控股股东股权质押与企业创新投入  

Control Shareholder's Share Pledge and Firms' Innovation Investment

作　　者：李常青[1] 李宇坤 李茂良[1] LI Changqing;LI Yukun;LI Maoliang(School of Management/ Institute for Financial ＆ Accounting Studies,Xiamen Universit)

机构地区：[1]厦门大学管理学院/财务管理与会计研究院,福建厦门361005

出　　处：《金融研究》2018年第7期143-157,共15页Journal of Financial Research

基　　金：国家自然科学基金项目(71672157;71572165;71790601)和国家自然科学基金青年科学基金项目(71502150)的资助

摘　　要：近年来,上市公司控股股东股权质押已经成为中国资本市场的一种普遍现象。与此同时,国家大力鼓励创新,企业创新已成为中国经济转型升级的必然选择。本文利用2011-2015年中国A股上市公司,实证分析了控股股东股权质押与企业创新投入之间的关系。研究发现:(1)控股股东股权质押会抑制企业创新投入,且这种作用在控股股东持股比例较低和两职合一的公司中会更加显著;(2)进一步研究发现,控股股东股权质押对企业创新投入的负面影响只有在股权质押率较高和距离平仓线越近时才会发挥作用。In recent years,the controlling shareholder＇s share pledge of listed companies has become very popular in China capital market. The government encourages firms ＇ innovation,and it has become the inevitable choice for China＇s economic restructuring and upgrading. This study investigates the impact of the controlling shareholder＇s share pledge on firms ＇innovation investment. We find that：（ 1） the controlling shareholder＇s share pledge has negative impact on firms＇ innovation investment. This negative relationship is much stronger in the firms of low share proportion of controlling shareholder and firms which CEO and board chair is the same people.（ 2） Furthermore,only when the ratio of share pledge is high or stock price near＂liquidation line＂can controlling shareholder＇s share pledge reduce innovation investment.

关 键 词：股权质押 控股股东 企业创新 

分 类 号：G30[文化科学] G32