Research On The Influence Of Controlling Shareholder’s Equity Pledge On Enterprise Innovation

In recent years,due to the advantages of equity pledge with strong financing ability and low financing threshold,compared with traditional financing methods,listed companies tend to use equity pledge to raise funds.However,with the increasingly common phenomenon of equity pledge,the pledge also exposes various potential risks while facilitating corporate financing,which has attracted extensive attention from scholars at home and abroad,and has conducted in-depth studies on the economic consequences of equity pledge.Research.Based on this,this paper analyzes the influence of controlling shareholder’s equity pledge on enterprise innovation based on the research of relevant scholars,and chooses the degree of corporate financialization as an intermediary variable to study the mechanism of equity pledge on enterprise innovation.In order to provide theoretical and empirical basis for alleviating the negative impact of controlling shareholder’s equity pledge behavior on stakeholders,enterprises and capital market stability.This paper selects the non-financial and real estate enterprises in the A-share market from 2009 to 2019 as the research object.Based on relevant domestic and foreign literature and theoretical research,this paper analyzes and discusses the impact of controlling shareholder equity pledge on corporate innovation and the intermediary effect of corporate financialization,and proposed three research hypotheses.Through empirical research,the following conclusions are drawn:(1)Equity pledge by controlling shareholders will hinder the innovation and development of enterprises,and the greater the pledge ratio,the lower the innovation output of enterprises;(2)Equity pledge by controlling shareholders,the degree of financialization of enterprises(3)Enterprise financialization has played a partial intermediary effect in the process of controlling shareholder’s equity pledge affecting enterprise innovation output.In the process of further research,this paper also finds that after distinguishing the nature of property rights,the intermediary effect of corporate financialization is significant in non-state-owned enterprises,but not in state-owned enterprises.Finally,based on the empirical conclusions,this paper puts forward relevant policy suggestions from the government,enterprises and investors,which have certain reference and practical significance for guiding enterprises to manage equity pledge and promoting enterprise innovation.