Research On The Impact Of Controlling Shareholder Equity Pledge On Corporate Innovatio

Under the trend of economic development,innovation activities are the key factor to promote the development of enterprises.As a common financing method,equity pledge not only brings convenience to shareholders,but also conceals certain risks.After the equity pledge,in order to avoid the risk of transfer of control,the shareholder will choose a conservative company operation strategy,which will affect the investment decision of corporate innovation.Therefore,from the perspective of investor sentiment,this paper researchs the impact of the equity pledge behavior of controlling shareholders on enterprise innovation。This paper starts from two aspects: theoretical and empirical research.Firstly,at the theoretical level,based on the basic theories such as principal-agent theory,information asymmetry theory,catering theory and signal transmission theory,the theoretical framework is built and the hypotheses are proposed.Secondly,in the empirical part,the A-share listed companies from 2015 to 2021 are selected as the research sample,and the enterprise innovation is divided into two dimensions: input and output,the impact of equity pledge on enterprise innovation is comprehensively analyzed,and a mediation effect model is constructed to explore the transmission mechanism of investor sentiment.Finally,the effects of different pledge ratios,the different effects of controlling shareholders’ equity pledges on different types of innovation outputs of enterprises,and the heterogeneity of the impact of controlling shareholders’ equity pledges on corporate innovation under different property rights and different industries are studied.The results show that:(1)The equity pledge of controlling shareholders has a restraining effect on the innovation input and output,but this negative impact will only appear when the pledge ratio is high.And in non-state-owned enterprises and high-tech enterprises,this inhibition effect is stronger.(2)Compared with strategic innovation outputs,equity pledges have a more serious impact on substantive innovation outputs.(3)Investor sentiment has a significant positive effect on the investment and output of enterprise innovation;(4)Investor sentiment plays a mediating role in the impact of equity pledge of controlling shareholders on both aspects of enterprise innovation.Finally,based on the research conclusions,This article suggests that the government should provide policy support;Regulatory authorities need to improve the disclosure system;Enterprises and pledgees should strengthen internal and external governance;Investors need to improve their capabilities.