| In recent years,China’s rise in international standing and the progress of its civilization have all been attributed to the country’s continuous emphasis on innovation and scientific research.With the continuous rise of China’s innovation consciousness,the domestic independent research and development ability is constantly improving.Even on the basis of the state’s vigorous guidance of enterprise R&D and innovation,the lack of R&D funds is still an important problem hindering the independent innovation of listed companies.The financing efficiency of traditional bond financing channels is not high,which not only has problems such as strict approval conditions and limited loan amount,but also makes enterprises bear huge interest expenses.Therefore,as a rising equity financing method,equity pledge often becomes a good choice for major shareholders to solve the short-term capital turnover problem of enterprises.The purpose of this paper is to inquire when the controlling shareholders of listed companies to equity pledge to raise funds,will to some extent to the enterprise research and development innovation have a negative impact,the different types of research into the impact of listed companies are the same,and further explore the enterprise will face of financing constraints in intermediary effect.At the same time,according to the results of theoretical and empirical analysis,from the enterprise,financial institutions,the government and other levels of the company’s equity pledge standardization management and equity pledge follow-up tracking supervision and other aspects of the proposal.In terms of specific research,this paper sorts out and integrates domestic and foreign literatures related to equity pledge,R&D innovation and financing constraints,and puts forward corresponding hypotheses based on existing literatures and economic theories such as controlling shareholder agency theory,financing constraint theory and game theory.Finally,a-share listed companies excluding the financial industry from 2010 to 2020 are selected with fixed samples of individuals,years and industries to explore the relationship between equity pledge by major shareholders and enterprise innovation.At the same time,stepwise regression and Sobel test were used to verify the mediating effect of financing constraints.In this paper,theories and empirical evidence are combined,and the following conclusions are drawn:(1)Equity pledge by controlling shareholders will have an inhibiting effect on the scale of r&d investment of enterprises.(2)In the heterogeneity analysis,it is found that from the property right nature,if the shareholders of private enterprises pledge the equity,the inhibition effect on the R&D innovation of the enterprise is more significant;From the perspective of ownership concentration,the more concentrated the ownership structure is,the less the adverse impact of pledge on R&D will be.In terms of industry classification,the equity pledge of controlling shareholders in high-tech industries will aggravate and inhibit the innovation development of enterprises.(3)Further mechanism analysis shows that financing constraints play an important part of the mediation effect between the two. |
