| Issue |
SHS Web Conf.
Volume 154, 2023
2022 International Conference on Public Service, Economic Management and Sustainable Development (PESD 2022)
|
|
|---|---|---|
| Article Number | 02008 | |
| Number of page(s) | 7 | |
| Section | 2. Economic Management and Production Development Planning | |
| DOI | https://doi.org/10.1051/shsconf/202315402008 | |
| Published online | 11 January 2023 | |
Controlling Shareholders’ Equity Pledge, Financing Constraints and Corporate R&D Investment
Xi’an University of Science and Technology, Xi’an, China
* Corresponding author: 13273022832@163.com
In recent years, equity pledge has gradually become an emerging financing method for enterprises to solve financing difficulties, which has attracted the attention of many shareholders and financial institutions. As an important driving force for enterprises to carry out economic transformation and upgrading, innovation can also effectively enhance their core competitiveness in the same industry. This paper selects the data of China’s A-share ChiNext listed companies from 2013 to 2021 as the analysis object, and studies the impact of equity pledge and corporate R&D investment and the intermediary role played by financing constraints, and the results show that the equity pledge of controlling shareholders is significantly negatively correlated with corporate R&D investment, and the inhibition effect is more obvious with the increase of equity pledge ratio. In addition, this paper finds that financing constraints play a partial intermediary role in the relationship between controlling shareholders’ equity pledge and enterprise innovation. In response to this situation, this paper puts forward corresponding countermeasures and suggestions.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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