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Controlling Shareholders’ Equity Pledge, Financing Constraints and Corporate R&D Investment

SHS Web of Conferences, 2023, Vol.154, p.2008 [Peer Reviewed Journal]

2023. This work is licensed under https://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2261-2424 ;ISSN: 2416-5182 ;EISSN: 2261-2424 ;DOI: 10.1051/shsconf/202315402008

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  • Title:
    Controlling Shareholders’ Equity Pledge, Financing Constraints and Corporate R&D Investment
  • Author: Guo, Li ; Xu, Ping
  • Wang, Z. ; Sequeira, J. ; Yan, Y.
  • Subjects: Equity ; Stockholders
  • Is Part Of: SHS Web of Conferences, 2023, Vol.154, p.2008
  • Description: 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.
  • Publisher: Les Ulis: EDP Sciences
  • Language: English
  • Identifier: ISSN: 2261-2424
    ISSN: 2416-5182
    EISSN: 2261-2424
    DOI: 10.1051/shsconf/202315402008
  • Source: Open Access: EDP Open
    ROAD
    ProQuest Central
    DOAJ Directory of Open Access Journals
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