The Impact of Controlling Shareholders' Share Pledge on Enterprise's Innovation Investment-Evidence from Listed Firms in Coastal Region of China

被引：1
|
作者：
Yang, Kezhi [1 ]
Li, Mengyu [1 ]
Suo, Lingling [2 ]
机构：
[1] Beijing Technol & Business Univ, Business Coll, Beijing 100048, Peoples R China
[2] Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China
来源：
JOURNAL OF COASTAL RESEARCH | 2020年
关键词：
Share pledge; controlling shareholder; enterprise innovation;
D O I：
10.2112/JCR-SI107-092.1
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
Utilizing the data of A-share listed companies in Chinese coastal areas from 2008 to 2017, this paper empirically analyses the relationship between the pledge of controlling shareholders' equity and the enterprise innovation. The results show that: (1) Controlling shareholders' share pledge will restrain innovation investment, but this negative impact will only play a role when the share pledge rate is high; (2) After subdividing the nature of property rights, it is found that the restraint of controlling shareholders' share pledge on enterprise innovation is more significant in coastal non-state-owned enterprises than in state-owned enterprises.
引用
收藏
页码：408 / 412
页数：5
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