Controlling Shareholder Equity Pledge,Corporate Financialization and Cor-porate Innovation
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.
NETL
NSTL
万方数据
维普
