| China’s economy continues to improve,and innovation has become the strongest driving force for the development of enterprises.The Report of the Party’s Twenty National Congress has positioned scientific and technological innovation from a strategic height.The process of innovation and development cannot be separated from long-term capital investment,equity pledge has become an important source of financing for listed companies.However,the pledge may also cause shareholders to face the risk of control transfer.At the same time,whether the capital market can correctly interpret the pledge will directly lead to the change of enterprise financing costs.The process of enterprise innovation is full of challenges and unknown.Under the influence of various influencing factors,whether the individual pledge behavior of the controlling shareholder will have an impact on enterprise innovation.In view of the above problems,this paper focuses on the equity pledge of controlling shareholders and enterprise innovation,sorts out relevant literature,and establishes the mediating effect and moderating effect models based on the principal-agent theory,signal transmission theory,innovation theory and financing constraint theory,analyzes the influence path between the two,and verifies the influence of different corporate governance means on the relationship between the two.A-share manufacturing enterprises from 2015 to 2021 are selected as research samples,and multiple regression model and intermediate effect test model are used for empirical analysis.The results show that:(1)Equity pledge of controlling shareholders will inhibit enterprise innovation;(2)After the equity pledge of the controlling shareholder,it has a negative impact on enterprise innovation through financing constraints and capital occupation;(3)Equity checks and balances can play a positive regulating role and effectively alleviate the controlling shareholder’s inhibition effect on enterprise innovation due to equity pledge;(4)Institutional investors can restrain the negative impact of equity pledge of controlling shareholders on enterprise innovation;The effect of pressure-resistant institutional investors is more significant.This paper analyzes the influence path of equity pledge on enterprise innovation from multiple perspectives,and deeply excavates the regulatory effect under different corporate governance modes.In order to make reasonable use of equity pledge as a financing means and promote the high-quality development of enterprises,the author puts forward the following suggestions: first,effectively strengthen the supervision and management of enterprises with high equity pledge rate,and give public warnings to enterprises with frequent pledge;Second,expand enterprise financing channels,the government joint investment institutions set up special support funds,customize exclusive financing products to encourage enterprise innovation;Third,set up reasonable ownership structure inside the enterprise,improve the internal governance ability;Fourth,we should actively introduce professional institutional investors to enhance the ability of external restraint.Research contribution: From the perspective of investment in innovation research and development,this paper analyzes and verifies that there are two influencing paths between equity pledge of controlling shareholders and enterprise innovation--financing constraints and capital occupation,and confirms that there is a logical correlation between the two.Moreover,based on the internal and external supervision and governance perspectives of corporate governance,it verifies that equity checks and balances and institutional investors can alleviate the inhibition of corporate innovation after equity pledge,and explores the different effects of heterogeneous institutional investors. |
