

英文摘要：

Researches on block-shareholders are one of the core aspects in corporate governance, while share pledge has the riskcharacteristics of leverage transactions. The paper analyzes the mechanism of block-shareholder5 share pledge and its impacts on thevalue of listed firms. From the perspective of block-shareholders, the paper analyzes block-shareholder5 s role in the corporate governance,introduces the three main motivations of block-shareholder5 share pledge, and expounds the mechanism that how bloc-shareholder5share pledge affects the listed firms’ value and the possible consequences.