近年来我国A股市场兴起股权质押的风潮，但投资者对于股权质押的评价褒贬不一。为了研究股权质押融资行为对于企业价值的影响，本研究首次引入了高管薪酬因素对三者之间的关系进行探究，以 2013~2019 年我国沪深 A 股全部上市公司为研究对象进行多元回归分析。通过实证研究发现，控股股东高比例股权质押行为会显著降低企业价值，而高管薪酬的适当增加能够缓解股权质押对企业价值带来的不利影响，说明企业可以提高高管薪酬以增加其工作积极性从而保护企业利益。本研究扩展了股权质押的相关理论，丰富了现有的研究视角，对规范企业股权质押行为具有一定的指导意义。

In recent years, equity pledge has become a trend in China''s A-share market, but investors have mixed opinions on equity pledge. In order to study the impact of equity pledge on enterprise value, for the first time, we introduce the factor of executive compensation to explore the relationship between these factors and conduct multiple regression analysis with all China''s A-share listed companies in Shanghai and Shenzhen Stock Market from 2013 to 2019. The empirical study finds that a higher proportion of controlling shareholders'' equity pledge will significantly reduce the enterprise value, and the appropriate increase of executive compensation can alleviate the adverse impact of equity pledge, it shows that the increase of executive compensation can increase their enthusiasm and protect the interests of the enterprise. This paper expands the relevant theories of equity pledge, enriches the existing research perspectives and providing guidance for the better regulation of corporate equity pledge behavior.