控股股东股权质押、企业金融化与企业创新
Controlling Shareholder Equity Pledge,Corporate Financialization and Cor-porate Innovation
黄华继 1王杰1
作者信息
- 1. 安徽财经大学金融学院,安徽蚌埠 233030
- 折叠
摘要
以2012-2020年我国A股非金融上市企业为样本,考察控股股东股权质押、企业金融化与企业创新之间的关系.研究结果表明:控股股东股权质押抑制企业创新,并且在控股股东持股比例低的企业和市场化进程低的地区更为显著;控股股东股权质押导致企业金融化动机增强,而企业金融化挤出企业创新,表现出更强的投机套利动机;控股股东股权质押存在金融化和融资约束两条渠道抑制企业创新,一方面通过促进企业金融化挤出企业创新,另一方面通过加剧融资约束抑制企业创新.
Abstract
Using the samples of China's A-share non-financial listed companies from 2012 to 2020,the rela-tionship among controlling shareholder's equity pledge,corporate financialization and corporate innovation were examined.The research shows that the controlling shareholder's equity pledge inhibits enterprise innova-tion,and it is more significant in the enterprises with low controlling shareholder's shareholding ratio and in the regions with low marketization process.The controlling shareholder's equity pledge leads to a stronger mo-tivation for corporate financialization.Corporate financialization squeezes out corporate innovation,showing a stronger motive for speculative arbitrage.The controlling shareholder's equity pledge has two channels of fi-nancialization and financing constraints to inhibit corporate innovation.On the one hand,it squeezes out cor-porate innovation by promoting corporate financialization,and on the other hand,it inhibits corporate innova-tion by increasing financing constraints.
关键词
控股股东/股权质押/企业金融化/企业创新/融资约束Key words
controlling shareholder/equity pledge/corporate financialization/corporate innovation/financing constraints引用本文复制引用
基金项目
安徽省高校研究生科学研究项目(YJS20210421)
国家社会科学基金(19BJY261)
出版年
2024
NETL
NSTL
维普
万方数据