数字金融、股权质押与企业创新投入  

Digital finance, share pledge and innovation investment of firms

作　　者：李宇坤 任海云[1] 祝丹枫 Li Yukun;Ren Haiyun;Zhu Danfeng(School of International Business,Shaanxi Normal University,Xi’an 710119,Shaanxi,China)

机构地区：[1]陕西师范大学国际商学院,陕西西安710119

出　　处：《科研管理》2021年第8期102-110,共9页Science Research Management

基　　金：国家自然科学基金项目(71672157);陕西师范大学中央高校基本科研业务费专项资金项目(20SZYB13)。

摘　　要：数字金融作为一种数字科技与金融深度融合下的新型金融业务模式,对经济高质量发展具有重要影响。本文以2011—2018年中国A股上市公司为样本,实证分析了数字金融发展对企业创新投入的影响,以及潜在的作用机制。研究发现:数字金融发展水平与企业创新投入显著正相关,而且数字金融是部分通过影响控股股东股权质押、促进企业创新投入。进一步研究还发现,数字金融发展通过控股股东股权质押促进企业创新投入的作用在民营企业和非四大审计的企业中更加显著。As a new financial business model under the deep integration of digital technology and finance, digital finance has an important impact on high-quality economic development. Based on China′s huge population and emerging new digital economy business models, China′s digital finance continues to innovate business application scenarios, and its scale continues to grow rapidly. Previous studies have shown that digital finance can encourage residents to start businesses and promote firms′ innovation input and output.However, the existing research on the mechanism of digital finance on innovation has great limitations. The vast majority of studies believe that digital finance mainly works by alleviating the financing constraints of companies themselves, while ignoring the potential path of digital finance affect firm innovation through corporate governance. The main manifestations of agency conflicts of listed companies in China are cash occupation, related transactions and share pledge. Share pledge refers to the behavior of shareholders applying for loans from financial institutions with their stock as pledge objects. The decline in stock prices may cause the controlling shareholder to lose control of the listed company, and the risk of control transfer will intensify the agency conflicts of the controlling shareholder and external shareholders. In order to reduce the risk of share pledge liquidation caused by the decline in stock prices and retain control of listed companies, controlling shareholders may reduce R&D to smooth profits. Surprisingly, there is very little literature on how to prevent and resolve the issue of pledged shares of major shareholders. The essence of controlling shareholder′s equity pledge is financing constraints, that is, the traditional financial system cannot meet the normal commercial financing needs of enterprises or individuals due to various reasons. So, can digital finance meet the financing needs of controlling shareholders and reduce the proportion of share pledges, thereby r

关 键 词：数字金融 创新投入 股权质押 

分 类 号：F272.3[经济管理—企业管理]