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。
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.
作者
黄华继
王杰
HUANG Huaji;WANG Jie(School of Finance,Anhui University of Economics and Finance,Bengbu,Anhui 233030,China)
出处
《宜宾学院学报》
2024年第2期39-48,共10页
Journal of Yibin University
基金
安徽省高校研究生科学研究项目(YJS20210421)
国家社会科学基金项目(19BJY261)。
关键词
控股股东
股权质押
企业金融化
企业创新
融资约束
controlling shareholder
equity pledge
corporate financialization
corporate innovation
financing constraints
