Research of the Impact of Controlling Shareholder Share Pledging on Digital Transformation
As a common means of financing employed by shareholders,share pledges have a linkage effect on an enterprise's business.The government actively promotes digital transformation to achieve high-quality economic development.This paper takes a sample of Chinese A-share listed companies from 2013 to 2020 to examine the impact on the corporate digital transformation of share pledging by controlling shareholders.The study finds that there is an inverted U-shaped relationship between share pledging and digital transformation,and share pledges affect digital transformation mainly through debt financing and innovation.Further,the heterogeneity test shows that share pledging has a greater impact on the digital transformation of non-state-owned,non-high-tech enterprises with imperfect internal control and weak media supervision.The extended analysis shows that digital transformation can enhance corporate value,but share pledges weaken this positive impact.Further,digital transformation raises the odds of the share price falling to the warning line,increasing the risk of share pledges.Finally,the paper enriches the research on the factors influencing the digital transformation of enterprises and provides evidence of the linkage effect between controlling shareholder and enterprise behavior.
万方数据
维普
